As you may already know, the current Real Estate market is going crazy!
Many areas are experiencing shortages of inventories and homes are selling with multiple offers within days.
Experts predict this trend will continue until next year since the FED just announced no hikes in interest rates this year.
This means people are still buying and selling houses.
Many people ask, how can I get ahead in this bidding game?
Well, there is no one answer.
The best way is to monitor the market and check for new listings every day. As soon as an ideal home comes on the market, move quickly.
Go see it that day if you can. If not, send your friends, family or just your buyer's agent and have them take a video or Facetime with them.
Sometime, if it really looks good, submit an offer without seeing it, with the sale contingent on inspection for later viewing.
Your buyer's agent can also use their network to get information on homes coming on the market soon.
You have to be proactive and competitive in this market. So make sure your agent is a full time agent who will search homes for your consistently.
As for sellers,
Get your house ready to show. This means the house should be clean, no clutter and stage the house if necessary to get maximum price.
Don't try to sell by yourself, unless you are a licensed professional or experienced seller and understand the current laws of real estate.
By using a licensed Realtor you will have peace of mind from not potentially getting sued by a buyer because of not clearly understanding the transaction, but you’ll also end up netting more money in your pocket.
Here is a little story of mine.
Do you remember the last real estate boom in 2005-2007?
Some people will tell you "Don't buy a property when it's booming."
That's true if you are planning on flipping. But most people keep it for a while to rent as keep it as a future retirement asset or additional income.
We sold a house during that time, and used the net profit to purchase a couple of homes. We rented out for few years and built equity on those homes.
Then used equity of those homes and bought few more.
Now, we have several rental homes producing monthly income and plenty of combined equity that will helps us retire comfortably.
The great news is, real state never goes down like stock or bonds. If you look at long term, say 20 years ago compare to now, the value of property has definitely increased.
For instance, in the Spokane area, the value of homes in the last 20 years has doubled or tripled.
So if you buy a house now for $200,000, in 20 years from now, not only you have paid off 20 years of mortgage but you also have a property that is potentially worth $400,000 or $600,000.
Can you imagine, having a couple of those in your retirement nest egg?
If you’d like to know more about buying and selling or finding the right financing, please contact me at (509)499-4313.