When it comes to the housing market, everyone knows that with seasonality things boom in Spring and lull in the Winter. There is one aspect of seasonality that unfortunately gets ignored each and every year, by sellers and agents alike, that ends up costing them thousands; and right now is the time of year when this mistake begins to cause headaches. People call it the “dog days of summer” but fail to understand one of the largest contributors to this phenomenon...
It’s been about 10 years since the housing crash and things are starting to look familiar. While there is a lot of good signs that the market is solid, there is also some data that is strikingly close to the times leading up to the crash. Should you be worried or are things expected to just get better?
Between constant multiple offer situations and listings going under contract within days, the Spring Real Estate market is in full swing. The question arises though, why is there that one home not moving? Being in that situation where the homes are selling around you, but yours is just sitting, it probably the biggest fear for more homeowners. Avoiding these 5 mistakes makes all the difference.
In a seller’s market, much like the one we are in now, homes that show well and are priced properly are finding themselves in multiple offer situations. This is great for them, but its a tough spot of the buyers. In the recent months we have seen buyers lose a home even when bidding significantly above list price due to all this competitions, and one of the hardest things to overcome when you have competing offers is the all-cash buyer. When you find yourself going up against a cash offer it may seem like there is nothing you can do to get yours accepted. Fortunately that is not true.
Homeownership has been fairly synonymous with the idea of the American Dream and most people seem to really seek it out, but the truth is that it isn’t for everyone. Increasing the percentage of homeowners has been a goal of many politicians on both sides which shows how important it has become in the eyes of most. This isn’t just speculation either, the perfect example of Real Estate being a nonpartisan issue is shown in the “American Dream Down Payment Fund” that passed Congress in 2002. This is one of the very few bills that was unanimously voted for. There aren’t many topics that receive that kind of support, but that still doesn’t make homeownership for everyone.
The spring market is upon us and things aren’t just picking up in the DMV, but around the nation as well. Home prices are rising to such an extent that they are now 6% higher than the they were at the peak before the housing crisis in 2006. This brings up the question, what is causing it and what could this mean for the coming months and years?