I am asked what my thoughts about the real estate market are on a daily basis. Both buyers and sellers are trying to ascertain if this is the right time for them to move. Is the downturn near the bottom? Do we have further to go? How much longer? Is the market starting to flat line? Are sale prices going to start creeping back up? Should I sell now? Should I buy now?
The fact of the matter is no one has a crystal ball. There are so many variables that affect the real estate market that I can't say with any great certainty what the immediate future will bring. However, I do think that deciding if this is the right time to buy and sell is a personal choice that depends on what else is happening in your life.
The following are statements that I will make with certainty;
- Prices are lower now than they were several months ago.
- If a property is priced right in today's market it sells quickly.
- Interest rates remain extremely low.
- Buying up in a downward market is a good business decision.
- I would rather buy now and have prices go down slightly before the market begins to recover than wait and miss the bottom and buy when prices are on the way back up.
- In my service areas along the North Shore of Long Island, the number of sales is increasing.
Janet and I have been working with many people to both sell their existing home and to purchase their next one. Since Janet and I have a broad service area, we have been able to facilitate both sides for our clients.
We recommend that our clients first find a buyer for their home prior to purchasing a new one. Buyers are more appealing to a seller if they are truly ready, willing and able to purchase. An offer is generally more appealing to a seller if the buyer's current house is already under contract. There are many qualified buyers in the market today that are currently in rental properties and do not have anything to sell. These buyers are appealing to sellers and are competing for the best deal on the same properties. We have found that in today's market it takes longer to sell than to buy. In the end, we can usually coordinate closings for both at about the same date.