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OPINION
Should
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.
If the
downward market continues as
anticipated
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 near future?"
You face a similar situation
if you are an out-of-town buyer. If you can sell
your 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 regional markets
and prevailing
interest rates.
So
my answer
is: don't wait to buy a primary residence! Take advantage
of
the abundance of homes on the market
and of low current interest rates! Get as much
information as you can about the property you like.
Check out comparable homes in the neighborhood,
those for sale and those sold recently. Ask me to do
the research for and with you. 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 fair, make an offer the seller can't
refuse. Real estate is cyclical: maybe sooner than
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
home's current value, not to an uncertain value of
tomorrow. Good deals are to be had in Asheville and
I invite you to find them with us. Give
me a call if you’d like to explore your particular
situation further. I look forward to working with you!
Sabine Marienthal
Realtor®, Broker associated with Keller Williams
Realty
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