By Paul Domeneche
Is it a Good Time to Buy?
A good time to buy is when you are in a position to buy. Often, people think they should wait for interest rates to go down. Well, let’s walk through that scenario. If you are waiting, do you think you are the only one? Most likely not. So, if the rates drop and more buyers come to the table to purchase the same home, what do you think will happen to that value? Yup, you guessed it—multiple offers drive the price up, which then causes an increase in price and multiple offers for the next round. Not a great place to be as a buyer.
So, is now a good time to buy? If you can do it, do it now, and if or when the interest rate drops, refinance. Just make sure you have a team in your corner that will ‘DOMEnate’ the process, ensuring all the major items are inspected properly to avoid big-ticket expense surprises.
Is it a Good Time to Sell?
What a great question. With interest rates being what they are and a limited pool of buyers, the correct answer is both YES and NO. I am noticing that consumers in the market to buy are leveraging their “upgrading funds” to increase their monthly payment budget. So, if your home has all the big-ticket items and features upgraded, it’s a JACKPOT—perfect selling conditions with the right team that can “DOMEnate” the promotion and marketing of the property.
If you don’t have the means to improve the space and major items but want or need to sell, the answer is still yes, it is a good time. However, you need the right team that will be able to present and navigate the value of the property to buyers and if necessary help you with the items that need upgrading. My team does have a program to help those in need get top dollar.
However, today is not the time to have the “Let’s just put it on the market as is and see if someone will bite” mentality. The only bites taken for those listings are right out of the listing price. This is where we are seeing most of the drop-in prices. That’s a NO-go situation.
So, plan to “DOMEnate” the market as close to turn-key, or hold tight; the time is not right.
When Should I Refinance?
Talk to your original lender. Sadly, the mortgage industry, like the real estate industry, has shifted, and when that happens, people tend to shift their focus to survival. A lot of promises and offers tend to shine but lose their luster in the long run. The habit of “have now and deal with later” is a culture that has been adopted by many, and a good talk track from a stranger with no long-standing relationship with you can lead to a win-lose situation.
So, I advise making sure you are calling your original lender or feel free to contact me for a lender that, in the end, will lead you into the future, not have you living just for today.
Thank you for taking the time to read my thoughts. If you need anything related to real estate—from roofs to cleaning and anything in between—give me a call. I’ve got a guy. I’m your HOMEboy. It’s what has been coined by our customers as the Domenech Effect.
Check us out at Thedomenechgroup.com or feel free to contact me directly at 850-543-1418 or Paul@thedomenechgroup.com
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