Eight Real Estate Secrets You Never Knew
Ladies and gentlemen: This is not your mother or father's real estate market! While there are a few similarities to past markets, the combination of politics, economics, finance, uncertainty, world affairs/events, interest rates, and lack of predictability, have formed a somewhat-uneasy alliance, which, when understood and considered, have little ultimate impact, yet, all-too-often, create a confluence of somewhat undesirable circumstances, which create stumbling blocks, obstacles, and obstructions. Perhaps more than ever, who you select, and why, to represent your interests, as your Real Estate Professional, features a major impact, in reaching the most desirable goals. Before you choose this interview, carefully consider your objectives and goals, in a realistic, non-emotional manner. Rather than merely saying you want to get the best price, or some pie-in-the-sky number, think about, what you may be willing to pay, to buy your house! Your real estate agent should give you Comparables, or what similar houses, in your market, have recently sold for. This is the best indication of suggested listing prices, but remember that each house is different, and slight differences often overly impact what a buyer is welling to pay, or if he is even interested. Let's review 5 major considerations in the present market.
1. Time period interest rates have been at, or near historic lows: The past several years, interest rates, and thus mortgages, have been at or near, historic lows. It has permitted people to buy more house for the same monthly payment, the uncertainty continues to exist, as to simply how much longer they'll remain so low. Most experts are calling for interest rates to nudge slightly upward in the next month or two, but they issue the caveat, this will depend on the entire economic conditions.
2. Historically low ownership rate: As a result of several factors, including the economy, housing costs (especially in certain areas), rental availabilities, the required downpayment (which many don't have, or don't wish to commit), and uncertainty, with regards to the economy, jobs, etc, the percentage of men and women owning their particular home is less than it has been doing decades.
3. Low inventory: Partly due to the demographics, when it comes to age ranges, etc, and somewhat because many homeowners ask themselves where they will move, along with many individuals retiring later, we're witnessing, in lots of regions, a low inventory of homes listed on the market.
4. Willing and able buyers: There be seemingly available buyers, in some regions, but these individuals, tend to be frustrated by the mix of low inventory, mortgage and downpayment obstacles, uncertainties, etc.
5. Mortgage qualifications: Banks and mortgage companies are constantly tweaking their requirements for accepting buyers for mortgage consideration. Within the last few a long period, in order to qualify for the best available rate, one's credit score must certanly be somewhat higher than in the past, along with other debt considerations. While this is often overcome, one must find the right buyer, with sufficient patience, energy and willingness, to overcome potential frustrations, etc.
Understanding the nuances makes one better capable of realistically listing their property for sale. Carefully interview potential property agents, and choose the main one who's best for you personally!
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