With poll: Waiting until the new year, next spring or when the holidays are over to buy or sell a home

Many potential buyers and sellers right now are waiting to see what the future will be like before they decide to move and with good reason. The way the current economic climate is, your next move may be your last move for a while -- but there are a few very good reasons not to wait to buy or sell:


  1. Mortgage interest rates are at historic lows and they will not stay at these lows forever. This could far outweigh just waiting for prices of homes to further drop.

 2. Much less competition out there, whether you are a buyer or seller. If your buyer who was caught up in a
multi-offer position or a seller who was one of 10 homes on the block for sale your competition right now will be less.

 3.Constant changing in lending requirements by banks will decrease the amount of people able to get a mortgage to buy a home in the future. If you were able to get a mortgage 6 months ago, does not mean you will be automatically approved today or next summer.

4. More foreclosures to hit the market in 2011. With more current homeowners defaulting on current loans, distressed sales will continue in the next year further driving down list prices of all homes in neighborhoods.



flickr photo courtesy of awnisALAN

 The good news is homes are still selling! Despite all of the bad news, people are still moving and life goes on as usual. If you're a seller and your home is priced according what buyers are willing to pay, it will sell. If you're a buyer and your offer is competitive to what homes are selling for in the neighborhood, you have a good chance of getting a accepted offer.

poll by twiigs.com