Searching for your new home is always going to be fun, as well as stressful. If you?re looking in a declining market, there are plenty of opportunities out there for you to snag a great home at an even better price. However, you are not the only one out there looking, so it is good to use a few tips to put yourself ahead of the rest and find a fabulous home to call your own.
Are You Ready?
Just because the market is at an all-time low in some places, it doesn?t mean that you should buy a home. Knowing that you are ready to purchase a home should always be your first step, whether you are looking in a declining market or not. So, take the time to sit down figure out your budget, and most importantly, stick to it. Don?t let a low price fool you; you have to be able to make the house payments. Housing markets don?t just get better overnight, so if you aren?t sure if you can afford the home or not, wait a little bit and think things over. Putting yourself at risk for foreclosure just because you found a good deal is a bad idea.
How to Begin
Once you know that you are in the position to purchase a home, get yourself a professional realtor. Having an experienced realtor on your side will really put you ahead of the game. Realtors really understand the market and know how to use it to their advantage. Once you have found a realtor, use them to help you shop around. Doing some searching on the internet ahead of time and having a clear idea of what you are looking for will help your realtor help you.
Know What to Look For
Having knowledge and the power of negotiation on your side in a declining market can really do you wonders. If you are looking to get the best deal, it is important that you know what the market is actually like in the area where you would prefer to live. The market varies by area, so look into things a little before you select a location. A neighborhood with a lot of homes for sale--especially homes that are up for sale for longer periods of time or are selling below listing price--are great places to find deals. You may also want to keep an eye on the number of price reductions and homes that are vacant. If homes are vacant or have undergone multiple reductions in price, that may mean you have the opportunity to ask for more because the seller is desperate to get rid of the home. If you happen to run into highly motivated sellers, you may consider requesting that they pay for partial or full closing costs, a decrease in the price they are selling for, or even throw in extra things that you like around their home.
Be Prepared to Act Fast
Getting pre-approved for a loan before you start your search has a few benefits. First, you will know what you can afford, and second, being pre-approved for a loan will speed up the process once you find a home that you want to make an offer on. Other than pre-approval, having a home inspector and an insurance agent picked out and lined up can help you to act more quickly than others when making an offer on a home. Acting fast is important because in a down market there are many other people out looking to buy homes, and you want to beat them to the finish line. Learn more about obtaining financing in the free home loans guide at HomeLoans.org.
Remember You Have Other Options
While you may be tempted to enter into a bidding war over a home you love, you should really avoid it. No matter how much you love the home, there are others out there and you should remember that. Your goal as a buyer is to get a nice house at a good price, and in a declining market there are many other fish in the sea; so don?t ruin your chances at a good deal by entering into a bidding war with someone else. With that said, if you find yourself up against a tough seller who is determined to get what they think their home is worth not matter what the market says, don?t be afraid to walk away. Sooner or later they may come to their senses, and you may be able to get the home for the price you think is best. After all, a declining market is a buyer?s market, so you should set the parameters, not the seller.
Source: http://www.realestateglobalnetwork.com/xn/detail/2211201%3ABlogPost%3A240812
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