Is a Home Still Your Best Investment?

I just skimmed a blog today discussing a recent survey asking homeowners if they still felt that purchasing a home was the best long-term investment they could make.  The vast majority of those polled felt that yes, purchasing a home is still the best long-term investment.

We have be extremely lucky in our immediate area as well as surrounding areas with regard to the "housing crash" that affected so many areas of our country.  We still have foreclosures and short-sales, but all in all, we have maintained a pretty stable housing market.  Prices have began to rise and stabilize, and it has been consistent.  This proves its not just a fluke.

There are homes out there currently on the market that continue to sit and sit and sit.  I think this is what helps to convince some people that our housing market has not gotten any better or may even be getting worse.  Chances are pretty good that those homes that are sitting there desperately waiting on a buyer would probably still be sitting there in a good market.  That is assuming that the inventory levels were the same in both markets.

Inventory, competition and price are what is going to determine how fast a home sells.  The old adage is "location, location, location."  I agree with it to a point, but it will only get you so far.  The market that we are all finding ourselves in is VERY competitive!  You have to be priced right, look right, offer buyer incentives and STILL be willing to negotiate, if you want a QUICK sale.  Buyers are not stupid, they are very aware of the fact that there are way more sellers than there are buyers right now.  What does that mean for a seller?  They need to be ready, willing and able to compete for a buyer.

Buyers have a lot a inventory to choose from, so for the most part, there are plenty of homes in just about every price range.  So most buyers will wait until they can find that "perfect house".  The houses aren't flying off of the market just yet, so buyers aren't pressured to make a decision.  They want quality, value, and buyer perks.

Buyers want closing costs, home warranties, they want to know they aren't over paying or even paying full market price.  In this scenario of more sellers than buyers, they will get what they want or they will go to the next listing and buy your competition.  Selling your house without taking all of this into consideration is kinda like trying to build an entire house with nothing but old school hand tools.  Sure eventually you may finish, but it wont be as pretty and sure as hell is going to take A LOT longer.  Just stay positive and be aware, if something isn't working, change it and try something different.

Check out the blog that inspired me to write today: Home Sweet Home. Still.

Until next time, I hope all is well