The real estate industry is all abuzz about how “now”, 2014, is the time to buy or sell a home. Statistically the market is on the rise and forecasters predict that in a few years time the housing market will once again be booming nationally. Although that is true, the market is changing, and a boom doesn't necessarily mean an easier buying or selling experience. Having said that, real estate market analysts and local experts, especially those in areas where real estate is already hot, say if you have been on the fence or have a distinct reason to move, that “now” or more rather over the next year, may actually be the best time to sell. And, here’s why...
For the Seller -
1. Your home may be more valuable than you think in 2014. Home values over the next spring and summer are expected to resume levels in comparison to that of August 2004 during the last peak of real estate.
2. Competition and lack of inventory in peak price ranges are going to drive the market and sale price. Because inventory will continue to be low in more modestly priced homes, the competition among buyers in this range is expected to intensify.
3. Life changes, and so do your needs. At a certain point when your needs exert more importance than your current living situation can provide, it is time to move. This couldn't be more the case if you’re expenses outweigh the benefits.
For the Buyer -
1. Interest rates remain very low compared the historical statistics. With the prediction of a rebounding market, so also are expectations of increasing mortgage rates over the next few years.
2. Homes are more affordable now than they will be next year. The boom is coming and what that means for buyers is that it will cost more to buy the same house the further immersed we become in the real estate market’s escalation.
3. Take advantage of the benefits of homeownership. When you buy a home you become eligible for several tax deductions, as well as building your personal wealth and having ultimate control of your living space.