Is Now a Good Time to Buy?

Loading...
Loading...

Sellers aren't happy with the current real estate market, but it could be a great time for buyers to make a purchase. Whether you are a first time homebuyer, someone looking to upgrade from their current home, or you want to make some investments in rental property, it is possible to get a great deal.

Before you do anything, check out moneysupermarket.com for a mortgage calculator. You can find out how much you are going to need to pay a month based on the property price, your down payment and other contributing factors.

It is likely that you can get more home for your money than you could several years ago. The key is taking your time. Don't jump on the first deal that you come across.

Spend time looking over the housing market as a whole and the housing market in your area. Many times, it is possible to put in an offer for less than the amount being asked, in order to save a little more money.

While the statistics for the nation as a whole aren't making anyone feel better, they are catching the attention of home buyers. Foreclosures are happening daily and over time, these homes are going back on the market.

Because home prices as a whole have decreased, the banks aren't looking for their original selling price; they are looking for less to recoup their losses as best as possible.

Short sales are prevalent. In this case, you can put in an offer price which most of the time is well below the market value. Then once the homeowner and the bank approve the number, you can make the purchase.

It can take time to get all of the approvals needed to make the sale a go. Be patient and remember that you are probably getting a great deal on the home. Just like any other home, it can close in 30 days and you can take over the property.

Fixer-uppers are also something to look for. If a home has been damaged, even just on the surface, you may be able to offer less money. You can then make all of the repairs yourself on your own schedule and save money.

Sometimes it is just paint and appliances that are damaged. Other times it is worse. This is why having a home inspection is so important no matter what property you are purchasing.

One problem that buyers are running into is obtaining financing. In many cases, banks have increased their standards for financing homes.

Loading...
Loading...

You may need to have a better than average credit score in order to make this type of purchase. Plan accordingly and make sure that you have enough of a down-payment and your credit rating is in order.

If you are considering buying in this market, make sure that you are a savvy consumer. Do your homework.

Find a knowledgeable real estate agent that will be able to guide you through the ‘ins and the outs' of home buying in this market. Your agent will be able to show you the best deal, help you put in an offer and give you some insight into the property as a whole.


Loading...
Loading...
Posted In: TopicsGeneralHousing MarketReal Estate
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...