I have to say this question is asked of me over and over again and again each day by prospective buyers. Well lets take a look at the facts has the mortgage process finally tighten up their loan qualifactions? Easy answer is yes, but is this a good thing of course. If you can pass the application process and get to the closing then this lender views you as a top of the line credit risk. So if you can get a loan for a home then you are able to repay.
I think the market is slow right now why should I buy? This is the easiest answer of all and I can give you numerous reasons as to why this is a good reason. Their is an over abundance of inventory in this market so what does this tell you? If you stop and think about it you should realize that this gives you leverage. What do I mean by this you the buyer can still pretty much call the shot.
You can make an offer and usually make out on it if you have a good competent agent on your side. I would go for a good asking price and get the seller to pay my closing cost and usually the seller will be happy to just get out from under that property. This property of course is a property they should not have been in the first place.
Now the problem I come accross most often on this is that most buyers always want to buy a $500,000.00 property for $200,000.00 Now this is where you have to come in and do a good job a be able to explain to your buyer why this is unreasonable and make them see the light.
To sum it up is it a good time to buy? I would have to say no it's a GREAT time to buy if you educate your buyers what to expect when they enter the market and then do a great job of leading them through the process from getting them a good price help find a good mortgage and here in Florida where I'm from you have to help them find good insurance.
Joseph Ignat, P.A., e-Pro, 813.943.8984, Joe@JIgnat.com , Signature Realty Associates, New Tampa Office
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