Home Buyer and Home Seller Advice in a Recoverying Real Estate Market
Listings are moving quickly. Too quickly for some sellers in fact. As a non-monetary perk for an offer, there are options like a seller’s residential lease that will allow a home to close quickly as the buyer would like to see, but the seller will not get cold feet from their home selling too quickly and they can have the 60-90 days to plan what their next step is.
Move with certainty. Enter into a deal at your max, no lower and no higher. No lower because although it gives you negotiating power, multiple offers may mean you put yourself out of the running before the race even started. Not higher because moving is a stress in and of itself. If you stretch your budget for all it is worth, you will be left with the adjusting to a new home as well as a change of lifestyle in order to maintain your move. “The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you'll do better to use one of many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.” (source)
If you are on the fence about whether or not to sell at this point in the game, my best advice is to get out there and do it. Inventory is scare for the moment making theseller have the strong arm in a transaction. This will not be the case for much longer as interest rates increase and buyers have less purchasing power. If you list today, chances are it will go quickly especially if you use a little industry secret. “If you list your home for at least 10% less than it's worth, you'll often sell it for 10% more.” (source) The market for home buyers is getting more and more difficult. When buyers see a deal, they know it and they pounce. This oftentimes produces a bidding war and the price is driven up by competition.
For Home Buyers and Home Sellers alike, my constant advice is to use a professional. I am not only advocating for myself, but for all Realtors® (if after fair assessment of the Realtors® in the area you do choose me I am grateful!). This is your security blanket, your constant hound for listings, and your champion when the numbers hit the paper.