Last fall the National Association of Realtors came out with their new campaign. "Now is a good time to buy or sell a house" It was a one size fits all message that they wanted us all to adopt. Well the question that I want to ask is it really a good time to buy or sell a home?
That is where the one size fits all message runs flat. For some people right now is an awful time to sell their home. If you recently purchased your home or if there are a lot of homes already for sale in you area not selling your home is probably the best thing you could do. One of the major things that moves housing markets is supply and demand. Too much supply and not enough demand, prices go down. Not enough houses and a lot of buyers prices go up. No surprise there. What a lot seller don't realize is that there is a big difference between wanting to sell and needing to sell. For those of you who just want to sell you might improve your position by keeping your home off the market thus allowing the inventory of homes to shrink. By removing supply you can create more demand.
However for many people now is a great time to buy or sell. If you have lived in your home for a long time or are looking to get into you first home. You can benefit from years of built up equity and extremely low interest rates. For move-up buyers the reality is if the value of your home has decreased, so has the property you are wishing to buy. The last time I checked 3% of 300,000 is more than 3% of 200,000 so you actually are trading up to a better deal.
I think the point I am trying to make is that, there is no one size fits all for real estate. For every person who is struggling to sell their home, there is another person who's timing couldn't be better. Either way the key is finding a person who will listen, understand your needs and offer sound advice. Don't let ad campaign, negative press or what is happening to your neighbor be your guide. Only you can choose the right path, because your situation doesn't fit the one size fits all model nor does mine.
Copyright 2008 The Russell Home Team 913-681-1383 www.SearchjocoHomes.com
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Yes, it's kind of a loaded question. There is money to be made in every market, and it's more a key of finding the right agent to maximize your home in your market. If you over bought you may be in trouble, but if you chose a great realtor then you probably didn't overspend and would still be Ok now. People don't realize the lasting effects of a bad decision.
Ross Quintana - Team Quintana Real Estate
Spokane Real Estate Expert
www.TeamQuintana.com