Since everyone in my work is talking about it, and all of my clients are asking about it, I thought I would share my views on the housing market right now.
The summer started off very slow, and the housing inventory began to build up. I personally think this is just the market correcting, compensating, for its breakneck speed the past few years. But I don't think it is anything to panic about. Realtors who have been in the business for decades say they are witnessing the regular ebb and flow of a very normal market. In my opinion, it is a great time to buy, considering that there are fewer buyers out there (not as many investors, not as many creative loan programs = not as many buyers) and the inventory is abundant. Especially if you don't have a property to sell.
If you are selling, expect to sit on the market for a longer time. The average days on the market for any given property has risen recently. If you expect this, then it will be much less frustrating. The best advice: PRICE RIGHT! Definitely get a few opinions on the price.
Don't go with a certain realtor just because he or she gives you the highest price. Be as realistic as possible- it will save you a lot of time, a lot of headaches, and may in the end help you avoid drastic price reductions.
Also, if you price it right you will be less inclined to accept a lowball offer too early in the game.
Consider how much longer it takes to sell a house in today's market, and plan your new accommodations accordingly. Two mortgages per month is not a situation to perpetuate. (Unless you have money coming out of your ears!)
As for the future, it will be interesting to see what the mortgage market does, interest rates, etc.
As a disclaimer, everything above is purely my opinion, practically uneducated speculation! If you want to further discuss your specific situation, give me a call and I'll help as much as possible! We love to talk housing!
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