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Want to Buy or Sell?
2003 is the Year to Make Your Move
What an amazing marketplace we have right now. With the possible exception of the very top end of the real estate market, 2003 looks to be an opportunistic year for both Buyers and Sellers. We rarely see conditions that favor both at the same time.
For Buyers
1. Interest rates for home loans are under 6%.
Historically when interest rates drop, house prices tend to increase. We are not currently seeing that happen which means you can buy a more expensive property for the same monthly payment. You may be astounded to see how much you can currently buy.
2. There is a supply and selection of homes from which to choose.
Unlike the market place of the recent past, we now see enough variety and turn over for a buyer to feel they can find a home in a reasonable time period, although well priced properties still have a tendency to sell relatively quickly.
3. There are other Buyers, but the competition is not prohibitive.
Although there are other Buyers besides you looking for property, you will generally not be lined up against 4 or 14 competing buyers, as we saw a couple of years ago.
4. Seller’s are more frequently bringing property onto the market in good condition.
We are all Busy. Most Sellers have learned the advantage of marketing a well presented home in good repair. They also are most often providing reports on the property condition by independent 3rd party inspectors, which will save you time and money, even if you decide to obtain additional inspections. An obvious benefit is that you can likely find a home you can move into without having to work on it.
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For Sellers
1. Interest rates for home loans are under 6%.
This means more qualified buyers able to buy your property and if you are going to be buying another property, you will also have the advantage of the low interest rate timing.
2. There are other properties for sale, however the market is not saturated
We seem to be at a mid point in supply and selection. While there are other properties for sale, the marketplace is not saturated if your property is priced well.
3. You can position your home to sell in a reasonable period of time.
By working closely with your agent, doing some planning, pre-inspections and paying close attention to the comparable sales, your property can be brought onto the marketplace in it’s best light. Buyers don’t have time (or money) to deal with property defects (even minor ones). Property defects can impact the buyer’s ability to get a loan (i.e. termite work, roof). By handling these things ahead, you can make the sales process a much more viable and sane process, without ‘surprises’ found by the buyer after you are in contract. Since not all Buyers can visualize what could be, you can let them see what is and have interest from the very first day on the market.
4. Prices have stabilized, which means you don’t have to worry about purchasing up or down after you sell.
It wasn’t that long ago, that many Sellers didn’t want to “Sell, because even though they could sell easily, finding a replacement property (be it larger or smaller) was nearly impossible. There are lots of options right now and I see many examples of Buyers and Sellers working together to make the transactions work for both parties.
So if you want to buy, or sell, talk to your agent and get started!
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