The current market
is a very different world than it was just a few years back when there were
lots of homes on the market and buyers could have their way when
negotiating. That’s not the case today. Far fewer homes are on the market and there’s
lots of competition for those available homes because interest rates are still
so low. Here are a few tips to succeed
in this new market.
To get started,
speak with a local expert who understands the market and knows how values from
street to street and neighborhood to neighborhood. Your
agent will be your best advocate.
Investing in a home is the biggest purchase you’ll make so it’s
important have a professional by your side.
This person can help you land your dream home and avoid home-buyer mistakes.
Your agent will also connect you with the right people (a lender, home
inspector, attorney) to make the entire process as smooth as possible.
When a
home that you’re interested in hits the market, plan to see it as soon as
possible and make the best possible offer that’s at an appropriate price point
for the seller. Remember, inventory is low. If you hesitate, the property could be gone tomorrow because others will
be making offers.
Keep in mind that mortgage loan rates are still
fantastic, which makes buying a home more affordable than ever. A 30-year fixed-rate mortgage hovered at
record-low rates during 2012, but the rates won’t last forever, so there’s not
a better time to buy than now. If you
wait and interest rates rise, you could get locked into spending a few hundred
extra dollars a month on your payment.
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We’d love to hear from you. You can reach us to find out about the best
deals for 2013 by contacting us today at (703) 401-7327 or
Russell@RussellArkin.com.
