Real Estate - An In Depth Anaylsis on What Works and What Doesn t

Ladies and gentlemen: This isn't your mother or father's real estate market! While there are several similarities to past markets, the mixture of politics, economics, finance, uncertainty, world affairs/events, interest rates, and not enough 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 decide on, and why, to represent your interests, as your Real Estate Professional, has a major impact, in reaching the most desirable goals. Before you select this interview, carefully consider your objectives and goals, in a reasonable, non-emotional manner. Rather than merely saying you intend to get the greatest price, or some pie-in-the-sky number, ask yourself, what you may be willing to pay for, to purchase your house! Your realtor should give you Comparables, or what similar houses, in your market, have recently sold for. This is the greatest indication of suggested listing prices, but remember that every house differs, and slight differences often overly impact just 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 frame interest rates have been at, or near historic lows: The past several years, interest rates, and thus mortgages, have now been at or near, historic lows. This has permitted people to purchase more house for the same monthly payment, the uncertainty continues to exist, concerning how much longer they'll remain so low. Most experts are calling for interest rates to nudge slightly upward in the next couple of months, however they issue the caveat, this will depend on the overall economic conditions.

2. Historically low ownership rate: As a result of several factors, including the economy, housing costs (especially using areas), rental availabilities, the required downpayment (which many don't have, or don't need to commit), and uncertainty, when it comes to the economy, jobs, etc, the percentage of men and women owning their very own home is below it has been doing decades.

3. Low inventory: Partly due to the demographics, when it comes to age brackets, etc, and somewhat because many homeowners ask themselves where they are going to move, along with many individuals retiring later, we're witnessing, in several regions, a low inventory of homes listed on the market.

4. Willing and able buyers: There appear to be available buyers, in some regions, but these individuals, are often aggravated 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 several years, in order to qualify for the lowest available rate, one's credit score should be somewhat higher than in the past, in addition to other debt considerations. While this is often overcome, one must find the appropriate 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!

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