A Deadly Mistake Uncovered on Real Estate And How to Avoid It
Ladies and gentlemen: This isn't your mother or father's property market! While there are several similarities to past markets, the mixture of politics, economics, finance, uncertainty, world affairs/events, interest rates, and insufficient predictability, have formed a somewhat-uneasy alliance, which, when understood and considered, have little ultimate impact, yet, all-too-often, create a confluence of somewhat undesirable circumstances, which create stumbling blocks, obstacles, and obstructions. Perhaps significantly more than ever, who you choose, and why, to represent your interests, as your Real Estate Professional, has a major impact, in attaining the most desirable goals. Before you choose this interview, carefully consider your objectives and goals, in a reasonable, non-emotional manner. As opposed to merely saying you want to get the best price, or some pie-in-the-sky number, consider, what you may be willing to cover, to get your property! Your realtor should provide you with Comparables, or what similar houses, in your market, have recently sold for. This is the best indication of suggested listing prices, but remember that every house is different, and slight differences often overly impact just what a buyer is welling to pay for, or if he's even interested. Let's review 5 major considerations in the current market.
1. Time frame interest rates have already been at, or near historic lows: The past couple of years, interest rates, and thus mortgages, have been at or near, historic lows. This has permitted people to get more house for the same monthly payment, the uncertainty continues to exist, as to how much longer they'll remain so low. Most experts are calling for interest rates to nudge slightly upward in the next few months, nevertheless they issue the caveat, this will depend on the entire economic conditions.
2. Historically low ownership rate: As a result of several factors, including the economy, housing costs (especially in certain areas), rental availabilities, the mandatory downpayment (which many don't have, or don't need to commit), and uncertainty, in terms of the economy, jobs, etc, the percentage of people owning their particular home is below it has been doing decades.
3. Low inventory: Partly because of the demographics, in terms of age brackets, etc, and somewhat because many homeowners ask themselves where they are likely to move, in addition to many individuals retiring later, we are witnessing, in many regions, a low inventory of homes listed on the market.
4. Willing and able buyers: There seem to be available buyers, in a few regions, but these individuals, in many cases are aggravated by the mixture of low inventory, mortgage and downpayment obstacles, uncertainties, etc.
5. Mortgage qualifications: Banks and mortgage companies are constantly tweaking their requirements for accepting buyers for mortgage consideration. Within the last many years, in order to qualify for the lowest available rate, one's credit score must be somewhat greater than previously, as well as other debt considerations. While this can be overcome, one must find the appropriate buyer, with sufficient patience, energy and willingness, to overcome potential frustrations, etc.
Understanding the nuances makes one better effective at realistically listing their house for sale. Carefully interview potential real estate agents, and choose usually the one who's best for you personally!
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