By the time I realized it, it was too late!
Buying or selling a home in San Pedro CA?
Are you thinking about buying or selling a home in San Pedro CA? Let me ask you a question? Have you ever missed your boat or a plane? Did the bus ever leave without you? Sometimes we don’t pay attention to what is going on around us until it is too late.
I talk to buyers all the time who tell me they are searching for a “deal!” I have to tell you that if you buy a home right now, you are getting a deal! A great deal in fact! With prices being 50% of what they were in most areas and interest rates hovering at 5%, how can you not be getting a deal? The mentality I run across is that buyers believe sellers are desperate and that homes are sitting on the market and no one is buying. Therefore, any offer they throw out will work. Not true! If it was about 18 months ago, maybe you could, but not now. Homes sell usually within 10 days of hitting the market with multiple offers if they are priced right and in decent condition.
Now of course there are exceptions to this. Maybe the home is in disrepair to the extent that an FHA buyer cannot purchase it because there are “health and safety issues” or there are other issues that make the home only available to a cash buyer. In that case, those homes do sit on the market longer. But if you aren’t a cash buyer, that won’t help you get a better deal.
If you are a seller and you still hope to get top dollar meaning amounts that homes were selling for 2 to 3 years ago, forget it. If you don’t have to sell right now, you’d be wise to hold onto your home. But if you need to sell to move up, downsize or even relocate you have to be realistic about current market conditions. It isn’t because a Realtor wants a quick sale and a fast paycheck. It is because if your Realtor knows the market, he or she knows your home will have to get an offer first of all and then it will have to appraise. Your home may be gorgeous with tons of upgrades but when it comes to value, an appraiser is the one who is going to have the final say on its worth.
With so many incentives for buyers right now, people are out in droves. Now is the time to buy and it is the time to sell. It is a win/win for everyone! Between the tax credit for first time home buyers and even move up buyers, Home path programs, down payment assistance programs and the low down of FHA at only 3.5%, you can’t go wrong!
But all good things do come to an end. The tax credit will expire soon! You must be in escrow no later than April 30, 2010 to cash in! As for the seller concessions that are allowed for FHA which are now capped at 6%, that amount will be slashed in half by June of this year! Lastly the Homepath current incentives will only be around for a couple of months.
Don’t miss the boat or the plane! Call me today!!
Wendy Rich-Soto, Realtor
Your San Pedro Real Estate Girl