What’s really happening in Real Estate Market
There is a lot of information in the media that may be misleading about what the market is really doing. Ever notice that BAD news seems to be front page and good news just gets an article on the middle /back pages. HEADLINES are grabbers and by their nature seem to spell doom and gloom.
Are there homes that are selling? Yes in every price range we continue to see homes sell.
Is this the right time to sell my home? Well that would depend on why you are thinking of selling. If it’s important that you move elsewhere , then it would be a good time to sell because that’s what you want/need to do.
Should I wait and get more money for my house? There are no guarantees that your homes price will go up in the near future, so if you want to move then move now. Remember that market prices elsewhere have fallen as well and so it’s relevant to the change. You may be selling for less today than you could’ve sold for a year or so ago. But you will be paying less for the home you plan to buy than you would’ve a year ago.
The rule of thumb is everything will sell if the price is right for the market. Many homeowners are focusing on what they missed by not selling a year or so ago.
Instead — consider what you bought your home for. Many homeowners are still able to reap a large profit on their home. IE: if you paid $100,000 it’s probably worth at least $200,000. That’s a darn good appreciation on your property.
Bottom line is meet with a good REALTOR who give you the honest truth about your homes value and likelyhood to sell. Get the true market price evaluation and listen to what the REALTOR says. Be cautious of an agent that tells you the price you want to hear , they may be looking to place a sign in your yard even knowing it won’t sell for that price range. They’ll hope to get a call from the sign and when the buyers shys away because of the price– they’ll say “But I’ve have others” . Your home may just be a place for that agent to hang a “billboard” that really advertises for them not you.
It is NOT a bad market, it’s actually a standard market. It just feels slow compared to the recent frenzy. Pricing right and making your home show it’s best will get it sold.
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I totally agree with you Ro, on one hand there is my stock portfolio, and the other hand-the real estate I own. Stocks are down, do I run and sell sell sell!? NO! Is the real estate market down, yes, do I panic and sell? NO! I WAIT, then when I sell because the market is back up, what do you do? Worry, worry , worry-you sold it too soon and it keeps going up after you sell! Oh my.. There just isnt a perfect time, to buy or sell. The really rewarding thing about owning Real Estate, is the tangible, you can live in it, enjoy it, get rent from it,write off the interest! Drive by and see it! The stocks on the other hand, can’t really get a warm fuzzy on them. So the moral of this story is: be strong, be patient,and dont be a SHEEP! USE YOUR INSTINCTS, TRUST YOUR GUT…DON’T BE LEAD BY WHAT THE TALKING HEADS SAY! They really dont have crystal balls and if you want to just go on hard cold facts, check history..time it well, and your home, can and will make you happy and make you money!