If you are looking for the lowest price, highest quality, recently upgraded home to buy at rock bottom prices...join the crowd. That is what everyone wants. No one knows where the bottom of the market is but I believe we are very close to it if we haven't already hit it. Interest rates are at record lows and with the extension of the Federal $8000 credit for first time buyers and the $6500 for repeat buyers that is why were are getting multiple offers. That and the fact that a lot of agents are under pricing homes to fuel the feeding frenzy.
If everyone wants this and there are multiple offers, how will you know what to buy and when to buy and how much to pay. You are competing with investors who have cash and can close in 1 week, who will then spend a few dollars and flip it for a profit.
You also could be working with a short sale which will take 3-6 months and by then you will have either gotten frustrated or moved on or the bank will come back at you with a higher price and it is now out of your range. You try and low ball homes by 20% and the sellers get insulted and won't counter you. You don't want to overpay and you don't want to buy at today's prices and find out your home has gone down in value 10% 6 months later. What do you do???
Since you are not an investment counselor reading up on market updates by the hour and don't work with homes sales daily you wont have the answer. You have to go to a professional who knows what the banks will take, the sellers will take, a good price to satisfy you and the seller and not put you in a bad position later on. You need to find a good, trustworthy reliable real estate agent, who returns your calls, answers your questions and is not one of those smooth talking fast talking slick car salesman who have you signing something before you know what you signed.
Get an agent who is personable, looks you in the eye and listens to what you want. Take that information and shows you a few homes. Once you see a few together, he or she will have a good idea of what you want and before you know it, your agent will have found you what you want.
Then our hard work begins; negotiating the best price and trust what your agent tells you that they have your best interest at heart. They will line you up with reputable lenders, get you all the disclosures about the home you want and protect your deposit until you are certain that everything is as it should be until that day when you move into your new home.
www.NewportCoastRealEstateTeam.com
Marlene Dietrich, Tony &Mike
Comments(1)