During this time of the year, people always ask us if they should wait to make a move until the late spring or summer market, when things are more active. This is a very common question and the answer we give may surprise you.
WAITING COULD BE COSTLY
There are very good reasons why delaying a move may not be in your best financial interests. Here are some things for you to think about, whether you are a buyer or seller.
1. Rates Are Historically Low – Waiting until late spring or summer may cost you as rates may inch upwards. While no one knows what will happen, rates can’t stay this low forever.
2. Some Sellers Are Motivated – There is an inventory of homes that didn’t sell during the summer/fall market. These are perfectly nice homes that were simply overpriced. Many sellers are now much more willing to sell than they were when their home originally went on the market. Some have moved out of the area and others have found homes they would like to buy.
3. Home Values Are Rising – Recent market statistics show home values in many Cleveland area suburbs beginning to go up. Buying when values are lower certainly makes sense.
1. Inventories Are Low – The number of homes for sale throughout the area is ridiculously low. As a result, we have seen a ton of multiple offer situations, where buyers are fighting over the same home. Waiting means that you will likely have more competition.
2. Rates Are Great - Ok, we already said this for buyers, but the same can be said for home sellers as well. The lower the rates, the higher the number of buyers that qualify to buy your home. Why risk a rate increase and lower buyer pool?
3. Uncertainly – We do know that low rates, a slowly improving economy, and low inventories exist today. What we don’t know is what things will look like 3 or 6 months from now. Will the stock market continue to make buyers feel confident to spend? Will something happen in Europe to cause our economy to slow down or possibly go back into recession? The unknown brings about an added risk to the selling process.
Personally, I am conservative and like to know what I’m getting into. Today’s market is a known factor, an ideal environment for both buyers and sellers. No one knows what things will look like in the future.
Waiting may simply be a risk that you just don’t need to take, and may end up costing you money in the end.
The above information is compliments of The Schuman Team, Amy and Dan, of Howard Hanna Real Estate Services.
They can be reached at 216-346-3235 or 216-403-9189 or via email, firstname.lastname@example.org or email@example.com.
The Schumans service the following Cleveland area suburbs: Aurora, Bainbridge, Bay Village, Beachwood, Bentleyville, Chagrin Falls, Cleveland Heights, Gates Mills, Highland Heights, Hunting Valley, Lakewood, Lyndhurst, Mayfield Heights, Mayfield Village, Moreland Hills, Oakwood Village, Orange, Pepper Pike, Shaker Heights, Solon, South Euclid, University Heights, Westlake, Woodmere.
Why Wait For Spring, Act Now! is the property of The Schuman Team and may not be duplicated or used without their written consent.©January, 2013