Buyers know that there is a lot of inventory to choose from, and unless you really stand out and give them a reason to pick your home, be prepared for longer days on market and low offers. Of course every situation is different. To save equity try a Flat Fee Listing company. You could save thousands!
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But overall it's a buyer's market.
Now if you're a seller, I am of the opinion that you should calculate the value of your property and also what you need in order to buy the next home you want to live in. You may find that you can "discount" your present home sufficiently well to "shock" the market, get your current home under agreement, and still have enough profit to be able to move to your next home.
In any event, it is foolhardy, in my opinion, to buy your next home until you have sold your current one, unless the prospect of carrying both mortgages is okay with you.
While it MAY be a opportunistic time to purchase, it MAY
only be for a particular person(s).
First and foremost, is purchasing power and job stability.
Total debt-to-income ratio (DTI) not too exceed 35%- to have a cushion.
At LEAST 10% down preferably 20%- never mind the FHA 3% down. That is a recipe for trouble.
Of course good credit and enough earning power to sustain the mortgage payments,
with a contingency if a buyer loses their job.
Overall, it is not exactly the best time to buy. The majority of housing assets are overpriced.
Due to uneducated sellers and professionals.
Due to sellers owing more than the home is actually worth.
So, if you want to make a home purchase, you need to answer 'yes' to the following:
You have a good, stable job? You have 20% down?
You want to buy a home that is worth no more than 3.5 times
your gross income? Your total debt (mortgage included)
will not exceed 35% of your gross income?
Then perhaps it is a good time to buy. As long as the above criteria
can be met. Otherwise, the risk of default becomes greater and
the negative consequences are usually life changing. Today's buyers
truly need to proceed with caution and be more objective than ever before.
Weighing the 'risk' - 'reward' ratio very, very carefully.