Is it 2005 again? How do you proceed?
When it comes to the real estate market, things are starting to feel awfully reminiscent of 2005. Don’t panic, that was two to three years before the market decline, so there is more appreciation to come in 2014. But the reality is, if you are considering a move in the next 24-36 months, a meeting with your Lee Davies Real Estate two-broker team will provide you with the foresight to plan for your future. Here are some things to consider today:
Buyers:
Expect interest rates to rise, prices to increase, and bidding wars on homes. Actively engage with your broker team so you are ready and able to make that purchase in 2014. The current available housing inventories are low and the best homes sell within days of going live on the market, if not before. The only way to know if a home is a good value, or if it is the right fit for you, is to get out and see homes now, even if you are not planning to buy right away. This will increase your confidence and prepare you for the moment you set foot in a home you truly love and want to be yours. This is why we encourage all buyers to meet with their brokers in person and see the available homes that meet their parameters. By actively staying engaged, you will understand the market place and know the perfect home, when it becomes available.
Existing homeowners wanting to buy (and sell your current home):
Sit down today with your LDRE broker team and discuss the pros and cons of each strategy to achieve your 2014 moving goals. It can take time and foresight, but the preparation will make all of the difference when it comes to alleviating stress, and reducing or eliminating risk, throughout the process of buying or selling your home.
By meeting with your Realtor team now, you can discuss the value of your home and create a punch list of what maintenance and cosmetic updates should be made to prepare your home to capture top value in the market. This will put you in the best position in the event you stumble upon the perfect home, prior to placing your home on the market. It will also provide you with the knowledge of the value of your existing home, prior to making an offer on the next one.
Today, most sellers prefer, or are financially limited, to sell first and buy second. Yet as a seller, when you start looking for homes to buy, you might become apprehensive to sell if you cannot find a lot of homes on the market. This could potentially lead to a double move and the need to arrange temporary housing for you and your family. While this is more work, it eliminates risk and allows you to sell at your price, and provides you with the cash to buy and perhaps get a better deal on the acquisition.
If you are a seller and not planning to buy:
You are sitting in the crown position today. The only question is; when do you sell, if the market is still appreciating? As of now, it would seem that you have plenty of time to ponder that decision.
Please contact your Lee Davies Real Estate Broker today, as we are eager and here to help you layout your real estate plans for the next few years.