By Barbara Lehrer
Real Talk
Barbara Lehrer
The market is still hot in our area. So hot that homes are flying off the shelf.
Consider the average 50-year-old home, selling for 10 percent more than it would have sold for last year at this time. We all know the greatest factor in this market is the interest rate, which gives more buying power to potential clients. Let’s hope these rates will continue into the spring.
Meanwhile, if you are taking good care of your property and have intentions of finding that perfect spot, this is the time to chance the scenario of buying without selling. No seller loves to entertain a Hubbard contingency clause when the market is good. If you know your home is the type of home that will be jumped on, then get qualified to own two properties at once for a short period of time. Many lenders invite this option; they know that clients prefer to renovate before they move in, or just have time to get out of the old home and then put their home on the market. Buyers love to see vacant homes these days. They know that then they can be assured of occupancy fast, when a specific date is required.
Never before has the old winter conversation been so true: only serious buyers come in the winter, and there are fewer homes to choose from. This year there are multiple offers bringing higher prices to those homes that are on the multiple listing and are in tiptop condition.
You have a few choices here. Work on your property over the next three months. Be prepared to go forward when you see a property you like, reviewing your finances well. Perhaps an equity line can help you jump into a multiple offer situation. Most people need to sell to buy, but if you can buy without contingencies then you may be the best competition out there to grab that great deal on the perfect street.
I always say real estate is all about the timing. How is your timing? If you need help in orchestrating a magic strategy, then get a good realtor right away. It takes time to plan and pull resources together. We just do not know how long these high sales and multiple offer situations will come into play. I foresee no end in sight; however, real estate is a moment in time. Whatever the last sales are recorded as is what the next like property will be worth. Bank appraisers are very generous these days; they are the ones who make that final decision.
The winter market should be interesting this year. Besides moving around Orange and Milford, buyers are coming from other areas. They are curious about more countryside and train advantages. We will always have a special area, popular for so many reasons, but one thing is for sure: buying before selling, or after, the price needs to be right. Capitalizing on hearsay prices is not the way to go. You need the professionalism of a good agent – always your number one asset by showing you the updated statistics. With condition, location, topography and square footage, setting up that fair asking price is key to a complete transaction.
Stay educated as you ponder the market.
If you need more information on these issues, email Barbara.Lehrer@cbmoves.com.