Is This a Good Time to Buy? or Sell?
June 3, 2010
Given the mixed messages about the real estate market: It has "bottomed out". It still has further adjustments ahead. What is a buyer or a seller to do?
The answer, as always, is "it depends".
If you are a potential seller, it depends on the reasons that you have for moving. Must you move because of a job relocation? Do you want to move to reduce your expenses by obtaining a smaller or less costly property? Are you in danger of losing your property through a foreclosure?
If the answer is "yes" to the last question, it may indeed be wise to attempt a "short sale". Since you will be getting o proceeds from the sale, you can generally set a very competitive listing price. With the government's HAFA program, you may even be able to complete a sale in less than the six months that has been usual in the past few years.
If you are subject to a job relocation, you will need to decide whether selling or renting is your best option. In most cases, selling may be best as it can be difficult to oversee a rental from a distance and the condition of the property may suffer a bit from the wear and tear of renters. If you do decide to sell, set a competitive price and do it now. June and July are months that typically bring out the most potential buyers. Also the number of properties being sold has increased which is a good sign for sellers.
Again, if you want to sell to reduce your expenses, set a competitive price and explore your options for less expensive housing.
If you are a potential buyer, now is the time. Prices are quite a bit off their peaks and sellers are generally quite willing to negotiate with a well qualified buyer. Interest rates for real estate loans are as low as they have been in approximately 40 years. This week, 4.5% seems to be the interest rate for 30 year loans, both conventional and FHA.
Obviously, those of us in the real estate profession may be biased, but all the signs are there that should encourage the folks who want to make a move - either buying or selling.
Given the mixed messages about the real estate market: It has "bottomed out". It still has further adjustments ahead. What is a buyer or a seller to do?
The answer, as always, is "it depends".
If you are a potential seller, it depends on the reasons that you have for moving. Must you move because of a job relocation? Do you want to move to reduce your expenses by obtaining a smaller or less costly property? Are you in danger of losing your property through a foreclosure?
If the answer is "yes" to the last question, it may indeed be wise to attempt a "short sale". Since you will be getting o proceeds from the sale, you can generally set a very competitive listing price. With the government's HAFA program, you may even be able to complete a sale in less than the six months that has been usual in the past few years.
If you are subject to a job relocation, you will need to decide whether selling or renting is your best option. In most cases, selling may be best as it can be difficult to oversee a rental from a distance and the condition of the property may suffer a bit from the wear and tear of renters. If you do decide to sell, set a competitive price and do it now. June and July are months that typically bring out the most potential buyers. Also the number of properties being sold has increased which is a good sign for sellers.
Again, if you want to sell to reduce your expenses, set a competitive price and explore your options for less expensive housing.
If you are a potential buyer, now is the time. Prices are quite a bit off their peaks and sellers are generally quite willing to negotiate with a well qualified buyer. Interest rates for real estate loans are as low as they have been in approximately 40 years. This week, 4.5% seems to be the interest rate for 30 year loans, both conventional and FHA.
Obviously, those of us in the real estate profession may be biased, but all the signs are there that should encourage the folks who want to make a move - either buying or selling.
posted by shirley harry at 7:58 AM
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