If you are selling a home, you especially need to understand the dynamics of your current market, and you should consult several Realtors for their opinions before deciding who to hire to sell your house. In the past, the typical cost for selling a home was about 6% and a canned approach, things are different today, with several brokerages offering a cafeteria style services approach. More choices are available today. The right solution is going to depend on the specific given market and who’s buying.
Most obvious, are the first time homebuyers who are eligible for this $8000 tax credit. In Central Ohio, if you’re under $200,000; this credit will likely be impacting your ability to sell. Either a first time buyer will be buying your house, or a first time buyer will be buying your buyer’s house.
Although numbers are down, buyers who are relocating for a job are always a constant factor, especially with large employers like JP Morgan Chase at the Polaris facility, the Defense Center in Whitehall, OSU, Nationwide, Huntington, etc… If you’re selling a property located conveniently to one of these employers, you’ll increase your market for selling.
School systems – If residents of a suffering district aren’t getting their needs met, they will leave, and demand increases in surrounding areas.
DINKs and empty nesters need tax deductions and can utilize the current housing market to improve their overall financial position with a real estate transaction. Housing prices and interest rates are at their lowest, which has never been the case to the current extreme. People in secure employment are scoring on a once in a lifetime opportunity.
With everything else being such a questionable investment, housing is probably the most controllable. And, the appreciation potential and tax benefits are a nice side benefit! Who’s buying? People who have to, those incented, and those in a good position who can take advantage of a down market and score in the long run…