Watch Your Forecast

Not for sleet, snow, or icy roads, but for real estate listings that are going to become permanent fixtures in their neighborhood or worse yet, liabilities on your balance sheet. While I have always thought it would be nice to forecast like a meteorologist, especially because their job only requires them to be right about 50% of the time, we don’t have that luxury in today’s real estate market.

We all know that we are about to hit the “winter slump.” Please don’t take this as a doom and gloom statement, we see this even in the best of markets. Everything slows down now, but it doesn’t mean there aren’t buyers out there ready to buy the perfectly priced house. And the current interest rates sure give this market a nice boost.

So, what do you need to do? You need to get your facts together. What is the financial forecast to carry a house for the next 60 or 90 days, or until the next thaw for properties in the cold weather zones? Add the numbers up; mortgage payments, taxes, maintenance, winterization, etc. Let’s say it is $15,000 over the coming months. Is that incentive enough to take a price reduction today? As we always say in our office, “let’s make sure our properties are the next to sell!”

Comments

[Scarlet]

Well stated, we're on the same page!