Wednesday, April 13, 2016
Happy April and Welcome to the Spring Selling & Buying Season. Who would have thought this Real Estate recovery would be so slow? After all, the bust was 10 years ago and we’re still not back to the boom pricing in most areas. As we end the first quarter of 2016, we have learned that Real Estate is Hyper-Local. Of the 4 counties we serve, there are pockets of extremely low inventory indicating a strong Sellers’ market and there are other pockets where there’s inventory in excess of a 10-month supply of homes. Our advice: ask your agent about the local market activity and stop listening to statewide or national trends.
Allow me to give you a thought. We all know by now that those of us who bought homes between 2005 and 2008 may not yet be in a position to sell for a profit. Believe it or not, not everyone bought their home during those years and for those of us who bought our homes, say, in 2004 or earlier, you may be surprised. Assuming you didn’t re-finance and already take your equity out, in most cases, if you’ve owned your home since 2004 or earlier, you’ll be surprised to find a few really positive things. First of all, if you have a mortgage, check to see how much principle you’ve paid off over the last 12 or more years. You may be surprised.
Here’s the thought I’d encourage you to think about: If you bought your home in 2004 or earlier, you can probably sell it for substantially more than you paid. That, coupled with the principle you’ve paid down, may give you a substantial down payment for a different home. Be it larger, smaller, fancier or more modest, there’s nothing to keep you from taking advantage of this market.
What are some of the advantages of buying a new home today? In my example, your current home is at least 16 years older than it was when you bought it. It may be time for some sizeable repairs. New technologies available today are making homes a lot more efficient. Today’s “green” building standards are producing high efficiencies and very safe homes. And of course, locking in a 30 year fixed interest rate loan at less than 4% is a gift that many won’t have the chance to enjoy for much longer.
Imagine trading in your old home for a new, perhaps more appropriate one, putting some cash in your pocket and ending up with lower monthly payments than you currently have. This is a reality for many today. Not everyone bought their homes between 2005 and 2008.
As the broker for this fine company, the writing is on the wall. We’re selling more listings than we’re taking.
Buyers are out in droves. We’re in need of more homes to sell! And we can get you Top Dollar!
Why not give us a call and get a FREE Strategic Pricing Analysis to see what you could really sell your home for and while you’re at it, ask your CENTURY 21 Beggins Agent to share some of the new home inventory that’s available now. We partner with 8 of the largest homebuilders in the region and can help you get that new home of your dreams. Not interested in a new home? Ask your C21 Beggins agent to set you up on a MLS search for homes in an area you may be interested in.
Until next time, may you have fair weather and following seas!
Craig J. Beggins, President
CENTURY 21 Beggins Enterprises