Are you wishing you could sell your house but you’ve been putting off contacting a Realtor because you are sure the market’s no good? If so, then we need to talk. There are several reasons why right now is a great time to get your home on the market.
Lower inventory. Everyone knows that the housing market has been flooded with short sales and foreclosed properties, but the first time home buyer tax credit had a significant impact in the number of houses on the market. Just about every first time home buyer who qualified for the credit and was able to purchase a home has done so. This has helped to lower the number of available properties, making it more likely that your house will sell.
Prices seem to have hit bottom and are going back up. Perhaps you have been concerned about selling your home for less than it’s worth. This is a valid concern and has kept many financially stable home owners from listing their home. But consider this: If you are hoping to sell and buy a larger home, you may end up selling yours for less, but your new home will cost you less as well. Its quite possible that you may be able to find a home in your price range that you will not be able to afford when its value goes back up. If your home is paid off or if you have plenty of equity, then you should not afraid of the current market.
The extended tax credit means more time for first-time buyers. Most of the first-time home buyers who were going to buy have already done so. But some haven’t. The tax credit has been extended until April which may be just enough time for those who weren’t quite ready to be so.
The expanded tax credit means newly qualified buyers too! The credit was not only extended, but expanded to include first-time home buyers with higher incomes and current home owners. This opens up a whole new group of people who will jump at the chance to buy a home and cash in on the tax credit.
The expanded tax credit might include you! That’s right, if you were to purchase a new home before April, then you will qualify for the $6500 tax credit if you meet the requirements. This just might help to offset any loss you could incur based upon lower property values. Add it to your down payment and you could afford a more expensive house. Or use it to decorate your new home, do some landscaping, pay down debt, or go on vacation.
You probably have the funds to correct any problems. Home buyers hoping to find a house ready to move into with little more than a change of paint color, have been rather dismayed by the condition of many foreclosed homes. Even homes qualifying for short sales could be in need of major TLC simply because a distressed home owner does not have the funds to make repairs. This makes buying a house from a financially secure home-owner a major attraction to some buyers. Be sure to fix major and minor problems, get an inspection done so you know what they are, and have some cash on hand to make further changes that may be requested as part of an offer.
You have more flexibility than a bank. Another problem that home buyers have found when trying to buy a distressed property is the time it takes for a bank to respond to an offer. Even with a more than-willing home seller and buyer, waiting for a short sale approval from a bank can be frustrating. You may find a home-buyer who needs to close in two weeks, or one who low-balls an offer and needs several back and forth offers to agree on a reasonable price. You have the flexibility to handle this situation, whereas a bank may not be able to meet their needs.
Convinced yet? Either way, give me a call and we can discuss getting your house on the market. And while we are at it, we can start hunting for that next perfect home for you as well!
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Looking for a home in Edina, Minnesota? Contact me, Kim Melin, today.
Check out my website for help in buying a home in the Minneapolis area.
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