This is the most frequently asked question I receive. The answer is “It’s a great time to
buy and sell.” Northeast Ohio is experiencing a strong first quarter. Some say it’s due
to the mild winter, while others tie it to the low interest rates. I am with the low interest
rates school of thought, coupled with an excellent inventory of well-priced homes.
For sellers it continues to be a beauty contest and a price war. When it comes to luring
the buyer, pricing and staging are still crucial. A couple of points worth noting if you are thinking about putting your home on the market. Keep in mind that while staging may take some work and a short delay in putting your home on the market, it will pay dividends in a shorter market time and higher sale price. You must hit the ground running. When pricing, don’t lament what you could have gotten in years past. Your home is worth what the market will bear today. Once you sell, you will benefit by the lower purchase price on your next home.
For buyers, the interest rates are at an historic low. Closing fees are scheduled to rise a
bit as new banking regulations kick in. With rates hovering around 3% at this writing, you still stand to save tens of thousands of dollars in interest over the life of your mortgage if you buy now. In some areas the homes available for sale is lower than usual. Do not be surprised to find yourself in a multiple offer situation, in which case you will need to be prepared with your best offer from the get-go.
If ever there were a time to make that move, this is it.
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