No doubt the market is tightening as it usually does during the winter months. This does not mean you won't still find buyers searching for homes for sale, but it does mean that there will be fewer of them.
What does this mean for you?
If you are a seller, any and all offers should be given consideration. Not responding to an offer, even if it seems insulting, is a mistake in this market. One thing to remember is that this is a financial transaction, and keeping personal feelings out of it as much as possible will benefit you. If the goal is to sell your home, focus on that. Are you going to get less now than you would have 2 years ago, most likely yes, but you are also likely going to be paying a lot less for your next home.
If you are a buyer, this means you are in the drivers seat for the most part. You have the choice of a lot of inventory. First time home buyers, you have a lot to gain and very little to loose. There are some fabulous tax credits and loans for those who have good credit and reserves. The days of 110% financing are over and rightfully so.
More tips are available by visiting my website at FiveStarRealtyMaine.
Thursday, October 16, 2008
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