This is a great time to buy...
This is a great buyers market for first-timers getting their feet wet. Inventory is up, prices have adjusted and we have motivated sellers.
A few things to consider.
- Cash is king. Having enough money in the bank to pay closing costs that are typically an additional 2 percent to 3 percent of the price of the home is necessary.
- Location. Location, location. As any good real estate professional knows, homes in good school districts where the crime is low are much more likely to hold or increase their value.
- Compare. Besides just looking at the comps, buyers should examine what it would cost to rent a similar house in the same area and they might consider what it would cost to buy land and build a comparable home.
- Think long haul. It will probably take at least six or seven years of living in the house to be able to sell and come out ahead.
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