What You Don t Know About Real Estate Could Be Costing To More Than You Think

Ladies and gentlemen: This is not your mother or father's property market! While there are some similarities to past markets, the mix 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 select, and why, to represent your interests, as your Real Estate Professional, has a major impact, in attaining the most desirable goals. Before you decide on this interview, carefully consider your objectives and goals, in a reasonable, non-emotional manner. As opposed to merely saying you want to get the greatest price, or some pie-in-the-sky number, consider, what you might be willing to cover, to purchase your property! Your realtor 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 differs, and slight differences often overly impact just what a buyer is welling to cover, or if he is even interested. Let's review 5 major considerations in the present market.

1. Time frame interest rates have now been at, or near historic lows: The past couple of years, interest rates, and thus mortgages, have now been at or near, historic lows. It's permitted people to purchase more house for exactly the same monthly payment, yet the uncertainty continues to exist, regarding simply how much longer they'll remain so low. Most experts are calling for interest rates to nudge slightly upward in the next few months, however they issue the caveat, this will depend on the entire economic conditions.

2. Historically low ownership rate: As a result of several factors, such as the economy, housing costs (especially using areas), rental availabilities, the mandatory downpayment (which many don't have, or don't desire to commit), and uncertainty, when it comes to 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 groups, etc, and somewhat because many homeowners ask themselves where they are going to move, in addition to many individuals retiring later, we are witnessing, in several regions, a low inventory of homes listed on the market.

4. Willing and able buyers: There seem to be available buyers, in some regions, but these individuals, tend to be frustrated 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. In the last several years, in order to qualify for the best available rate, one's credit score must be somewhat higher than before, in addition to other debt considerations. While this is overcome, one must find the correct buyer, with sufficient patience, energy and willingness, to overcome potential frustrations, etc.

Understanding the nuances makes one better effective at realistically listing their home for sale. Carefully interview potential real estate agents, and choose the one who's best for you personally!

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