Why you should consider buying or selling a home RIGHT NOW
Yes it is a sellers market right now….why?
We are experiencing an amazing turn around in the our real estate markets in the areas I service in the Santa Clarita valley, San Fernando Valley and Palmdale/Lancaster areas. It amazing that parts of these areas are 20% or more HIGHER in sales price than 18 months ago. There are properties that would have been short sales a year ago that sellers are selling as standard sales and getting a profit. There are properties are STILL short sales, but due to the market selling at the pace it is people are putting in multiple bids on those homes.
If the real estate market is that hot shouldn’t I wait longer to sell my home?
Good question and no one really has an exact answer to that and it will depend on your goal and personal circumstance but lets take a look at a couple of reasons why you should consider selling. Let suppose you were in a short sale situation but DID NOT want to do one because you were struggling and you know have equity that will allow you to sell. You could sell your property and get out of it clean, re-structure yourself and GET BACK into homeownership quickly while the interest rates remain at all time lows! You not have had difficulty in your monthly obligations but had no equity so you could not move. You may have the opportunity in this market to sell your property, take advantage of some great rates and move up into a home you could not previously afford due to the price and interest rates!
Home prices cant continue to rise like this can they?
Truthfully none of us know, but previous trends tell us not on a skyrocket up, but realistically the key to this what happens to interest rates? Odds are sooner or later they rise. I do not know when they rise but they will. When that happens it will change the amount of home you can afford and if you are selling a property it will reduce the amount of buyer that can afford YOUR home. I believe these are strong things to take into consideration on whether or not you sell now. If you are really comfortable in your home, neighborhood etc….and may not really WANT TO MOVE for another 5 to 10 years…….maybe you stay put, BUT if you were hoping to move 1, 2 or 3 years ago……NOW MAY BE YOUR BEST SHOT!