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Real Estate Rules of the Buying and Selling Game - 2013

By
Real Estate Agent with Keller Williams Realty

Sunday of this past week I’m sitting drinking my coffee and reading the Sunday paper.  I do this every Sunday without fail, for decades.  Usually it takes about an hour but this day it took longer because of an article in the Parade magazine about buying and selling homes.  The title of the article was “What’s Your Next Move?” by Kate Rockwood.  Seems that when I read articles like this it’s either all gloom and doom or overly optimistic about the real estate market.  This article was more spot on because of the real truth of real estate being local.  Here in Fayetteville, NC we are still in a buyers market, there’s been a small shift to a sellers market but we’re not there yet. Go north on I95 to Raleigh, NC and they are experiencing multiple offers with a shortage of listings; that’s only 1 1/2 hours up the road.  More proof positive on how important it is to illicit the help of a Realtor to help you navigate the local waters of real estate.  What works 1 1/2 hours up the road is not necessarily what's happening in your area.

 

Additionally, the article made some interesting points about how to buy or sell in 2013.  You can read the article at the following website http://www.parade.com/4295/katerockwood/navigate-the-new-rules-of-real-estate/

 

1.  Buying your first home: Put down as much as you can.  The biggest barrier for first time home ownership is saving enough to put down.

2.  Moving up to a bigger home:  Do the math to make sure if taking a loss makes sense. Take this example: If you bought a home for $100,000 but it’s now worth $75,000. Your prospective new home would have cost $200,000 but has suffered a similar price decline to $150,000.  That means that taking a $25,000 hit on the sale will get $50,000 gain on the buying end.  The mortgage rates are so low that you’ll be further down the path to financial stability than if you stubbornly stayed.

3.  Selling a home: Aim to put your home on the market in the spring if you want to get as many interested buyers as possible.  Sale prices start to drop as the year draws to a close.

 

Be sure to check out this great article before putting your home on the market or buying a new one, it’s good information to have.  If you would like to discuss buying or selling your home, call Kathy McKnight at 910-261-1457.