Home buyers today are getting used to it being a "buyers" market.
Home buyers THINK can look and look and look and make a decision when they get around to it.
BUT CAN THEY??
The inventory is greater than it's been in many, many years.
It is the PERFECT time to buy ---- here in Wisconsin.
INTEREST RATES - They are better than most have seen in the past 40 years!
INVENTORY - Better selection than I have seen in my 20 plus year career selling homes.
PRICING - Aggressive sellers and bank owned properties have driven prices down.
AFFORDABILITY - The best total affordability in 38 years.
TAX CREDIT - $7500 tax credit for first time home buyers.
Now, to the point of my story. I am helping several first time buyers find their homes. One couple I am working with found a home they really liked. They did not want to put in an offer "in case they found something better" on another day of searching.
I asked if they'd be disappointed in a week or two or three if they decided to put in an offer and found out that the home was sold? They said they probably would. I warned that the home may not still be here. It is priced right and in great condition. It stands out amongst what we looked at. I also explained that there are other buyers out there just like them that will feel the same way.
I encouraged them to write up an offer for the seller to look at. They asked why?
I shared with them a story about the experiences of people I'd worked with in the past. When a couple finds a home that seems to fit - it is best to move forward. If you don't and find later that the home is gone, you will be trying to find the "same" qualities in another. It usually is difficult to do. Comparing all the other houses to the "one that got away". I didn't want to see them go through this heart-wrenching experience.
Housing is a compromise. For most people it is never "perfect". It is either a little too small, on a street that is too busy. Doesn't have enough of something, be it baths, bedrooms or garage size. Your first home is not everything you desire. It is a place to start out. Gain some equity and sell in a few years to get the better "neighborhood", rooms, baths, etc.
The home you want will always be the one that is JUST out of your price range. That's just the way it works.
Most people purchase their first home, make some improvements and sell in 5 to 7 years. Move up time and get a bit larger home --- you gain equity in your first, thus more buying power. So be patient, buy what you can afford and look at it as a short term investment and living situation.
In the case of the couple I am currently working with. We went out looking at properties on 2 weekends. The couple found a very nice home on the first tour and wouldn't move forward. After looking another weekend, they decided to put in an offer on the property they looked at first.
It was gone! Another buyer understood the value of the home and moved forward. Now we are a little disappointed, but looking for another.
If you are looking to buy a home, get an agent that is working for you. A "buyer's" agent that will work on your side and help you with the transaction, working in your best interests. For more information on a buyer's agent, visit my website.
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You can find great local Milwaukee Wisconsin area real estateinformation on Localism.com April Hayden-Munson Realtor, Southeastern Wisconsin is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business. Serving Milwaukee, Waukesha, Washington counties and the surrounding area.
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