Large inventories of homes available
Because of the vast amount of home foreclosures that occurred during 2008-2010, there is a large inventory of available houses on the market. Your choice when making a purchase is unlimited and negotiating a good price is much easier. Sellers are looking to unload their properties and the buyer is in a good bargaining position. Property values in most areas drop during these periods so taking advantage of the lows affords you the most for your money.
Deciding on a neighborhood
Before setting out to look for a home, sit down and decide which neighborhood you wish to live in. It's much better to buy a less expensive house in a more expensive neighborhood than to do the opposite. It's advisable to buy a house that is in the middle range in its overall price and value for the neighborhood. Negotiate the very best price, closing costs, realtor fees and overall financial package.
Do the research
Consider the following points when setting out to purchase a house during tough economic times.
Do your research. Drive around the area and take in the general feel of the streets, homes and public facilities. Check out the school districts, local amenities, park accommodations, parking issues and neighborhood cleanliness.
Research the value and selling prices of the homes in the neighborhood. Don't rely on the current list prices in the MLS, but check the actual sale price of homes that have sold in the past three months. These numbers can look very different. You can start your search with the National Association of Home Builders.
Pay a visit to your local tax registrar's office and take a look at the taxes on the properties. In order to make the best offer and be able to negotiate for the right price, it is important to come to the table with as much information as you can.
Choose the best local real estate agent
Find the best real estate agent in the area. A good Realtor is your most valuable asset when purchasing a house, especially during tough economic times. Real estate agents usually have valuable information on interest rates, VA and FHA loans, contractors and local amenities and can give you sound advice about neighborhoods, prices and what to include in the purchase of your new house.
Find the house you like best
Of course, finding the right home for your needs is what is important. Make a list of the items that you absolutely must have in your home and don't easily give in.
With the plethora of homes on the market during tough times, you can easily find the house that is perfect for you