“Moo”-ving or Relocating? May 18, 2009
The warm weather over the last week has stimulated A LOT of real estate activity in our local market (and I imagine others) over a relatively short period of time. In the 2nd week of May, we have had many new escrows opened according to the local MLS. What this means is that more sellers accepted the offers that buyers made on their properties, a very positive note for the real estate market and economy as a whole.
The talk amongst real estate professionals is that the buyers are deciding that our historically low interest rates (still hovering around the 5% mark), large amount of inventory and the first-time homebuyer tax credit issued by the federal government and/or the new construction tax credit in California issued by our state government mean it is a great time to make their move.
If you are thinking of buying now or waiting to see when the prices “bottom out” you may want to talk with your mortgage lender. They can help you calculate what your payment would be with the incentives and rates available now versus the potential of a few months from now if the rates go up. You may be surprised to find that even if you paid a little more now for the home but had a lower interest rate, you may be saving more on a payment than you would if you paid a little less for the home but had a higher interest rate a few months from now.
If you are thinking of selling right now there are a few things to remember. You will have more competition with the sheer number of short sales and REO’s available on the market…but have faith! Homes are selling…70 of them this last week! What this means is that you should be very aware of your competition and ensure your home sparkles as first impressions are very important right now. The first 2 weeks you will get the most viewings so make them count! Price it right from the start so your neighbor doesn’t sell before you. Focus on curb appeal and minimizing furniture/decorations you don’t need before you move. If you are moving anyway, why not box it up and make your move easier down the road? It will make potential buyers see the home’s bones and it will be easier to compare and visualize when compared to the vacant homes that are your competition on the market.
So whether you are thinking of buying or selling, looking to talk with a lender or just need home improvement advise…give me a call!
I would be happy to connect you with quality professionals to help you get good “real time” information in your area.
Contact: relomary@movinglinks4you.com
Phone: 530.515.6299
Twitter: www.twitter.com/relomary
LinkedIn: http://www.linkedin.com/in/relomary
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