When Should I Sell?
July has been one of the slowest months in Real Estate sales in 17 years. Purchase applications for loans are way down and activity has come to almost a screeching halt. Rates are still low.
The Feds have announced they are “tapering” off buying bonds which directly affect interest rates. They’ve already started the tapering process and plan to pull out entirely by October 2014. This means interest rates will go up.
A slow market with increasing interest rates is going to affect the Real Estate market. It means there will be an increase in inventory of properly available, while demand goes down. Prices are going to fall..while the cost of buying remains the same (interest rates go up, monthly payment stays the same but more money is going to lender rather than Seller of property.)
If you are thinking about selling, now is the right time. Although things have slowed down…you are going to get a lot more now than you will later this year or even next Spring. If you are thinking about buying and have cash out of your sale, you may want to rent for a year and buy next year when prices have gone way down.
If you are thinking about selling…It’s super important to hire a Realtor who can help you get your property in it’s best showing conditions, uses a professional photographer and has a marketing plan that works to get it sold.
Please give me a call and I’m happy to come out and see your property and give you ideas of what you can do to get top dollar in this market…Don’t wait…as the days tick on in this market, you are actually losing money if you are planning to sell.