When a seller tells a Realtor that they are waiting to sell their home until the market changes what they have difficulty realizing is that those prices will rise for all homes in that area. The couple who have no mortgage and want to wait a year or 5 years for a market correction will potentially get more for their home sale but they will also pay more for the home they will need to purchase.
Eric Berman, of the Massachusetts Association of Realtors, reminds us that if a buyer is prepared then the time is fantastic to purchase a home this summer. Obtaining a credit report, getting a pre-approval with the ability to put at least 5% down as well as calculating the costs of homeownership (taxes, insurance, utility bills, maintenance,etc.), understanding the home buying process and working with a Realtor will enable a buyer to make an informed and educated purchase of their largest investment.
In the local Franklin, Massachusetts area the general public would be surprised to learn that some homes are getting multiple offers just like in the “hot market” times of 2004-2005. The homes that are priced right and show well are getting scooped up within a few days on the market while the other 90% of homes will languish for 6-9 months until the price is right.
Filed under: real estate
