Real Estate Video Blog: “Don’t Wait Until Spring!” Why you should be putting your home on the market now! Featuring Omaha Area Board of Realtor President, Lisa Ritter
Omaha Area Board of Realtors President, and Owner of Re/Max Results Real Estate, Lisa Ritter, created a video blog in Amoura Productions Real Estate’s Studio, “Don’t wait until spring! Why you should be putting your home on the market now!” Her video is great at expressing why now is truly the right time to get your home on the market, and look into purchasing your new home, BEFORE the peak spring/summer season. Her reasons are strong and valid. There are less homes on the market right now, giving you or your client’s property a chance to really shine, and we are seeing record loan rates regionally that could mean a great deal of savings on your next purchase.
Below is a transcript of Lisa’s Real Estate Video:
A reason why a person may want to enter the market now versus later, is that interest rates are incredibly low, and I know we’ve beat that dead horse, I get it, but it is reality, so you need to know it.
Today you can get a 30-year loan for 3.75%, that’s insanely good! What that boils down to is that for every $1000 you spend, it’s roughly $4 a month in payment, okay?
I’ve had some customers come to me and say “I am so excited because I am going to enter the market this spring or summer, you know late May, June, July, etc.” And I say to them, “No, you need to enter now!” The objection I get is, “Well I’ll get more money for it in the spring, that’s when everybody’s doing their buying and selling.” My response to that is, “Yes, that’s when EVERYBODY is doing their buying and selling.” So you are going to be one of maybe 5,000, which can be typical in a spring/summer market, whereas right now, being on the market, you are one of 4,100!
I’m proud to say I’ve sold 4 homes in the last 10 days and the reality is, yes those 4 homes were competitively priced but there is also less to choose from right now and buyers, educated, smart, intelligent folks, are getting in the market saying “I’m going to take advantage of these rates. Let’s move forward with the purchase I’ve been thinking about.” So those sellers are going to be able to accomplish getting the results that they need so that they can move forward in their life.
Maybe you can get 2-3-4-5 thousand more for your home during peak spring/summer months, MAYBE. But, again, for every thousand dollars that you spend, it’s only $4 dollars a month in payment, therefore, let’s say you gain $5,000 more on the sell of your $200,000 home, you get $205,000 verses $200,000; that gives you approximately $20 less payment on your next house if you have that for your down-payment money, if you have that $5,000 more.
However, if interest rates have risen a quarter, half, possibly even 3 quarters of a percent, which can happen because of the laws of supply and demand, you’re going to be paying at least $30, $40, $50, $60 dollars more per a month if you’re moving up in the market, say a $250,000-$300,000 house.
So that waiting has gotten you absolutely nothing other then missing living in your dream home for the next 2-3-4-5 months!
Thank you to Lisa Ritter for sharing her real estate advice and appearing in our Video Blog. You can contact Lisa Ritter at www.lisaritterrealty.com