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4 Tips to Buying in a Buyers Market!
When is the best time to buy a house?
With interest rates remaining at near historic lows, now might be one of the best times to buy. While today's real estate market does offer advantages to buyers, consumers still need to be savvy in order to get the best deal they can.
Following are some valuable home buying information that the we think every homebuyer should keep in mind:
1. Don't Try to Time the Market.
When home prices are lower, it is very tempting for potential buyers to try to wait as long as possible in the hopes that prices will decline even further. This strategy can be detrimental because when there is high inventory, smart sellers price their homes properly – not according to past sales but according to current conditions – so their homes will sell in a timely fashion. Once a home is priced to what the current market will bear, buyers will make offers.
2. Shop Around. But Don't Wait Too Long.
The National Association of REALTORS reports that homes are staying on the market for several months. Recent increased inventory gives homebuyers a great opportunity to compare homes that meet their needs. However, this does not mean that homebuyers should procrastinate. If you find a house you love, put in your bid and negotiate. Don't provide an opportunity for another buyer to make an offer.
3. Watch Mortgage Rates.
As of early 2009, mortgage rates were continuing to fall to historic lows. This presents a strong opportunity to enter the real estate market, particularly for first time homebuyers who have no need to sell another home. Simple mortgage calculators widely available online can help you determine just how much you will pay per month, based on a given rate.
Example: a $225,000 loan with a 30-year fixed 5.875 mortgage rate will have a monthly payment of $1,330.96 .
4. Negotiate on the Incentives.
Sellers eager to move may offer you a variety of incentives such as cars, trips, furnishings and even credit card bill payment. If you accept an incentive, make sure it makes sense for you. Instead of having your bills paid, you may opt to have the seller renovate the master bathroom or install new flooring. Of course, you can always ask the seller to simply deduct the amount in question from the list price.
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©2010 Northwest Montana Association of Realtors®. Information is provided exclusively for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed and should be independently verified. Dusty Dziza and Company is part of the Keller Williams Realty NW MT Family.
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