Strike While The Real Estate Iron is HOT! It’s the Perfect Time to Buy AND Sell!
by: Jeff Quintin, on February 22, 2011 - Uncategorized
As they say, timing is everything – and with the current economy, there is never any telling as to what is the perfect time to invest or hold back because there’s been so much uncertainty in the market lately. But in terms of real estate, right now is an ideal time to sell your home because there is a fast-rising demand out there for properties – and by the same token, buyers also have a major advantage because of the super low interest rates. To put it simply: The market is on fire! Here’s how you can seize the opportunity that is best for you.
Demand is RISING
With the latest reduction of interest rates, going further down another five percent, it is not surprising that the demand for properties is on the rise. Particularly for homes in the 300-500k range buyers are literally swiping up the deals they seem to be finding on these listings.
Inventory is GOOD
Even though there is a fair amount of inventory, it is flying very fast considering the excellent rates being offered to buyers these days. The property inventory for those homes in the range of up to 500k is definitely shrinking because there is clearly a greater demand than there is supply. Keeping this in mind, now is not the time to “wait it out” until the late spring market rolls around – rather it makes more sense to seize the opportunities that exist these days.
Interest Rates are LOW
The most common mortgage loan taken out is a 30-year fixed and with the recent reduction of yet another 5% for 30-year fixed loans, zero points, it makes it the perfect time to sell properties. The only thing to keep in mind though is that most buyers are looking to buy in time for summer – whether they want to use the property during the summer months or use it to gain rental income.
What Are You Waiting For?
Memorial Day is the drop dead selling date for properties. And if you’re looking to buy – don’t waste another day. Each day you stand to lose more opportunities, particularly those homes that are in the 300k-500k bracket. Looking at the same 100 odd days before Memorial Day from a buyer’s perspective – it is essential to include at least a 45-day window to accommodate the settlement process, after the buyer goes under a contract.
Keeping timing in mind – as soon as Memorial Day does come around the corner, property values are going to drop, right along with the demand that is rich and hearty at the moment. The bottom line is this: If you’re thinking of selling, get in now while the demand is here and high. And if you’re thinking of buying, get in right now, because interest rates are very low and who knows how long they’re here to stay!