Real Estate Myth #7: Waiting for Spring to Sell Your Home Will Get You More Money

Real Estate Myth #7: Waiting for Spring to Sell Your Home Will Get You More Money

The old adage that told sellers to wait until the improved spring market

to put their home up for sale is just that – an old saw.  And not true today.

Buyers tend to favor the spring and early summer market to move but this time

around, it could be costly for both buyers and sellers.

 

Wake Up! The alarm is ringing!

 

If you haven’t been following real estate news, yes, I know, it starts

to become blah, blah, blah, after awhile; then you might be unaware of the

shadow inventory.  All the experts agree, this 4 million+ housing inventory

of foreclosed and about-to-be foreclosed homes is weighing the market down

right now—and we have 45 more months of inventory to work through.

 

This will hit all price levels, as many higher priced homes are seeing

owners make a financial decision to walk away from homes that have

lost 25-40% of their value.  The national news has been telling us this

week that despite a rise in home sales, home prices are on the decline.

And will decline at least another 10% in the next year.

Buyers who wait until next year are also missing the boat.  The price

of their new home might be less but will the COST be less?  Will interest

rates rise?  A one per cent rise in rates will affect your monthly payment

for 15-30 years.  Will mortgage requirements and costs go down? Not likely.

We have seen nothing but a steeper climb for buyers on the home

ownership hill.

 

Bottom Line Prediction:  If you are waiting for the “Spring Market”,

you will sell for less and pay more for the home you are buying. 

 

SEARCH FOR GRAND RAPIDS HOMES

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The authors of the this blog write about Grand Rapids Real Estate,

the Greater Grand Rapids MI area, and what it is like to live in

West Michigan. We believe: Grand Rapids is a Great Place to Live!

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Westbrook Realty Grand Rapids MI Real Estate

Contact Terry   616-292-7263

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