If your thinking of buying or selling the following information should assist you with your decision.
1. All I read about in the papers are how real estate prices are falling. Why would I want to buy now when I’ll be able to get a better deal later on?
Answer: It’s true that real estate prices have declined slightly nationwide in the last couple of months, but that’s after an increase of some 88 percent in the last 10 years. In fact, according to the NATIONAL ASSOCIATION OF REALTORS®, 2007 is the fifth best year in the history of real estate in the United States.
Historically, housing prices have risen about 6 percent a year, according to NAR.
Still, it wouldn’t hurt to wait a while, would it?
Answer: One big reason to buy now is that interest rates are still near historic lows. But if oil prices and other rising costs push up inflation, as some economists think they will, interest rates will probably go up, too. That can make your monthly mortgage payment higher and affect how much home you could buy.
Another reason that it’s a great time to buy is that there’s a big inventory of houses to chose from right now. A couple of years ago, when the market was overheated,buyers would just buy the first thing they saw because they were so afraid of not getting any home at all. Now you have the option of more time and a bigger choice so you’ll get the best home for you. And because of the large inventory, you’re in a better position to negotiate a price discount with the seller than you will be when the market begins to strengthen.
Sources Dan Gooder Richard, owner of Gooder Group, a marketing company in Fairfax, Va.; Chris Heller, a salesperson at Keller Williams Realty in Encinitas, Calif.
2. Prices are falling. It’s just not a good time to sell.
Yes, but that was after an increase of some 88 percent in the last 10 years, so you’re still way ahead.” .”“If you don’t have to sell, of course, you have the option to wait, but because of the high inventory of homes, it may be a couple of years for prices to start going up again.
If you’re going to be a buyer, it’s a great time to sell because you’ll make up on the buying side what you don’t get on the selling side. In addition, interest rates are still near historic lows, which may not be the case too much longer, so more buyers will be able to afford your home.
No matter what the market, it takes the same three things to sell — presentation, promotion, and price. Just price your house right against your local competition, and you’ll be able to sell it in a reasonable amount of time.
Sources: Emmanuel Fonte, a sales associate at John L. Scott Real Estate in Bellevue, Wash.; Chris Heller, a salesperson at Keller Williams Realty in Encinitas, Calif.; Dan Gooder Richard, owner of Gooder Group, a marketing company in Fairfax, Va.
If you'd like additional information please contact me. As always, I'm here to assist you in your home purchase, tell me what your seeking and I'll do my best to find it for you.
Rob Skeel Realtor
Century 21 Prestige Realty Group
305-393-6300--800-541-5019
http://www.robskeel.com/
http://robskeel.com/homes_for_sale.shtml
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