How do you define Buyers Market?

By
Real Estate Agent with The Keyes Company 3195704

At lest once a week I am asked if it is a good time to buy? I do my best to to convince them the that there is no better time then right now. Is it the very bottom, no one can answer that on the exact day the market hits the bottom. I can say the the market in some areas has corrected very close to 50%, and now is priced in a range where most families can buy there first home.

The most important thing I stress is that they don't make the same mistakes that were made in the past. Don't speculate with you home purchase, make sure you know what you are buying and how you will be paying for it. Don't get a surprise that you never expected such as unexpected mortgage payment increases, Higher Taxes than you planned for or any other expense that will put you in a position of possible foreclosure.

Last week the Miami Herald had a front page story about troubles with condo association paying the bills because in some situations 90% of the unit owners are not paying the home owners fees. This means that 10% are left to cover the bills for the entire community, the fee can increase four or five hundred percent just to cover the bare minimum. This increase has now push some home owners in this situation into foreclosure because they are not able to keep up with the new fees. Is it far to them to charge them for all the other non payment? Someone need to cover the expenses of the association. These are the examples of unexpected surprises.

So to recap I show them that the market has moved down in a very dramatic manner. I explain the loan process and types of loans and stress the need to know the loan produce completely before signing the dotted line. The last last thing is location, location, location. Know the area that you are planing to buy in and if it is a condo learn about the association, and get involved. If things are not looking right do the research and take action.

I have been surprised at the interest in todays market, and even more surprised at the interest in the detail of the market, such as mortgages. This is probably because of the high number of current foreclosures in todays market. The customers seem to know that then have a source for any question from a professional that can get them the answers. Once I have gain there trust it is much easier to work with them and the result can bee seen.

 

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