RIGHT TIME TO BUY AND SELL. HOW CAN THIS BE?

Right time to BUY and to SELL. How can this be?
Yes. Due to the perfect storm in the Charlotte market, it is indeed the right time for Buyers to purchase and Sellers to sell. This is a great time for buyers to purchase a home. Low mortgage rates. Large inventories of nice homes. And dropping prices. Some of you may say, I'll wait a little longer till the bottom of the market. The problem with this is you won't know the bottom of the market and when it turns to the upside, there will be so many buyers in the market, all of people just like you waiting on the sidelines, that pour into the market and prices will move quickly upward. So I suggest you take advantage of the significant leverage that buyers have in the market place right now and don't wait. Also, mortgage rates are tending to move upward, which quickly reduces the amount of home you can afford, sometimes more than any savings on lower prices.

Sellers, unfortunately, prices in Charlotte, and around the country are expected to continue to fall into next year. If you are concerned about maximizing your sales price, you should consider selling now at a realistic price and taking advantage of the opportunities to save on the buying side of the transaction. Prices are expected to fall because, even though Charlotte escaped the sub_prime mess relatively good, the next wave of foreclosures will not. Many homebuyers purchased with exotic adjustable rate loans that will be resetting soon and they will be unable to afford the increase in payments. When you have to sell your home against a forced sale, you will not win.

We will come out of this downturn, slowly, but surely. I suggest if you are wanting to sell to move up or down, really think about doing it sooner, rather than later. Buyers, there is no excuse not to be looking in this market. You will not see this opportunity again in the immediate future. Don't be saying WOULDA COULDA SHOULDA when you miss out.

Published Monday, November 3, 2008 2:57 PM by Phillip Auguste