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Spring has sprung and our real estate market is still moving along at a slow-and-steady pace. What I've noticed most is that the inventory levels of quality, well-priced properties are few and far between. This is proving to be frustrating for the buyers out there (and yes, they are out there) to find the right property.
My Advice to Sellers
If you're considering listing in the late spring like the rest of the world, get a jump on the competition, as the demand is still there. If you're thinking that you'll just rent your property instead of listing, be prepared for competition. The rental market has a large inventory to choose from which could prove difficult to procure a tenant. Prices seem to be declining in some areas, but I feel that we're at the bottom. Just because we're at the bottom doesn't necessarily mean that the prices will shoot up. My feeling is that prices will be flat for the next 2 or 3 years, so if you're thinking of waiting, consider the time frame. Our prices seem to be anywhere from those of 2003 to 2005. If you have not owned your home for that long, the current market could be the same as what you paid or even below that. If that's the case, all is not lost. You've had a place to live, probably an interest tax deduction and the "loss" is somewhat relative as chances are the market you're moving to has also decreased in value so your loss will be somewhat of "a wash."
My Advice to Buyers
Now is the time to take advantage of incredibly low interest rates and the large selection of homes. We're looking at historic lows and even tax credits for first time home buyers. Although we've been very fortunate in our market for foreclosed properties, be cautious about waiting for "Bank Owned Properties" as there is usually a reason why they haven't sold - bad floor plan, poor quality construction or bad location.
If you've found a property that you're interested in, make an offer, even if it's low. Give the seller a chance to respond and maybe work out a deal. If you can't come to terms, at least you know that you tried. Don't delay on properties that are a really good value, as another buyer will most likely snatch it away from you. I had that happen to some buyers of mine on a $1,125,000 property. Don't delay! Good houses sell more quickly.
To wrap it up, we're emerging from "the mud season" here. Trees are budding, bulbs are blooming and the beautiful city we live in still offers a great quality of life with some of the best weather and scenery around. Live the dream now!
My Advice to Sellers
If you're considering listing in the late spring like the rest of the world, get a jump on the competition, as the demand is still there. If you're thinking that you'll just rent your property instead of listing, be prepared for competition. The rental market has a large inventory to choose from which could prove difficult to procure a tenant. Prices seem to be declining in some areas, but I feel that we're at the bottom. Just because we're at the bottom doesn't necessarily mean that the prices will shoot up. My feeling is that prices will be flat for the next 2 or 3 years, so if you're thinking of waiting, consider the time frame. Our prices seem to be anywhere from those of 2003 to 2005. If you have not owned your home for that long, the current market could be the same as what you paid or even below that. If that's the case, all is not lost. You've had a place to live, probably an interest tax deduction and the "loss" is somewhat relative as chances are the market you're moving to has also decreased in value so your loss will be somewhat of "a wash."
My Advice to Buyers
Now is the time to take advantage of incredibly low interest rates and the large selection of homes. We're looking at historic lows and even tax credits for first time home buyers. Although we've been very fortunate in our market for foreclosed properties, be cautious about waiting for "Bank Owned Properties" as there is usually a reason why they haven't sold - bad floor plan, poor quality construction or bad location.
If you've found a property that you're interested in, make an offer, even if it's low. Give the seller a chance to respond and maybe work out a deal. If you can't come to terms, at least you know that you tried. Don't delay on properties that are a really good value, as another buyer will most likely snatch it away from you. I had that happen to some buyers of mine on a $1,125,000 property. Don't delay! Good houses sell more quickly.
To wrap it up, we're emerging from "the mud season" here. Trees are budding, bulbs are blooming and the beautiful city we live in still offers a great quality of life with some of the best weather and scenery around. Live the dream now!
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