The Process Starts Now!
In our contemporary economy, and culture, both buyers and sellers begin to get frustrated, very quickly with the amount of time it takes to find the right home, or sell their home.
The reality is, the process starts early on. Many sellers think that because most people buy homes in the summer, that somehow the summer is the best time to put your house on the market. In reality, however, those who are closing their sales in June and July, started the process with their broker back in January and February.
Many sellers live under the myth that their homes are homes are not selling, because it is “a buyer’s market”. We will dig into this in a future blog, but for the time being, take it at face value, that the market is actually a seller’s market.
There is no need to get frustrated, be patient, start the work early, and the results will pay off.
Smart buyers watch the economy. We will have another blog on this as well in the near future. However, a snapshot of what we mean is this: If the economy is growing (meaning DOW is consistently green), then interest rates will also be increasing. If the economy is growing rapidly, then long term loans can have APRs that are too high, often even higher than a credit card, and therefore, buyers become reluctant. So, if it happens that the economy plummets in March, and you already started the process in January, well… there is a high likelihood you will find a home, and fast!
Buyers need to be smart. Keep in mind, this is a long term purchase, and the decision you make today, affects you over a long period of time. This is a big commitment, so the earlier you start, the higher likelihood you have to make a great decision, and get locked in at a great APR.
In summary- the process needed to start yesterday.