you buy now or should you wait?
It depends. If you live in Asheville and want to
sell your home in order to buy a different one, you
will get less for the home you are selling
but also pay less for the home you wish to
purchase. In a sense your loss is also your gain, so
you come out even.
downward market continues as
loss of value will be there, whether you
stay where you are or move to a new home. Your question therefore is not
so much "should I buy now or should I wait," but
rather: are interest rates favorable and will they
remain so in the foreseeable future?
When you come to
Asheville from out-of-town or out-of-state you face a similar situation.
Assuming you can sell
your current home before buying the next one, there is no
reason NOT to move. However, if your aim is to find
a second home, you might consider waiting on the
sidelines while you closely monitor market movements
interest rates. When interest rates threaten
to go up go forward!
is: buy! Take advantage
the abundance of homes on the market
and of low interest rates! Get as much
information as you can about the property you like.
Find comparable homes in the neighborhood,
those for sale and those that sold recently. Ask
your Realtor to do the research. When you find the
home you want - and it appears to be overpriced -
move ahead anyway with a low offer. However, if the
price seems very fair, make an offer the seller can't
refuse. Attractive properties, competitively priced,
continue to sell fast. And remember, Real Estate is cyclical: sooner
or later your investment will
grow again in value.
A word of caution regarding
the negotiation process in a changing housing
market: realize that
no seller will
lower his/her asking price far enough to make up for
a potential future loss of equity. Even in today's
uncertain times, fair market value refers to a
homes current value, not to an uncertain value of
me a call and we'll explore your particular
I look forward to working with you!
Nevertheless, even here in Asheville with relatively
small loss in home values more and more sellers
understand that pretty much the whole nation is in a
buyers market. Accordingly sellers are
beginning to price their properties competitively (at
or slightly below market value compared with similar
homes) and sometimes aggressively (10 to 15% below market value). I invite you to find
those properties with