It's been a busy week. Why?
- Rates are super low. Depending on your credit (and other factors) rates can be as low as the high 4's.
- Inventory is high. There are a lot of houses on the market and more coming on quickly. There are a lot of houses still on the market that are over-priced or in poor condition but the nice ones that are priced right are selling!
- Home prices continue to decline. Bad news for sellers but good news for the market in general. Prices are coming back to where they should be. That will be good for the market as buyers see value and buy. Prices will come back when inventory is lower (high inventory = low prices, low inventory = high prices)
Friday, June 4, 2010
Buying in a fast(er) paced market
I have seen too many times lately, a buyer who loves a house and then looses it to someone else while they try to make up their minds.
In a market where more and more people are competing for a smaller and smaller number of (nice) houses, the early bird gets the worm. Meaning, you have to be prepared, as a buyer, to act when you find the home of your dreams.
Buying a house is a BIG step. I understand. When you (a buyer) find a house you like, in a area that you like for a price you like... make and offer! As a Realtor, it's part of my responsibility to help point out potential "gotchas" and to make sure that the contracts are structured so that you are not forced into buying a home that has problems.
For example:
- You'll get a home inspection (and septic, well, water quality, radon, etc). Those experts will tell you if there are problems. If the problems are workable, we'll ask the seller to correct. If not, you'll be able to back out and move on. Each transaction can be different so I'll make sure you understand what you are getting into.
- In Maryland, we use a contract that has a financing contingency, meaning that if you are unable to get a loan, you won't be forced into buying the house.
When you find a nice house at a nice price, you should know that other people are also going to recognize the value. Make a decision and then we'll let the expert inspectors confirm that you have made the right choice.
In a market where more and more people are competing for a smaller and smaller number of (nice) houses, the early bird gets the worm. Meaning, you have to be prepared, as a buyer, to act when you find the home of your dreams.
Buying a house is a BIG step. I understand. When you (a buyer) find a house you like, in a area that you like for a price you like... make and offer! As a Realtor, it's part of my responsibility to help point out potential "gotchas" and to make sure that the contracts are structured so that you are not forced into buying a home that has problems.
For example:
- You'll get a home inspection (and septic, well, water quality, radon, etc). Those experts will tell you if there are problems. If the problems are workable, we'll ask the seller to correct. If not, you'll be able to back out and move on. Each transaction can be different so I'll make sure you understand what you are getting into.
- In Maryland, we use a contract that has a financing contingency, meaning that if you are unable to get a loan, you won't be forced into buying the house.
When you find a nice house at a nice price, you should know that other people are also going to recognize the value. Make a decision and then we'll let the expert inspectors confirm that you have made the right choice.
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