Real Estate Myth #7: Waiting for Spring to Sell Your Home Will Get You More Money
The old adage that told sellers to wait until the improved spring market
to put their home up for sale is just that – an old saw. And not true today.
Buyers tend to favor the spring and early summer market to move but this time
around, it could be costly for both buyers and sellers.
If you haven’t been following real estate news, yes, I know, it starts
to become blah, blah, blah, after awhile; then you might be unaware of the
shadow inventory. All the experts agree, this 4 million+ housing inventory
of foreclosed and about-to-be foreclosed homes is weighing the market down
right now—and we have 45 more months of inventory to work through.
This will hit all price levels, as many higher priced homes are seeing
owners make a financial decision to walk away from homes that have
lost 25-40% of their value. The national news has been telling us this
week that despite a rise in home sales, home prices are on the decline.
And will decline at least another 10% in the next year.
Buyers who wait until next year are also missing the boat. The price
of their new home might be less but will the COST be less? Will interest
rates rise? A one per cent rise in rates will affect your monthly payment
for 15-30 years. Will mortgage requirements and costs go down? Not likely.
We have seen nothing but a steeper climb for buyers on the home
ownership hill.
Bottom Line Prediction: If you are waiting for the “Spring Market”,
you will sell for less and pay more for the home you are buying.
SEARCH FOR GRAND RAPIDS HOMES
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The authors of the this blog write about Grand Rapids Real Estate,
the Greater Grand Rapids MI area, and what it is like to live in
West Michigan. We believe: Grand Rapids is a Great Place to Live!
Westbrook Realty Grand Rapids MI Real Estate
Contact Terry 616-292-7263