Positive equity translates into better housing market
I am seeing reports that fewer homeowners are seeing negative equity. What does that mean in terms of real estate sales and purchases? A.
When there are fewer people in a negative equity position, it generally translates into more properties showing up on the market. It’s predicted that in 2014 repeat buyers are going to be the leaders in the buying pool. The more people see positive equity in their homes, the more inclined and motivated they will be to sell their home and purchase another. Q.
I am seeing positive equity in my home and I am ready to sell. I am debating on what number I should use to price my home. Are there any “creative” methods of pricing a home to make it more attractive? A.
Obviously the most attractive way to price your home would be to price it to sell! I have seen “odd” pricing like $951,877, and I personally feel like that brings negative attention to a property—much like painting your house neon pink. When you bring the attention to the numbers (and make it about questioning where the numbers came from), versus bringing the attention to the price, you take away the potential buyer’s focus and can possibly end up losing their interest in the long run.
My advice—keep your house and your numbers clean and attractive! Q.
With all of the news of rates and prices going up I know it’s a great time to buy a home, but I haven’t found anything I am in love with. Is it ok for me to wait? A.
Well the old saying does go — good things come to those who wait…but in real estate that doesn’t always apply. The longer you wait, the faster the window of opportunity closes. Prices and rates are going to continue to increase, but fortunately for you it’s predicted to be a slower paces than last year.
While you should never just “buy to buy” and certainly never rush to purchase a property, you should look at your home purchase from a different perspective. No home is going to be perfect; each and every one will have to be “fixed up” accordingly to transform it from a house to a home — your home.
Be open to the possibilities of what each home can be for “the now” and “the future”. Is it in a great location? Does it have great bones? Does it have all the features that you need and have the possibility to be created into the home that you want?
And if it’s truly not meant to be — continue with your home search until you find “the one”.