It is an all too familiar sad story…
“If I had only bought that piece of real estate back in 19something….”
Housing prices may or may not have hit rock bottom, but I believe that people who continue wait to find the market’s bottom are likely to miss out on the buying opportunity of a lifetime.
Case in point:
Interest rates can be every bit as important as price to the cost of the real estate transaction.
Let’s say that $500,000 home declines in value another 10% to $450,000.
BUT, interest rates rise 1% during the time you wait.
(Very likely scenario given current market conditions.) Assuming you finance $400,000 of the purchase price of that home, the 1 percentage point difference between a 5% mortgage and a 6% mortgage will cost you more than $90,000 over the life of a 30-year loan.
If you have a home to sell, hire a professional (like me!) who will get it professionally staged and photographed, priced right, and marketed aggressively… and you should have no problem selling this Spring. Inventory levels are way down and buyers are looking for nice properties at a good price.
Then go grab yourself the deal of a lifetime!