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The Nature of the Housing Market

January 8, 2013

In this interview, real estate expert Dennis Mahafkey discusses the nature of the housing market and some tips for buyers and sellers.

Q: What is the current state of the housing market? What does the future hold?

A: We’ve all seen or heard the news: it is not good. That said, I am not sure the reporting we commonly hear regarding the depressed housing market necessarily covers all the salient points. The American housing market is a special kind of ecosystem that draws from many aspects of the nation’s economy. It is not as simple as buy and sell. There are currently a number of initiatives and ideas happening at the congressional level that will hopefully kick-start the process of rebuilding confidence on both sides.

Q: What tips can you give to people looking to buy a home in this market?

A: It is basically the same as any other time, but perhaps use a modicum of extra caution. As always, watch your credit score; if it is not what you think it should be, consider waiting and working on it. There is a lot of money to be saved by getting the best interest rate, and a good FICO score helps. Something else to consider would be finding the right house. It seems elementary, but as people we adapt quickly to ideas, so we can quickly see ourselves in a home that might not actually be right for us. Bearing these things in mind, if you are ready and prices are low, you might want to jump.

Q: How about sellers, any advice for them?

A: Sellers are in a tricky situation. It is worth seriously examining the market and comparing it with the necessity to sell. Obviously if one can wait for a better time, that is optimal, but again, no one wants to see their property value decline. Also, get a Realtor and an appraiser you trust. Take the time to build those relationships.

The founder and Senior Real Estate Consultant for Your Find Homes Team, located in Fairfax, Virginia, Dennis Mahafkey has spent 30 years working with buyers and sellers through the ups and downs of the real estate market.

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