Brought to you by Home Field Realtors in Naperville, IL...For those of you who are credit worthy and have steady income, buying a home or investment property today can yield incredible savings. Mortgage rates are low and housing prices have dropped in most areas to what Home Field Realtors coins, the "safety zone".
The "safety zone" represents a band of housing prices that, if you reside in your property for at least a few years, should put you in a comfortable position to snap up a home at a considerable discount and be somewhat insulated from further drastic price decline. True, pricing "may" drop a little more - and it may not, however, if you plan on staying for a few years you should be in the "safety zone"...if you buy now, you have the opportunity to beat others to the punch and land your dream home. So, if you have been on the fence, it's time to start looking! If you are thinking of buying your dream home, start the process now and know you are going to find the house of your dreams and at a great price.
Here are some Home Buying Tips for Today's Market to get you started:
1. Find Out How Much You Can Afford: Contact your mortgage lender and have them calculate how much you can comfortably afford. If you would like a referral, Home Field Realtors can get you in contact with our network of professional mortgage lenders.
2. Do Your Homework: Research what is important to you...schools, shopping, neighborhoods, etc. http://www.homefieldrealtors.com/naperville-il-real-estate/has several online tools to get you going...
3. Have Your Realtor Negotiate a Great Deal: All Real Estate markets are local. Some markets will yield better deals than others. However, no matter where you buy, your acquisition price ought to be well below prices 3-4 years ago. Have your agent or broker provide you with recent closed home stats so you can compare apples to apples. Be sure to choose an agent or broker who is an effective negotiator and will work on your behalf. See http://www.homefieldrealtors.com/negotiating-offers/ to learn about our negotiation principles...
4. What About Buying a Foreclosure? : If you travel down this path, be sure to read up on the various kinds of homes you can buy in this category...Pre-Foreclosure, Foreclosure at Auction, Foreclosed, Bank REO (Real Estate Owned), etc. Have your agent or broker inform you on the risks's associated with buying a home in any of these categories. If you have the stomach for this, you have the ability to purchase at even better prices. Our Foreclosure segment of our website at http://www.homefieldrealtors.com/article/view/22090/1/3945/ is dedicated to investment and foreclosures to help you out...
5. Find a Good Home Inspector: A good inspector can find things that may cost you money down the road...such as inadequate paint, a failing roof, leaky skylights, a cracked foundation and plumbing or electrical issues just to name a few. Spotting these things before you close escrow will save you money down the road and if the seller is motivated, you should be able to negotiate these repairs off of the purchase price you already agreed to. Home Field Realtors has a complete network of professional home inspectors...call us if you would like some names.
6. Buy For The Long Haul: Please don't expect the kind of appreciation that happened in the early 2000's. Future appreciation may occur, however, buying a home with the expectation for double digit appreciation and then sell in 2-3 years for a quick profit is not the way to buy in today's market.
Visit www.HomeFieldRealtors.com to see how we can help you realize your Real Estate dreams!
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