Recent national reports about the slow housing market have raised many questions for concerned homeowners: “Is now the time to sell?” “Should I buy that vacation home in Miami?” In order to really discover the answer to nagging real estate market questions, homeowners must collaborate with their mortgage and real estate professional to explore the real estate situation on a local level.
Should I Buy?
Tips for Buyers:
The market is in your favor, interest rates are low, more housing is available in select markets and sellers are offering great buyer incentives. Below are a few tips to help you successfully shop for new real estate.
• Take your time, but not too much time Yes, home prices are lower, but continuing to wait in hopes that the price will decline may backfire on buyers. If you find a property that you can’t live without, make an offer and negotiate. Work with your real estate professional and suggest a price that reflects the local market and sales’ price of the homes nearby.
• Watch out for competition. People are constantly moving due to new job opportunities, marriage, divorces and more, so be prepared to make counter offers.
• Know your loan According to bankrate.com, interest rates are still very low. The average national interest rate on a 30-year fixed mortgage is about 5.01 percent. But, before you sign, be sure you fully understand your loan products. Work with your real estate and mortgage professionals to find the best option that will fit your financial situation.
Should I Sell?
Tips for Sellers:
Be prepared for lots of competition. Below are a few tips that will help you successfully sell your real estate.
• Set a realistic asking price Over the past few years, home sellers have been able to get away with asking extremely high prices for their property in select markets. Now that the market has cooled, sellers may feel that they are getting the short end of the stick. According to Jim Gillespie, president and CEO of Coldwell Banker, sellers “need to realize that a home is where you live. It’s not a lottery ticket,” it is a long term investment.
Work with your real estate professional and investigate the local real estate market and what the sellers within your community are asking for their property. Setting a proper asking price will obtain more offers.
• Fix up your home Making a great first impression is crucial. A few minor improvements and a fresh coat of neutral colored paint to visible exterior and interior parts of your home will help catch buyers’ attention.