Yesterday the Wall Street Journal published an article by Nick Timiraos regarding an additional problem facing the housing market, which is limited choices for consumers. Despite the low interest rates, demand remains low because buyers are not impressed with the stock available. Folks are taking their homes off the market, because they rather hold on to their homes instead of sell for a substantial loss. Buyers are discouraged because what is out there is not meeting their expectations.
Despite the doom and gloom, think positive. If you have the opportunity to stay in your home, get comfortable and take the time to enjoy. Consider home improvements to help meet your changing needs. However, if you must move because of a job relocation or change of lifestyle, be patient. You may be faced with taking a loss on the sale of your current home and you may not find exactly what meets your expectations in your new location. Keep in mind you are in a buyers market and may be in a great position to negotiate. Cosmetic changes are the economical choice. However, any structural or inherent damage may be costly. Therefore, have the home inspected and evaluate your options. Weighing these options and considering your budget will help you make the best choice for you.