The Election Is Over, Time to Buy a Home!

The midterm elections are over, and as expected in the last month housing activity has dipped. It happens everytime there is an election, and this one is no different.

What is the likely impact on the housing market as a result of the latest silly season ending? Well, at least we have a better idea about the direction of the country. OK, a little better idea. While the commentary among political circles is diverse over the impact, from we are on the brink of disaster (coming from the Pubs), to we have stepped back from the brink of disaster (coming from the Dems), we now can all refocus on what is happening in our own world. That is an intensely personal decision based on individual and family circumstances.

Basically, it is a good time to make a move. While most readers figure this as the usual Realtor line, bear with me for a moment.

First, the talk over the past three or more years of a housing bubble bursting just has not happened. Sure, sales have slowed (down about 30% y2y) and prices are a little soft in our local area, but not precipitously so. In fact, the real data indicates a leveling of prices y2y, or maybe a slight (under 5%) drop in prices in some areas. This is hardly a burst bubble, but is in reality a lot like a little air coming out of the market.

Second, I want to talk with buyers for a moment. Interest rates have come down a bit from some highs earlier this year, but with loans available for fixed rates under 6.5% and for lots of other kinds of loans with much lower interest rates that may be better suited to your budget and long-term plans, this is a good buying environment if you want to buy a home with more than a three year time frame. Plus, there is a lot of variety of homes and prices in the marketplace. Finally, there are some steals of deals to be made IF you have a great agent (that's me!) working to find and negotiate a great deal for you!

Sellers. The flipper seller has had his or her day. If you bought your property more than two years ago, and thought you would sell it around now for a huge profit, well, you will likely have a modest profit, but not a huge one. Bought last year? Depending on what you picked, who you used as a Realtor, and what your purchase price was, you are probably better off keeping the home, as long as you can make the payments. If you can't pay the mortgage, get out now. Call me today. No joke. Do it. Which brings me to a very important point... if you don't need to sell, don't put your home on the market. If it's on now, take it off the market. While the numbers of homes on the market has been dropping lately, the amount of inventory is still too high which gives people the feeling that the market is dead. It isn't the case, but with too many signs in yards, that is the impression. So, if you don't need to sell, take your home off the market.

Finally, if you do need to sell, price your home right. Over priced homes are a drag on the market, sellers get anxious and frustrated, and Realtors who take overpriced listings are not doing anyone any favors. Price your home to sell, keep it clean, choose a great Realtor (me!), and let's get your home sold!