How will the Current Housing market Effect You!
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Buyers, Sellers, Renters, Homeowners, and Realtors, all will be effected but who will be the winners and who will be the losers. I work in the Spokane Washington Real Estate Market, but the events and affects of the changes in the national market ompact everyone. Most people are kinda sitting tight on what's happening in the market but any savvy investor knows you ahve to take advantage of any market, good or bad. Homeowners have found this out aslo by refinancing when the rates get lower and selling when prices are high enough that they can upgrade and move up. Home Buyers watch the slow markets for deals and speed up when the market prices are rising. Renters rethink when the rates get low and are forced to rent when the prices get too high. So we all really play the market but the question is based on this market, where is it going and how can you thn be a winner and not a loser.
You notice I didn't mention Realtors yet, they also shift with the market. So many new realtors came into the market a few years ago when it was hot that even the bad ones were getting a little business that they were taking out of the pool for others to get. It's like fishing in a spot and then 10 other guys paddle over and drop a line in. Yes Realtors, you better check your bait! It's going back to realtors having to offer more to get the business. The good news for them is the business that many new realtors were taking out of the pool are now going back as those realtors fall away. This will bring back some stability to the market for them after winter.
So how do you win? it's simple know what's happening and don't make the wrong moves. It's like the stock market, unwise investors buy high when a stock seems good and then when it starts going down out of fear they sell. So they are losing money by buying high and selling low. Don't do this with your home. Iknow many home buyers who bought a home when the prices were high and everyone was selling and now they can't sell it for what they bought it for because the market is slowing. You almost have to train yourself do the opposite of what the media is saying. When it says the market is slowing, Buy!!! So that when the market returns you cansell and upgrade. Homeowners if the market is slow what you really need to know is how much competition is there, time the market when there is less competition and the prices start to rebound but don't wait until it's great and everybody is selling.
Renters, buy in a slow market when rates are lower to stimulate the housing slump. This is the time to buy and right now that is what is happening. Also the loans are harder to get now but stick with it and find a lender who didn't get in in the last 3 years to help you. They will know how to get it done. Homeowners watch for the bottom and look for a refi. Realtors, build your business while others are packing up, get a second job if you have to but keep advertising while other are cutting back and you'll get a foothold when it rebounds. That's it for now check out http://wwwteamquintana.com/ for blogs, on other topics and tons of information on national and Spokane Washington Real Estate.
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