A Guide To Real Estate
Ladies and gentlemen: This is not your mother or father's real-estate market! While there are several similarities to past markets, the mix of politics, economics, finance, uncertainty, world affairs/events, interest rates, and not enough 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 more than ever, who you decide on, and why, to represent your interests, as your Real Estate Professional, has a major impact, in achieving the most desirable goals. Before you select this interview, carefully consider your objectives and goals, in a sensible, non-emotional manner. Rather than merely saying you intend to get the greatest price, or some pie-in-the-sky number, consider, what you could be willing to pay, to buy your property! Your agent should provide you with Comparables, or what similar houses, in your market, have recently sold for. This is the better indication of suggested listing prices, but remember that every house is different, and slight differences often overly impact what a buyer is welling to pay, or if he's even interested. Let's review 5 major considerations in today's market.
1. Period of time interest rates have already been at, or near historic lows: Going back few years, interest rates, and thus mortgages, have been at or near, historic lows. It has permitted people to purchase more house for exactly the same monthly payment, the uncertainty continues to exist, concerning simply how much longer they will remain so low. Most experts are calling for interest rates to nudge slightly upward next few months, nevertheless they issue the caveat, it depends on the entire economic conditions.
2. Historically low ownership rate: Because of several factors, such as the economy, housing costs (especially in certain areas), rental availabilities, the necessary downpayment (which many don't have, or don't need to commit), and uncertainty, when it comes to the economy, jobs, etc, the percentage of people owning their very own home is lower than it has been in decades.
3. Low inventory: Partly due to the demographics, in terms of age ranges, etc, and somewhat because many homeowners ask themselves where they will move, as well as 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 seem to be available buyers, in a few regions, but these individuals, are often annoyed by the combination 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 many years, in order to qualify for the best available rate, one's credit score should be somewhat higher than previously, along with other debt considerations. While this is 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 home for sale. Carefully interview potential real estate agents, and choose the one who's best for you personally!
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