Time is not on your side

There is a bit of a misconception in the market locally and possibly nationally

A lot of my clients in Palmetto and Manatee County think if they wait longer the value of properties will go down in monetary value and they will pick them up for less money.

Yes this may be true. Housing prices have dropped somewhere around 17 percent over the past year.

That's the upside.

Buying house isn't just about price it is also about condition and in many cases interest rates.

If you are waiting for the foreclosures and pre-foreclosures or short sales to go down in price they may.

In the meantime though the condition of the home may also deteriorate.

The balance comes when you have to think about how much time, money and effort you will have to put in rehabilitating the home by waiting.

The homes that that are the best priced and in good condition still sell very quickly. They are the homes in the 20 percent range of the market.

The other 80 percent or either over priced or in poor condition or a combination of both.

Also you need to remember the fed rate does not always reflect mortgage rates. Mortgage rates may in fact go up while the fed rate stays stable or even goes down.

What this means for the home buyer is if they want to keep within a certain payment as the mortgage rates go up their purchasing power can decline a lot quicker then prices.

All the best
Greg Owens PA
Keller Williams Realty of Greater Manatee
941.932.6343
greg@teamworksfla.com