So, what does this mean??
In Moses Lake, we currently have 330 residential homes listed with the MLS. This doesn't include private transactions. Conversely, we closed 21 homes in March (up from 12 in February....what a dismal month February is!) The good news (always the optimist!) is that both sales and those houses that went under contract (pending) both nearly doubled from the previous month! The other news (darn that bit of realist in me!) is that we still have nearly 16 months of inventory.
So, to break it down in the terms you most want to know...
*GREAT time to buy! Prices are stable and have slightly declined in mid to upper ranges. Anyone who hasn't owned a home in 3 years qualifies for the first time home buyer credit of $8,000 (CASH MONEY AT TAX TIME!). You can still find no down and low down loan programs if you have a decent credit history.
*Good time o list *IF* you really need to. But, unlike a year or two ago, you must be ready to price just under the curve if you truly want your home to sell. Slightly underpricing will statistically yield you more in the end than if you over price and have to come down in price later. Also, your house must be READY when you go on market. As a stager, I have seen firsthand the difference a well staged home shows to prospective buyers. Houses WILL still be sold. You need to ask yourself if you need yours sold now, or if you want to wait.
A further thought:
If you are a move up buyer, even if you need to take a 10% reduction on your home (say it is a $200,000 home an you make $20,000 less than you hoped) know that you will also be able to get your new home (say $350,000 for an instant reduction of $35,000 at 10% below what they were hoping). Regardless, the difference in savings coupled with the historically low interest rates means you walk away ahead of the game, even if it "feels" like you had to sacrifice initially!
Lisa Hanley
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