If You are Planning to Buy in 2010 - Start Preparing Today!
Now is the time to plan and prepare if you are considering buying a home this year.
= Inventory is down after the Holidays but is already building in anticipation of the "Spring Market".
= Interest rates are low but are expected to increase as we go forward in the year.
= You can still take advantage of an up to $8,000 Tax Credit if you are a First Time Home Buyer (or possibly $6500 for existing homeowners).
= If you are in a position to receive a Tax Credit, the property must be under contract by April 30 and settled by end of June.
With the continued focus on the economy and finances, this is a great time to take advantage of the historically low interest rates and available tax credits - but you do need to have a plan and the sooner you start, the more options you will have.
The most important thing to remember as you look at this is that the more you prepare and educate yourself on the process and the options available, the better your decisions will be as you make your way through your purchase.
You are given ample time to review, ask questions, and inspect items at each step of the transaction. Take advantage of these opportunities and ask questions as they arise. Don't assume anything. The laws and forms are designed to make you a fully informed and responsible consumer. You aren't going to be able to say "I didn't know" in the future. It seems like a lot of paper work and forms, but these are all designed to protect you. Read them and understand them.
If you have not purchased before, the process can be broken into basically eight steps:
1 - Commit to the Process and Enjoy It! -
It takes time and commitment from all parties in a real estate transaction. You may find what you want immediately or it may take time. Be prepared, if you are not committed and bail, you will be wasting your and other peoples' time and effort. Time is money - use it wisely. Conversely, enjoy yourself. There are many options out there - take advantage of them.
2 - Investigate -
= The Areas:
Where do you want to live? Why? What are the advantages and disadvantages? Think of your lifestyle and expectations. If you think it through, there are usually several logical options and areas that quickly become apparent. Before you go out and look at any properties, do your research online. Get an idea of prices and availability in the various areas. Then investigate the schools, shopping, traffic, commutes, businesses, and any other items that may be of importance to you.
= The Process:
That's what you are reading right now. Just ask if you have any questions.
= The Forms:
There are a variety; you need to become familiar with them before you sit down to write your first offer. As already mentioned, these are designed to protect you.
3 - Get Pre-Approved -
Before you look at any property, you should be pre-approved. You do not want to waste your time and efforts looking at properties that you will not be able to purchase. In addition, you will need to have your financing in order before you make an offer. In today's market, a seller will not accept an offer unless the financing is solid. You need to do this now! If you need contacts - let me know.
= To break this up a bit, I'll continue with the next step in the next post. =
David Henke
Long & Foster Real Estate Inc - Newtown Square,PA/Bear, DE
Office: 610-353-1199/Direct: 610-359-3853/Cell: 610-618-0808
www.DelawareCountyPennsylvaniaHomes.com
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