Knowing when to sell a home can be hard for any homeowner, particularly with the housing market and interest rates constantly rising and falling....
Knowing when to sell a home can be hard for any homeowner, particularly with the housing market and interest rates constantly rising and falling....
View Home Selling Guide RSS feedKnowing when to sell a home can be hard for any homeowner, particularly with the housing market and interest rates constantly rising and falling. Staying informed on these trends in home buying and selling will help a homeowner know the best time to put their home on the market and what the highest feasible asking price will be.
It can be difficult for the homeowner to determine the best time to sell their home, particularly if it is their first time. In general, it's best to place a home on the market well before purchasing a new home. It is not recommended to purchase a new home before selling the original because ending up with two mortgages can be a financially sticky situation.
The main factors that influence the housing market are the supply of homes for sale, the strength of the local economy, demographic trends and mortgage rates. These factors can often be impossible to predict, particularly with nationwide issues such as war, economic recovery issues and presidential conflict. Studies have shown consistent patterns however, and it is best for homeowners to pay attention to this kind of research.
The strength or weakness of any given housing market varies not just from one region to the next, but within any given metro. In Los Angeles, for example, prices seem to be dropping in million-dollar neighborhoods, but strong demand still exists in areas where homes are selling for under $500,000. The housing forecast from October 2004 to October 2005 reflects price changes in the market at a rate of 5.3% to 16.9% (Fiserv CSW).
Money Magazine reports that the single biggest mistake homeowners make in a slow market is overpricing their home. In a housing market with a high amount of bidding and multiple offers a top dollar asking price may be advisable, but in a slower market buyers look for the best deal.
It is recommended that the homeowner research sales in the neighborhood over the past six months to predict the patterns of interest rates and the housing market. Interest rates have been reported at or near all time lows in recent years, and people buying homes have begun getting interest-only loans at much higher rates than before. Interest-only loans have grown in popularity in places where home prices are appreciating faster, such as California, Arizona and Florida.
Nationwide, about 23% of home buyers are using this increasingly popular type of mortgage. Economists have started to become concerned that these loans could adversely affect consumers, lenders and the economy. Buyers could be exposing themselves to increased risk should home values fall and interest rates rise, and lenders could also be liable should borrowers walk away from such loans.
This has also affected homeowners looking to sell their homes: inconsistent housing markets and interest rates can deter buyers. Researching these elements and staying informed on these matters can help homeowners price their homes to attract buyers and to prepare themselves a the fluctuating housing market.
Home sales declined once again in the San Francisco Bay Area over the month of June. According to the most recent reports, homes sold at their slowest pace for 12 years, and prices have begun to dip as well. Markets that performed the worst last month include those in Napa County, Solano County, and Sonoma County.
Slow home sales, rising foreclosures, and falling prices continued to plague the San Francisco Bay Area throughout the month of May. Housing markets seeing the most turmoil are located in Contra Costa County, Napa County, and Solano County, but virtually no market in the nine-county region has experienced improvement since the bust.
The San Francisco Bay Area housing market continued its downward spiral during the beginning of the second quarter. Home sales dropped dramatically through the nine-county region and prices remained stagnant.
The recent rise and fall of the U.S. housing market is not that different from Japan's multi-decade housing crash. We'll compare the two bubbles here and see if there is anything that the U.S. can and should learn from Japan's fallacies.
The San Francisco Bay Area housing market set yet more records during the month of September. Homes sold at the slowest pace seen in two decades and foreclosure activity was higher than ever.
The housing market in the San Francisco Bay Area continued to struggle in the month of March. Home sales were at the lowest level since 1996, with Solano and Contra Costa Counties seeing declines of more than 30 percent. Median prices also fell in several counties in the nine-county region, but for the most part, prices remained flat.
The housing market continues to slip in most parts of the Bay Area. Median home prices dropped most notably in Sonoma and Solano County, while Marin and Santa Clara County housing markets saw modest increases.
Federal Housing Authority loans are perfect for the first time buyer looking to pay a low down payment and in need of flexibility. This brief article explains what they are and how they work.
A survey commissioned by a national federation of state and local apartment associations shows that most renters will not be jumping into the U.S. housing market anytime soon. Has renting become the smart decision?