I attended a fantastic real estate training class on 11/17/07 at Tommy T's in Pleasanton, CA. The class was taught by Rick Geha co-owner of the Pleasanton Keller Williams market center and one of the prominent teachers at Keller Williams University. I loved Rick’s comment about the current real estate market: “We know when the real estate market has hit bottom when the prices start coming up.”
One of the best investment strategies is to buy when the market is soft, not when it's racing forward perhaps toward a peak. It's also a time when you'll find the least competition from other buyers, most of whom will wait to buy until the market has already turned.
Don't forget to consider the tax advantages of home ownership when considering whether home ownership makes sense for you. Generally, property taxes and interest paid on mortgages up to $1 million on your primary residence can be deducted for income-tax purposes. Restrictions apply, so consult your tax adviser before making a move.
What do you need to do to prepare for a new home purchase?
Get your finances in order. Your credit reports are an ongoing look at how you manage your finances. You must know exactly what your credit reports say about your financial history before you apply for a mortgage, because the reports play an important role in the mortgage approval process and in determining your new interest rate and other loan terms that a lender offers you.
Comments(0)