The Housing Market has Crashed! More woes for Sellers in this horrible housing market! More bad news for the Real Estate Market! You've seen articles or news reports like these. They are all over the Internet. I can't remember pulling up my homepage and there NOT being an article talking about how bad the housing market is currently.
Truth: The housing market has taken a hit this year.
Myth: It's not that drastic everywhere.
As a Buyer, you owe it to yourself to be as knowledgeable as possible about your new purchase. Yes, it does feel great to get an awesome deal, and I am not saying that great deals aren't out there. But, I've recently seen offers of 20K, 40K, and more off of the asking price. Then to make matters worse. They've included in the offer, large repair limits, and thousands of dollars of Seller Concessions in Closing Costs. Then to the Buyers amazement, the offer is often rejected.
This is a more difficult market than those of previous years. Some homes are on the market for longer days, and some sellers have come to understand this and are willing to wait the storm out.
As a Buyer in this market you should do a couple of things.
1. Get Pre Qualified for a loan. Doing this helps to increase your credibility and your purchasing power. Ask yourself this question. Would I accept an offer from someone that doesn't even know if they can get a loan? If you would, why should Mr. or Mrs. Seller? Some sellers don't want their homes shown without the buyer being pre qualified.
2. Get a Realtor that you can work with. I see so many buyers that don't have an agent and drive around town just calling the name on the sign. Thats OK, but you could be missing out on very valuable information about the market by jumping from Jim Agent to Jill Agent. Make a list of things that's important to you and find an agent that shares those same values.
3. Do Your Homework. Powered with your Pre Qualification Letter in hand, you and your Realtor can hit the ground running. Your Realtor should be able to give you insight to the home of your interest and the current market conditions. I like to give my Buyers a Market Analysis. This gives them the information about the market in black and white. Then they can make an educated and statistical decision.
All Sellers are not willing to take just anything for one of the largest purchases they've ever made. Even if CNN says the market is terrible. It is important to understand that each and every market is different. That being said, the same applies for Sellers.
Purchasing a home is a great investment. Get a Realtor that actually knows your market to help you. The fact of the matter is: All Sellers Are NOT Desperate! If you are looking to Buy or Sell Property remember this, "To Buy or Sell'um, Call Ray Nellum" 479-414-1894!!!
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