Thinking of Selling or Buying in 2014?

 

” The past is like using a rear-view mirror in the car. It’s good to glance back and see how far you’ve come, but if you stare too long you’ll miss what’s right in front of you.”

As the quote above illustrates let’s not look too long at all the statistics and predictions from the past year steer us away from what is in front of us.

 

IF YOU PLAN ON SELLING in 2014 then look ahead and make sure you:

Understand Your Market:

Sellers should know how many homes are on the market in your neighborhood and whether this inventory is trending upward or downward.

Understand Market Time:

Sellers should know how many months it takes to sell a home in your neighborhood.

Is Market a Seller or Buyer Market:

3-6 months is considered a Sellers Market

7 months or longer is considered a Buyers Market

Cost vs  Value:

It is important to create a budget for selling and determine if you need to do some repairs or replace some fixtures, paint or re-carpet before selling your home. This budget should be based on whether the repairs will increase the sale price from a buyer.

 

IF YOU ARE PLANNING ON BUYING in 2014 then you should:

Get Pre-Qualified: 

I think the first thing a buyer should do is understand how much it cost to own a home and create a budget for this purchase. For example make sure you have a down payment, good credit, no outstanding debts, bank statements, tax returns, that support your ability to get a mortgage.  I advise people to use an old formula which says do not spend more than 28 % of your monthly gross income on a mortgage and do not spend more than 36% of your gross monthly income on all your debt including a mortgage.

Create a Needs and Wants List:

Make a list of things you cannot live without and things that are not as important before your start looking. When you look you will be amazed how many things you can actually find on this list are in the home you want to buy.

Select Area where you want to live:

When selecting an area where you want to live think in terms of living there for 5 to 7 years and visualize what your life will be like in the future while living in the neighborhood where you want to live.  For some neighborhoods are out of the question because of Price range and then you have to expand your search area based on this issue. I recommend starting out in one area then expanding as you look.

Start Looking

It is always a good idea to make sure you find the time to look at homes and keep it a priority until you find something to buy.

 

IL Real Estate Specialists is a boutique real estate office and is happy to assist you with all your real estate needs in 2014. If you are looking to sell or buy in 2014 then I hope you would not hesitate calling us for a free consultation.

 

 

 

 

 

 

 

 

 

 

Leave a Reply

Call Me Today
708-309-5334


Copyright © 2008 IL Real Estate Specialists     Log in     Design by Real Estate Tomato     Powered by Tomato Blogs
nu frontiers Admin Login