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Why Now Is a Good Time to Sell - Don Scordino
Dated: June 25 2020
Why Now Is a Good Time to Sell
by Don Scordino, Broker-Associate with Realty Concepts and 2020 President of the Fresno Association of Realtors
If we all think back to our Econ 101 class in High School we can remember one of the basic principles of economics.
Price = Supply and Demand.
There are several factors happening in our market right now that are driving the demand for housing which is overriding the negative impact of Covid-19.
It just may be an excellent opportunity to get into the market as a buyer, seller or even a seller/buyer.
The Demand Side= The reasons to buy that are driving the market.
1. Low interest rates with attractive 30 year fixed rates-a great hedge against possible inflation.
2. Rental rates that are higher than fixed rate mortgage payments in many cases.
3. A pent up demand from the 3 months of Shelter In Place or Safer at Home orders
4. A renewed appreciation for what home means and how we use our homes.
The Supply Side= The reasons to sell that are driving the market
1. Low interest rates mean you can sell the old one and buy a bigger home or relocate for very attractive terms.
2. Regulations have created obstacles for building new homes over the past 15 years and there is just not enough inventory of homes to meet the amount of buyers.
3. If you have a fully amortized mortgage on your existing home then your loan balance is decreasing with every payment.
That plus the appreciation of your value over the time that you have owned it should give you some equity to work with to buy another home.
4. Many sellers are receiving multiple offers to buy their one home. This gives the seller an opportunity to get some favorable terms from some creative buyers.
Those creative terms could include extra possession time after close of escrow, lower closing costs, quick closings and many more possibilities that can be discussed with your Realtor.
5. On a safety note, Realtor Resiliency has adapted to the challenges of the Covid-19 Pandemic. Safety measures have been put in place to make the selling process as safe as possible
for buyers, sellers, agents, inspectors and everyone in the process. These measures are ever changing to keep up with the State guidelines.
Some say it's a seller's market because prices are up with the effects of supply and demand.
Some say it's a buyer's market because fixed rate mortgages are so low and affordable right now.
I say it's a good time to call your Realtor and discuss your possibilities.
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