Vacations and Open Houses

May brings two things to the Real Estate world: Vacations and Open Houses.

In the event that your agent and loan officer are not out of town, now is a great time to be visiting the many open houses in your area. Whether you are considering buying or selling, open houses can be a great way to see what is available, gauge your own interest, and set price points for your expectations and desires. Here are some things to keep in mind as you visit these houses:

1. Pay Attention to the Schools. Even if you are not in the phase of life where schools matter, it is worth considering the rating of the schools in the neighborhood you are considering. Quality schools will make resale easier in the future. Additionally, areas with higher rated schools tend to fare better in struggling markets.

2. Interest Rates are still low. I remember when people were excited to be offered 7.5% on a 30 year mortgage. Today we are below 6%. Eventually interest rates are going to climb. If you find a house that works well for you, it may be wise to make an offer rather than wait for better interest rates.

3. Timing the bottom is tough. As I have said before, it is extremely difficult to know when the market is at the bottom of a slide. Just because you think you may get a better bargain in 6 months doesn’t mean that interest rates will remain low. For that matter, who is to say that the homes you are most interested in will still be around?