I read something new in the paper every week. I think in the last week maybe one article has been positive. So what should you get from this? I would say that everyone has an opinion. Just like with stocks, or gas prices, or who is going to be the next President, everyone thinks they know what's going to happen with the real estate market. Problem is, it's all opinion. What' important is what the current real estate market means to you.
Are you thinking of selling? Well, you need to determine some things. What's going on in the area? What kind of equity do you have? What kind of a down payment do you hope to have for the next house? What kind of bargins are there to be had on your next home? There isn't any one factor that should determine all.
You're thinking of buying? Well, there's just as much to think about there. What kind of loan product would best suite your plans? How long do you plan to be in the home? What do you need? What do you want? What if the market hasn't bottomed out?
Facing foreclosure? What are your options? Can I do a short sale? What will all of this mean to my credit? How long do I have? What can I do to change my immediate financial situation?
As you can see, there are a million different questions for a million different situations. My point is that you can read a hundred articles a week and you still won't be getting more than a generalized picture of the market. You're going to need to dig deeper. You'll still want to contact a local professional to have them help you understand what it all means to you. Not just a Realtor either. Talk to a tax professional. Talk to a qualified mortgage broker. Talk to local community people. Make sure you have all the facts so you can make a qualified decision.
And finally, don't believe everything you read. Unless you read it here!
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Jeremy Hager, Realtor
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