ARTICLE INDEX
Don't Forget To Prepare For Your Move
How Important Is A Roof Inspection?
Important Terms Concerning Representation
Understanding Key Elements of Buyer Representation
Understanding Key Elements of the Sales Contract
Understanding Key Elements of Seller Representation
Understanding Maryland's Property Disclosure Law
Understanding Maryland's Required Agency Disclosure
What Questions Should You Ask An Agent?
What's More Important - The Price My House Sells For Or My Sellers Net?
How Buyers and
Sellers Can Both
Benefit From The Same Market
The sellers market is still going strong, even after several years. In many communities, the demand for houses is so high, houses are selling for thousands of dollars over the asking price. If someone were thinking of selling their house, this would be the ideal time to do it.
One would think that the increasing home prices that result from this market would be bad news for a buyer trying to get a good deal, but it really isn’t. A strong sellers market occurs when the number of people trying to buy a house is much greater than the number of people trying to sell, which is the case right now across most of the country. One of the forces driving the continuing abundance of buyers is the fact that interest rates have remained very low over the last few years.
The continuing low interest rates allow buyers to purchase more expensive houses without making higher payments. If interest rates are at 7%, as they have often been in recent times, a buyer could afford as much as 20% more than if interest rates were at 9%, as they frequently were in the early nineties.
Another thing that will determine whether or not someone will get a good deal is how important it is for them to get that deal, and how picky they are about the house they want. Even in popular neighborhoods, some houses still sell far lower than the asking price. If you are patient, a buyer may be able to get a good deal. Each buyer has to ask themselves what is really important to them. If someone finds a house they can’t live without, they should make an offer they know is going to be accepted.
©2002, 2003
RELATED ARTICLES
The Benefits Of Using Just One Agent
How Rising Interest Rates Could Affect The Local Real Estate Market
The Market for the Second Half of 2007
Doug
Barry
LONG & FOSTER REAL ESTATE, INC.
Direct
410-207-4751
Office 410-823-8111
Doug@RealtyComplete.com
