How do you see today's Real Estate Market? More like a 'Stop Sign' or a 'Speed Bump'?
First it started with Home Appreciation and how it has slowed down. In some states, appreciation took a hard hit. Luckily in Texas, we were not hit as hard with rapid appreciation or depreciation values. Then we heard all of the hype about mortgage interest rates going up, then down, then up, etc.
Is this any time to buy a home? OF COURSE, if you're buying for a place to live, not as a property to flip for fast profit.
Over a year ago, it wasn't uncommon to have 15 offers for a property. And it wasn't uncommon for people to waive their contingencies, which lets you off the hook if the home inspection turns up something you don't like or your financing falls through. In today's soft market, such desperate sacrafices aren't required.
What some people think is a stop sign is really just a speed bump. A normal Real Estate market books our speculators, people who flip properties for quick profit. Now people are buying for the right reasons. Sellers no longer hold all the cards and this helps balance out the market.
There are several benefits of home buying in a Cooling Marketing:
More Selection - Inventory has inflated to record high levels, giving a huge selection to choose from. In the past, you were forced to outbid other buyers on homes the moment it appeared on the Multiple Listing Service (MLS). Now you can tkame more time finding your next dream home.
Negotiating Power - The market slowing down helps your negotiating power for many homes. Keep in mind that there are still quite a few 'steals' out there and your offer is not necessarily the 'best' offer. So, although you have the power to negotiate, sellers are still waiting for a 'reasonable' offer. Talk with your Real Estate agent before determining what is a 'reasonable' offer in that particular area.
Interest Rates - It is easy to get caught up in rising rates. Some people act like "Chicken Little" and scream about the sky falling when rates inch up a quarter of a point. Rates are still way below wher they were 5 years ago. Work with a Reliable Mortgage Consultant to ensure you know the options available to you.
A home is a great investment, especially if you plan to live in it long term. The national median home price has risen each year since 1968 which is when record keeping began. When you consider the volatility of the stock market, the benefits of owning real estate still outweigh it and you get the tax benefit.
Do you still see the Real Estate Market as a Stop Sign or do you now see it as a Speed Bump?
If you want to know what your home is worth, or you're exploring the possibilities of home ownership and you would like to discuss adding real estate to your investment portfolio, feel free to contact me.
I'll help you get pre-approved for your Texas home loan and even suggest some very knowledgeable and professional Real Estate Agents in your area of choice. If you are available to talk, I am available to listen. Give me a call or visit my website for more details.
Do you want to know all of your mortgage options? Call me today and let's discuss them further.
Always available for your Texas Mortgage and Home Loan needs!
John R Cannata P#214.728.0449
NMLS # 322646
The views expressed on this site are mine alone and do not reflect the views of my employer.