As homebuyers approach the holiday season, the last thing on their minds will be the housing market. For this reason, for some, November & December will proved to be the best opportunity to purchase their future home. Every year home sellers that are motivated to sell, keep their homes on the market. Many have moved out of the area, some are eager to sell before the holidays. See in the charts below how the Inventory in Sammamish goes down and listing prices also take a hit.
The bottom line is in many cases buyers can use these factors to their advantage plus, this year, we have the first-time home buyer tax credit that is set to expire on November 30th. The impact that this may have can be major, the once motivated buyers now don't have a time-line any more. Creating an instant oversupply. With that in mind here are 10 tips that buyers must remember to take the trauma out of Homebuying!
- Find a real estate agent that's simpatico Homebuying is not only a big financial commitment, but also an emotional one. It's critical that the agent you chose is both skilled and a good fit with your personality.
- Remember, there's no "right" time to buy, any more than there's a right time to sell. If you find a home now, don't try to secondguess the interest rates or the housing market by waiting. Changes don't usually occur fast enough to make that much difference in price, and a good home won't stay on the market long.
- Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be some costs. Don't leave yourself short and let your home deteriorate.
- Accept that a little buyer's remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big commitment, but it also yields big benefits
- Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home's most important role is as a comfortable, safe place to live.
- Don't ask for too many opinions. It's natural to want reassurance for such a big decision, but too many ideas will make it much harder to make a decision.
- Accept that no house is ever perfect. Focus in on the things that are most important to you and let the minor ones go.
- Don't try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to "win" by getting an extra-low price may lose you the home you love.
- Remember your home doesn't exist in a vacuum. Don't get so caught up in the physical aspects of the house itself-room size, kitchen-that you forget such issues as amenities, noise level, etc., that have a big impact on what it's like to live in your new home.
- Don't wait until you've found a home and made an offer to get approved for a mortgage, investigate insurance availability, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.
*Found in the September Issue of REtrospective Magazine!
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Dan, I couldn’t agree more. This time of year coupled with the current real estate market is an amazing opportunity for buyers to get a great deal on a home.
Chris
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