Winning the Game of Real Estate
You’ve seen the headlines: house prices are down, foreclosures way up. Is there any good news? If you’re a first-time home buyer, yes indeed. From Chatham to Warwick, here’s the latest scoop on the Valley’s housing market
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Biding Your Time
So first-time buyers have reasons to be upbeat. But for others, the best advice might be to sit tight for awhile, experts say. “If you’re looking to trade up, in most cases you’re probably not going to get today what you might have gotten in 2005 for your home,” Prividera says.
But, he points out, a recent NYSAR study found that the average homeowner in New York State has been in his or her dwelling for seven years. “If you look at the statistics, over the long run, most buyers will enjoy the benefit of price appreciation if they hold onto their homes long enough.”
But what if you must sell now? “The key is to price your home competitively, reasonably,” Prividera says. Ideally, you should try to close on both sales simultaneously: “If you can coordinate both sales at the same time, the advantage there is that you’re not paying two mortgages.” For those who plan to move to a new home within the area and have a temporary place to stay, selling your current house first is a smart move. But tread carefully if you’ve landed your dream home but haven’t yet found a buyer for your current place. “If you find a home you want to purchase, do so with a contingency based on the sale of your own house,” advises Prividera.
Next: Putting together the pieces