The Perfect Storm in Real Estate is Now.

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So what do I mean by the perfect storm? Is it because rates are low? Is it because buying a home is more affordable now than it ever has been? Is it because inventory is low? Actually, it is a blend of all of these factors, thus, the perfect storm. Get it? So let me tell you what I am currently experiencing and what local real estate professionals throughout my community are experiencing. People are finally starting to realize that now is a great time to buy a home. They are finally listening to what everyone has been telling them for the past 4 years. This is a good thing, but it does have a downside. If you are looking at a home and want to think about writing an offer on that home, you may have already missed the boat. Due to the lack of inventory, if you find a home that you really like, then you have to put an offer in right away or take the risk of losing that home. Many local Realtors have said that they had clients lose out on homes because they didn’t make an offer right away. So I have a word of advice, if you love it, then make an offer on the home. Make a good offer on the home as well, especially if it becomes a multiple offer situation.

If you are looking to sell your home, let me clear up a very common myth that people believe. “I am going to wait until Spring to list my home because homes don’t sell in Winter.” That is so inaccurate it makes me want to laugh. Ask any local Realtor and they will tell you that Winter is a great time to list your home. Why, you ask? The reason being is that inventory is typically low, like it is now, and you will attract more serious buyers. People who are out looking at homes when it is cold or snowing outside are more serious buyers, they are out looking in homes during the bad weather because they are serious about buying and ready to make an offer on the perfect home, which could be yours.

Look at these article from CNN Money, Realtor.com and Forbes. They are all stating that 2016 is the year to buy a home. Luckily, rates have hit a 3-year low, prices on homes have been consistent and there are programs available that offer down payment options that are well below the mythical 20%. It is shocking how many people believe that the only way they could buy a home is if they have 20% down payment. This is simply not true. There are plenty of mortgage options available. I recommend having a conversation with a knowledgeable mortgage loan officer and figure out what is going to be the best possible position for you and your family.

Bottom line, if you can buy, then do it now. You don’t want to be in the “I wish I would have done that,” crowd. Take action today and call a Realtor, call a loan officer, find out what your options are and see why so many people are buying instead of renting. You are literally throwing your money away each month you rent instead of buying. Contact me today and I can help you with the process and put you in contact with an amazing Realtor who can find you your dream home.

Click here to view a previous blog of what you need to start the buying process. I also have a free mobile app that you can download by clicking here.

If you want more useful information, then don’t forget to subscribe to my blog. See you all next week!

-Ed

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