Many buyers are deciding if “now” is a good time to purchase a home/condo/investment while property values have decreased, and rates are still very low.
There is also the tax credit for buyers, but that might not be available by the time you decide to purchase a property.
Trying to time the market is very difficult. By the time we all figure out that the real estate market has hit the bottom, it will be on an upswing.
Here is what you should consider. If you are thinking of purchasing a property and keeping it for 2-3 years and then selling, then you probably shouldn’t purchase at this time. I don’t feel it’s safe for you to make that big of an investment, in such a short period of time.
If you know you are going to keep your home for at least 5-7 years or more, I think you will be much better off and minimize the risk in making such a big Investment.
Interview 2-3 Realtors and see if they are a good fit for you. Getting a referral from a trusted friend or relative is a great way to find an agent, but it still has to be a good fit for you.
Ask the agent if they can provide you 5-6 past clients who you can all and ask questions about their representation.
The agent you decide to work with should be very knowledgeable. This includes knowing of the area where you are looking, networks well with other agents( a good agent talks with other top agents and hears about properties before they come on the market) has a very good grasp of the value of the properties, knows the contract inside and out, and isn’t scared to negotiate a good price for you. (If you are looking for a good deal, you cannot be scared to lose a home you like, emotion cost money).
Your agent should not try to sell you a home, like, oh look at the new kitchen, or the crown moldings. The home should sell itself. The agent also shouldn’t make you feel that you “have” to make an offer. This is a huge investment, the biggest in your lifetime and you don’t need any added pressure.
Making an offer is only part of that. You will have contingencies. A contingency simply means “subject to”. You will probably have 2 or 3 contingencies in your purchase contract. Subject to your loan and the pest and home inspections.
Your agent should treat you like a friend, or better yet a brother or sister. They should take you by the hand and walk you through the process and protect you as best they can.
The difference between a good agent and a great agent is their knowledge and their ability to use that knowledge to their advantage.
If you would like me to email you information for first time home buyers that will give you a step by step account of what goes on and when in a real estate transaction and what you will need to bring to your lender, email me or give me a call. There is no obligation whatsoever.
You can also visit my websites for any real estate related questions at www.DavidTapper.com or www.TeamTapper.com.