As you ‘re reading this column, we are transitioning into the New Year, that time each year when we all say to ourselves that we’ll exercise more, lose weight, maybe read more.
It’s right before we grab a beer, a bag of chips and sit down on the couch to watch a movie, right?
I have four real estate resolutions to consider this year and they’re easy to do:
1. If you’re selling, remove the wall paper and then paint. Sellers like to avoid doing this because it’s a pain, tending to think that painting is something easy a buyer can look past. But buyers think the same way, so take this simple fix off the table.
2. Buyers should get qualified and locked in on a mortgage rate. The Fed is tapering, slowing their purchases of mortgage backed securities and treasuries. This won’t result in an immediate jump in interest rates, but it most assuredly means rates will be rising this year.
3. Sellers should be surgical with their pricing. Inventory and competition will start early, the goal when going on the market is to get the next offer made.
4. Buyers, there will be a lot of new construction out there this spring. It’s easy to get mesmerized by the “shiny and new.” New construction may be the right choice, but don’t overlook resales that might need updates. You can get a lot for less. In the end, you could wind up with a better lot and more space for the same price after those updates.