I went to the doctor’s office recently for a regular checkup. Everything was normal and I “checked out”- my health was regular, but I asked him what I can do to improve it. He gave me some quick advice and advised more of a Mediterranean Diet. This experience can be compared to the market and your own real estate situation. Generally, the current market has slowed down but in many ways it is in a regular cyclical downturn. For a more specific look, this November’s sold numbers were slightly higher than last year but there are far less homes on the market. Just like my question to the doctor, how can you use this information to improve your own situation in Real Estate? Look below the graphs for advice you can use to help you make decisions about your next move.
|Based on the above stats, please review the following ideas to help guide your decisions:|
In this slower market look for the homes that have been sitting on the market for awhile. There may be a good deal for you to buy. IF you can find an under market value property, it is always a great time to buy. Everyone wants a deal, but the only way to find an outstanding deal is to know someone. This market has become one based on relationships. Who do you know that may be selling? If you are going to buy a single family home or condo on market to invest, you MUST know the area very well to determine if it is in a pocket that is highly desirable. Another aspect of investing to be aware of are the easing of restrictions on ADUs (Accessory Dwelling Units). These could be a great opportunity, but there are risks associated especially when you consider the zoning of the property. If you are aware of the risks up front and are prepared for them you can get a great deal. Let me know if you would like to know more about them.
In this slower market look for the homes that have been sitting on the market for awhile. There may be a good deal for you to buy. Also, interest rates are STILL very low. This is important as every decrease in that rate means hundreds of dollars in your pocket. What is the opportunity cost for waiting to buy for the perfect market? Opportunity. The more time that goes by is more time that you aren’t paying down a mortgage. Also, that home that you could have bought 6 months ago could have already gone up in value.
Based on the number of pending homes and the continuing shortage of homes on the market, its still a good time to sell. Right now there are far fewer homes on the market so your home may sell for a good value. Due to lower inventory, your home may be just the one that a buyer is looking for. Finally, home values are up, inventory is down and buyers are motivated. Stats continue to indicate we are still in a good time to sell. An additional point to consider, if you are thinking about remodeling before you sell here is some important advice: you may not get your money back BUT you will sell faster. Right now buyers want a “turn key” home. Is the investment worth it? Lets talk.
If you liked these stats please reach out and let me know about it! If you have any questions about the Real Estate market or the process of buying or selling a home please contact me. Contact me today if you are ready to buy or sell a home.Derrick Timmons
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