Buying or Selling In Today’s Market
The DeBerry Team is once again educating buyers and sellers on what to do in the present market. Sellers have asked if they should wait to sell and some buyers think that prices are going to go down and feel that they should wait for a better deal. Based on the information we have from our sources and from our own experience we feel the following is the appropriate action buyers and sellers should take.
The DeBerry Team continues to stay on top of what is going on in the market. For Sellers, our advice is that when selling your home in today’s market you will probably have to lower your expectations on what you expect to net. If you want to buy a new home then we suggest that you do sell your home in today’s market because it won’t cost you as much money to buy the next one. You should speak to your realtor and ask them to make sure that the buyer who makes an offer on your home is pre-approved. We don’t mean a pre-approval that they received from some obscure internet company, instead it should be from a viable mortgage provider. If you are just wanting to sell your home and go into a rental situation, our suggestion is to wait. However, we would caution you that interest rates may move upward and that could limit the number of potential buyers for your home. Even though the Fed has cut the Prime Rate it doesn’t always equate into lower mortgage rates.
For Buyers in today’s market, our overwhelming recommendation is to buy now. The rates are low, prices are competitive, and there is plenty of inventory to choose from. We suggest using a local mortgage professional to help you with the pre-approval process so that you don’t have any surprises when trying to close on your home. If you are considering buying a new construction home, please utilize a realtor. Now you may think that statement is self serving, but that is not our intent. Realtors are there for your protection. New home sales personnel work directly for the builder and not for you. Realtors work for you. The question is will I have to pay more by using a realtor? In most cases you should not. The reason I say this is because the large volume builders build the realtors commission into their marketing programs. There are many of those builders that owe 50% or more of their business due to real estate professionals. Many new home builders may offer you incentives in the home, but in turn, they want you to use their title and mortgage companies. Why do you think they want you do to this? You have the right to pick your own mortgage and title vendors and you may find out that they have better rates as well. They will also explain what kind of program you are actually getting into. Please ask questions lots of questions of builders if you don’t use a realtor to protect your interests. We do want to caution buyers who wish to wait and see what prices or mortgage rates are going to do. First, we believe that prices will not be impacted very much since homes on the market today are usually priced extremely competitive. Next, we do have a concern that mortgage rates will increase in the near future.
If you are looking to buy a foreclosure, please contact a realtor who specializes in this type of transaction. Even though foreclosures are posted they do not all go into foreclosure. Many people are working their credit issues out with their mortgage providers and the federal government is now helping in that area as well.
As a realtor of 30+ years of experience of helping buyers and sellers, I feel that our market has just returned to a “normal” market without the false mortgage incentives that generated a lot of bad situations for the public. This is a good thing and “The DeBerry Team” is ready, willing and able to help you with your real estate needs. Please give me a call about the market or if you need assistance with finding or selling a home. My personal number is 214-676-8040.
Loading ...
