Real Estate Market is Hot.
By now, 'the real estate market is hot', may sound like a cliché, but the current residential real estate market in Indianola is just that - Hot!
A home is listed on a Monday and by Wednesday night there are three offers waiting for consideration. If you are planning to move in the near future, now is the time to list your home. Homes that are priced-right sell very quickly.
What is a seller to do in this market? An important question for the seller is: "Where are you moving to?" What are your plans if your house sells quickly and you have not found the house that will be your next 'home'? Will you rent? Rentals are hard to find too.
Give me a call to start a conversation about your plans, so we can chart a course that is acceptable to the entire family.
On the other hand... "What is a Buyer supposed to do?" If you are asked to "present your best and final offer", you have some choices to make. Are you willing to pay more than the listing price? Sometimes the bidding can turn into an auction scenario where buyers raise their price multiple times until there is only one left. The best advice for this scenario is to complete your due diligence at the beginning and establish a "not-to-go-over" price in your mind. This makes sure you do not get carried away and end up paying more than a property is actually worth.
Below is a graph that provides a comparison of today's interest rates with a scenario of what would happen if interest rates rise 1% over the next year or so. Keep in mind that we do not know when interest rates will increase, but as the economy improves it is a given that rates will increase. Don't wait until it is to late.
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Terry Pauling is a Broker & REALTOR® at EXIT Realty North Star, 222 W Salem Ave. Indianola, IA 50125. We provide full service real estate services to the Indianola, Warren County and Des Moines, Iowa metro areas. Find Links and contact information for Terry at www.exititown.com.