CASH PURCHASES RISE, HOMEOWNERSHIP RATE FALLS, DONT DO THIS IF YOU WANT A SALE
May 17, 2013
- From RIS Media: All cash purchases, many of which are made by investors, made up 32% of sales nationally in March 2013, a stark rise from about 20$ in 2009.
- From Bloomberg: U.S. homeownership rate fell to the lowest level in 18 years, 65%. Investors are buying single family homes and renting them to capitalize on demand among families unable to qualify for a mortgage. These purchases, many made with cash, are helping to support the housing recovery and push prices up.
- Frank Defazio in the Bigger Pockets Blog cautions against three mistakes to avoid when selling real estate:
- Don’t get emotionally attached to the property. Excessive emotional attachment can lead to seller’s remorse or overly emotional responses to feedback and offers.
“We see this all the time on Cape Cod. Many of these homes have a lot of family history and it’s a tough choice to make.” – Lynette
- Don’t list the home before it’s ready to be shown.
- Don’t overprice the property. Overpricing will dramatically reduce showings and length of time before offers are obtained. It leads to low ball offers and price reductions.
“Know your neighborhood. In areas like Popponesset, New Seabury, Willowbend and Nye’s Neck, homes are always hitting the market, so there’s plenty of data to look at and set a realistic asking price.” – Lynette
Let us help you sell your home, or find your dream home. We know the Upper Cape market better than anybody else!