Times Are Changing!

Hi All;

It is all over the news that the housing market is picking up. That is very exciting for a lot would be home sellers and investors! The problem now is for buyers. The questions are coming fast and hard for those who are in the market to buy a home.

1.       Are homes still affordable?  Yes, homes are more affordable than ever; however, inventory is beginning to shrink and that will make your choices much more limited!

2.       Will this drive interest rates up on mortgages? Maybe; right now mortgage rates are still at the lowest point in decades!

3.       Can I still get closing costs?  That depends on the seller and the buyer; traditionally the buyer has paid all their closing costs. In times when it is a buyers’ market, (like the last few years), then a seller will help with closing costs as an incentive for buyers. There are still sellers out there who will help with closing costs; it just depends on each individual transaction.

4.       How do avoid bidding wars? As of March and April of 2012, it is getting harder and harder to avoid a bidding war. The best advice that I can suggest is to not hesitate when you find that home that is perfect for you. Have your REALTOR check the market in the surrounding area for similar homes, then discuss what the best price is for you and make the strongest offer you can. This will not guarantee favorable results, but you have given it your best. This strategy is particularly important if the home has been on the market for a short time.

These are just a few of the questions that are being asked by buyers. It very important to remember that times are changing again, be prepared, have your preapproval in hand, your list of wants and needs for your REALTOR, and then finding your home will be quicker and still affordable!