I recently overheard a coversation between two people at a local store. They were employees there, just passing the time. I heard one say to the other.. “Yeah.. my wife said that too.. she’s worried about the housing market too..” My advice to you? A happy wife is a happy life!
See Related Post: 10 Reasons Why The Housing Market Is WEAKER Than You Think!
There is a lot of confusion and fear surrounding Coronavirus and it’s effects on the real estate market. A few things are certain, interest rates are lower than ever, and prices are high. Fewer homes are on the market, and with fears of a pandemic looming, it is undercertain what would happen in the housing market with respect to values, and what will happen in the future.
However, if I might be so bold as to agree with what I believe your wife is likely saying! Based on 23 years of experience, I have heard hundreds of couples go through the process of buying and selling their homes. I’ve heard a lot of reasons and rationales as to why people what they do. In today’s post, I would like to reassure you as to exactly why your wife is right about the housing market!
Now, keep in mind, these titles could equally be applied to “Your Husband”.. but it’s pretty likely that “Your Wife” is saying this.. but whoever is saying this in your relationship.. they’re right!
“We Should Wait To Buy A Home…”
I know that this is going to get me in trouble with some of my fellow Real Estate agents, but as of March 9th, 2020, unless you have to buy a home.. are paying cash.. or are getting a great deal.. you shouldn’t buy a home for the next six to nine months.
See Related Video: KarlBuysHouses on KOLD 13
Now I recognize that this is blasphemy to many real estate agents who feel that it is always a great time to buy real estate! However, I have been on the REO (Foreclosure) side of the business 15 of the 23 years that I have been licensed. I’ve not seen a market so volatile, and over leveraged. It is ripe for correction.
If you are looking to purchase a home in the Tucson area and you are looking to finance your home, may I respectfully suggest that you wait for a few months? With the interest rates being so artifcially low, the people who must buy are flooding into a market that has virtually no inventory? When they find the properties that they want, they must often compete with other buyers.
This results in multiple offers, and few opportunities to negotiate on the minimal of things. If you are going to pay full price, and do no negotiations… you might as well buy new construction!
“We Should Sell Our Rental”
If there is ever a statement that I would agree with.. it’s this one! If you have a property that you have been using as a rental, today is the right day to sell it! With real estate values being as high as they are, and vacancy rates being so low, you can sell your rental property for a very good price!
Now.. if you are like me, you might be asking yourself… “But if I sell my rental property.. then I will have to pay the capital gains taxes!! I’m trying to avoid that!”
Smart landlords and investors know about a 1031 Exchange . The 1031 Exchange is a way to sell your property “tax deferred” so that you can buy “like property!” For example.. if you have a single family residence that you are looking to sell that is a rental.. you could potentially use a 1031 Exchange to sell your property and buy something that makes even more money! Like a Duplex or Triplex!
As a licensed Real Estate Brokerage in the State of Arizona, my team at KarlBuysHouses is able to help you by purchasing your unwanted home fast, and with a fair price!
“We Should Refinance”
Today’s interest rates are obscenely low. While there is talk that they may go even lower.. it is difficult to see how the mortgage rate for a 30 year fixed loan is anywhere between 3.4% and 3.7% depending on where you go… and slated to go even lower.
If you have an interest rate that is over 4.5%, and you have some equity that you have built up.. your spouse is right! It’s time to refinance. Many times, the cost of refinancing your home has been paid for by the appreciation that you have accumulated over the past few years.
If you are like most people, you aren’t doing a cash refinance. You are simply lowering your rate.. and staying in your home. If that is the case, this will benefit you long term because as the housing market improves, and you gain equity, you will be able to eventually rent your property out for a profit!
Cash Home Buyer In Tucson
Need A Cash Buyer In Tucson for an unwanted home? Is your significant other telling you to “just sell it and be done with it?” Thankfully, KarlBuysHouses is here to help! I can make an all cash, no hassle offer on your unwanted home fast. I pay all closing costs, you sell as-is, and as always, there never is any repair or cleanup! Simply call me today at (520) 403-6227 or use the form below to tell me about your home!