Give Me 15 Minutes I ll Give You The Truth About Real Estate
Ladies and gentlemen: This is simply not your mother or father's property market! While there are several similarities to past markets, the mix 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, develop a confluence of somewhat undesirable circumstances, which create stumbling blocks, obstacles, and obstructions. Perhaps more than ever, who you choose, and why, to represent your interests, as your Real Estate Professional, includes a major impact, in attaining the most desirable goals. Before you decide on this interview, carefully consider your objectives and goals, in a realistic, non-emotional manner. Rather than merely saying you wish to get the best price, or some pie-in-the-sky number, consider, what you may be willing to pay, to get your home! Your real estate agent should offer you Comparables, or what similar houses, in your market, have recently sold for. This is the better indication of suggested listing prices, but remember that every house is significantly diffent, and slight differences often overly impact what a buyer is welling to pay, or if he is even interested. Let's review 5 major considerations in the present market.
1. Time period interest rates have now been at, or near historic lows: The past few years, interest rates, and thus mortgages, have now been at or near, historic lows. This has permitted people to buy more house for the same monthly payment, yet 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 next several months, nevertheless they issue the caveat, this will depend on the general economic conditions.
2. Historically low ownership rate: Because of several factors, such as the economy, housing costs (especially using areas), rental availabilities, the necessary downpayment (which many don't have, or don't desire to commit), and uncertainty, with regards to the economy, jobs, etc, the percentage of people owning their own home is less than it has been doing decades.
3. Low inventory: Partly because of the demographics, when it comes to age groups, etc, and somewhat because many homeowners ask themselves where they will move, along with many individuals retiring later, we're witnessing, in lots of regions, a low inventory of homes listed on the market.
4. Willing and able buyers: There appear to be available buyers, in a few regions, but these individuals, in many cases are annoyed by the combination 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 few a long period, in order to qualify for the cheapest available rate, one's credit score must be somewhat more than in the past, in addition to other debt considerations. While this can be overcome, one must find the right buyer, with sufficient patience, energy and willingness, to overcome potential frustrations, etc.
Understanding the nuances makes one better capable of realistically listing their house for sale. Carefully interview potential property agents, and choose the one who's best for you personally!
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