7 Real Estate Secrets You Never Knew

Ladies and gentlemen: This is simply not your mother or father's real estate market! While there are a few similarities to past markets, the mixture 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, produce a confluence of somewhat undesirable circumstances, which create stumbling blocks, obstacles, and obstructions. Perhaps significantly more than ever, who you decide on, and why, to represent your interests, as your Real Estate Professional, features a major impact, in achieving the most desirable goals. Before you choose this interview, carefully consider your objectives and goals, in a reasonable, non-emotional manner. Rather than merely saying you intend to get the best price, or some pie-in-the-sky number, think about, what you could be willing to pay, to buy your home! Your realtor should offer you Comparables, or what similar houses, in your market, have recently sold for. This is the better indication of suggested listing prices, but remember that each house is significantly diffent, and slight differences often overly impact just 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 frame interest rates have been at, or near historic lows: The past few years, interest rates, and thus mortgages, have been at or near, historic lows. It has permitted people to purchase more house for the same monthly payment, the uncertainty continues to exist, as to just how much longer they will 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 general economic conditions.

2. Historically low ownership rate: Due to several factors, like the economy, housing costs (especially using areas), rental availabilities, the necessary downpayment (which many don't have, or don't desire to commit), and uncertainty, with regards to the economy, jobs, etc, the percentage of individuals owning their very own home is below it has been in decades.

3. Low inventory: Partly due to the demographics, with regards to age groups, etc, and somewhat because many homeowners ask themselves where they will move, as well as many individuals retiring later, we are witnessing, in lots of regions, a low inventory of homes listed on the market.

4. Willing and able buyers: There seem to be available buyers, in some regions, but these individuals, tend to be frustrated by the mixture 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. In the last several years, to be able to qualify for the lowest available rate, one's credit score must be somewhat greater than previously, as well as other debt considerations. While this can be overcome, one must find the right buyer, with sufficient patience, energy and willingness, to overcome potential frustrations, etc.

Understanding the nuances makes one better effective at realistically listing their property for sale. Carefully interview potential property agents, and choose the main one who's best for you!

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