What to do...do I buy, do I sell, do I do nothing and wait for the market to change? If I only had a nickel for every time I was asked that question. Of course, the answer is different, depending on your situation, and the market conditions that exist at the time you are asking yourself those questions. You may have heard...right now, we are in a buyers market, meaning, this is a PERFECT time for first time buyers to buy a home, or for those looking to "Move on UP," like "The Jeffersons." Interest rates are favorable, prices of homes, in most areas have reached a point of affordability, and inventory is plentiful; all conditions that are on the side of the buyer.
For a first time buyer, the current market conditions allow for some who could not enter the market a year or two ago, to do so now...remember, paying rent only pays down the mortgage...FOR YOUR LANDLORD! For the buyer who wishes to trade up, this time is ideal for them as well. Yes, they may take a bit of a hit on the house they are selling, but proportionately, the house they buy will be an even better value. To take 10,000 less on your current property to buy another house that is selling now for 30,000 less, puts you, the buyer 20,000 ahead of the game. Now, if you are scaling down, the opposite is true for you in some cases. If you are considering selling your home after many years, with the wish to reside in a smaller home, or a condominium, the numbers will be less favorable for you. You should consider however, the reason for your wish to move in the first place. Often in this situation, money is less of an issue, where lifestyle change tends to be the main motivating factor behind the move. Additionally, after many, many years in your family home, you stand to gain the most financially, in any market, due to the length of time you have owned and maintained the property.
The bottom line for those looking to sell, and buy in the same market area, to wait until you hear the words..."it is a seller's market," only means you will likely sell for more, which is the good news, but the bad news is you will also pay more when you buy. In a similar example, if you make an extra 10,000 when you sell, you may pay an extra 30,000 when you buy up...certainly, the math is less attractive under these conditions.
I know, you watch the "Today Show," the evening news, you read all the papers, you listen to the gals at the beauty parlor, and the guys at the bowling alley, and after all that...you must think nothing but doom and gloom. The truth is, all Real Estate is local. What is maybe happening in Florida may not be happening in your State, and what is happening even two towns over, may not be happening in your neighborhood. To determine what is REALLY happening, you must consult with someone who is out in the field everyday, in your town, and in your neighborhood. Call a Realtor, me, or someone else, but one with experience and knowledge of your town, and someone who will LISTEN to your unique situation. This might be the right time for you to make a move, or it may not be, but don't make that decision without all the information neccessary to determine what is right for YOU.
Without question, if you are a first time buyer, or a seller/buyer looking to trade up, in my 22 years in the business, I have NEVER seen a better time to do so. Remember, those of you thinking of both selling and buying, don't wait for the market to change, do it now, as the market can never be in your favor for both transactions. You can't have it both ways, but now is the time to do it the BEST way.
To start your home search, send me an e-mail at firstname.lastname@example.org. Let me know what towns you are interested in, what price range, and a few specifics, such as number of bedrooms, or minimum lot size, and I will customize an auto-e-mail search for you, where each day you will be sent listings that match with your criteria. These listing are COMPLETE with the address, so there is no guessing.
As always, I look forward to hearing from you, and will answer any questions you may have.