What is “disabling” the real estate market…?

A lack of listings is disabling our real estate market….

I have been house hunting with a friend and am surprised at how few properties there are on the market when we are in the best seller’s market we’ve seen in 5 years!

I asked some really smart, successful real estate agents how this could be, and they all seemed to believe that the biggest concern among sellers is that they will not be able to find a property to buy.  As a result, all but the highest priced markets (where greater financial resources often allow the ability to buy before selling) have a huge shortage of listings.

Of course, more and more listings are likely to come on the market as the snow melts and the mud dries… but right now it seems that there are at least 5 buyers for most high quality, correctly priced listings.

Why is today a great time to sell and buy?

Values are the highest they have been in 5 years – if you tried to refinance and could not because of value, if you had a disappointing appraisal a year ago or even 2 months ago, your property is likely worth more, sales are active and demand is high.

Interest rates are ridiculous!

The cost of homeownership will never be lower because of this rate environment.  If you wait to “buy up” you will miss out!

Values may be rising, but…

That does not mean that you should wait for your home to appreciate more before selling, because the house that you want to buy will be appreciating at the same pace! And, it is likely that interest rates will also be higher. 

If you are not in your “Forever Home,” a home that you plan to live in for years to
come;  if you need more or less space; different amenities; want to change communities or move schools; need to be closer to work or public transportation; want more land around you… Whatever the reason you would trade the home you are in today for another-now is an excellent time to do it!

The real estate market is disabled by fear -Now is the time to do the research, learn your options and educate yourself.  The best way to overcome fear is to outsmart it. Knowledge is power so learn your options today, and approach with an open mind the real estate possibilities available to you.

Next week we will introduce our new and improved Fairway Promise, featuring weekly updates for realtors and bi-weekly tips and information for consumers. And the first thing we will do for both groups is calm the fears and highlight important strategies for understanding, and capitalizing on this market including: when you should meet with your lender and what you should discuss; lending
strategies in a challenging market to ensure successful closings; understanding
all the options and how to choose the best one for you or your client.

So stay tuned…..