Everyday I hear on the news, from consumers who believe the news and from fellow Realtors, that, “THE HOUSING MARKET IS BAD.”
I am here to tell you that is a perception that is false. I will grant you that there are much lower prices on homes and there is an influx of homes on short sale or foreclosure, but the market is good if you want it to be.
Homes are selling, and could be selling better if agents decided to stop looking at their phones and asking them to ring. Instead pick up the phone and call someone, go to a subdivision and knock on some doors, check the newspaper and see who is getting married or divorced, or any one of a 100 other ways to talk to people about the housing market.
If we as real estate agents educate the consumer about pricing and market conditions in a positive format, then the consumer will be more apt to appreciate that there are good deals on both sides.
Imagine that you are a consumer who purchased a home in 2005 for 150k and put 10% down on it and the house is 1200sf with 3 beds and 1 bath. You have been paying on it for 6 years and what you currently owe is 125k. The market for your area is depressed by 10% from when you bought it so your home will now sell for 135k and you need a bigger home. By working with a qualified REALTOR he finds a home that the asking price is 200k for 2900sf with 4 bed 2.5 baths and a finished basement that is a walk-out. You have savings of 15k after 6 years and you are ready to sell and move up. Your first home becomes a wash because of commissions and closing costs and the purchase of your new home is FHA with 3.5% down which is 7k. But with the new interest rates, your payment is now approximately $6 per month higher on your payment.
Where is it written that this is a bad deal? To more than double your square footage but only increase your payment by $6 per month.
Don’t mean to be on my soap box however this is not a bad market and people need to know that. REALTORs and consumers.
If you are in the market to purchase or sell a home, I am ready to jump in and help. Give me a call or send me an email, or go to my website http://www.louisvillekyhomefinder.com.
Your comments are appreciated.
Rick Hogue REALTOR
The Hogue Group
A Place to Hang Your Hat and Call Home