Benefits of Owning Your Own Home
. The Best Investment
. Income Tax Savings
. Stable Monthly Housing Costs
. Forced Savings
. Freedom and Individuality
. More Space
Benefits of Owning Your Own Home
. Don't Move Money Around
. The Effect of Changing Jobs
. No Major Purchases of Any Kind
Ressource Center
. Real Estate q & a
. Real Estate News
Don't Buy a Car - or Did You Already Buy One?
. When Income Grows and You Want to Buy "Stuff"
. Debt-to-Income Ratios and Car Payments
. How Buying a Car Reduces Your Purchase Price
Great School Links
. www.greatschools.net
. Local Schools Information
The Business Cycle and Buying a Home
. Recession and Expansion
. Supply and Demand
. Should You Try to "Time the Market"?
Comparable Sales and Your Offer Price
. Determining Your Offer Price
. Comparable Sales in the Public Record
. Comparable Sales in the Multiple Listing Service
. Comparable Sales - Pending Transactions
. Other Factors Influencing Your Offer Price
Major Factors Influencing your Offer Price
. How Property Condition Affects Your Offer
. How Home Improvements Affect Your Offer
. How Market Conditions Affect Your Offer
. How Seller Motivation Affects Your Offer
. The Final Decision on Your Offer Price
Offering to Purchase Real Estate- the Basics
. Introduction and Overview
. Contingencies in a Purchase Offer
. Earnest Money Deposit
. The Closing Date
. Transfer of Possession
Writing an Offer - Safeguards Regarding the Property
. Disclosures From the Seller
. Condition of the Property Upon Transfer
. Inspections You Should Require
. Final Walk-Through Inspection
How Financing Details Affect Your Offer
. Extra Costs for the Seller
. VA and FHA Appraisals
Selecting Service Providers
. You and the Seller Must Agree
. Escrow and Settlement
. Title Insurance
. Termite and Pest Inspection
The Art of the Deal
Buying a Home in a Buyer's Market
When is the best time to buy a house? With many markets reporting an abundance of homes for sale, and interest rates remaining at near historic lows, now might be one of the best times in recent memory. While today’s real estate market does offer advantages to buyers, consumers still need to be savvy in order to get the best deal they can.
Following are some things that the professionals at Coldwell Banker Real Estate Corporation think every homebuyer should keep in mind:
Don’t Try to Time the Market. When home prices are lower, it is very tempting for potential buyers to try to wait as long as possible in the hopes that prices will decline even further. This strategy can be detrimental because when there is high inventory, smart sellers price their homes properly – not according to past sales but according to current conditions – so their homes will sell in a timely fashion. Once a home is priced to what the current market will bear, buyers will make offers.
Shop Around. But Don’t Wait Too Long. The National Association of REALTORS reports that, on average, homes stay on the market for 7.5 months. The increased inventory gives homebuyers a great opportunity to compare homes that meet their needs. However, this does not mean that homebuyers should procrastinate. If you find a house you love, put in your bid and negotiate. Don’t provide an opportunity for another buyer to make an offer.
Watch Mortgage Rates. Studies such as the 2006 Coldwell Banker® Homeownership in America Index revealed that that majority of people move based on lifestyle changes such as new job, marriage, divorce or family expansion. Pay attention to the mortgage rates and recognize that buying a new house will likely result in a change in mortgage rates. How much? A monthly payment of a 30-year fixed 5.875 mortgage rate on a 300,000 loan is $1,774.61. The monthly payment at today’s 6.381 rate is $1,872.79, representing a $98.18 increase.
Negotiate on the Incentives. Sellers eager to move their homes may offer you a variety of incentives such as cars, trips, and even credit card bill payment. If you accept an incentive, make sure it makes sense for you. Instead of having your bills paid, you may opt to have the seller renovate the master bathroom or install new flooring. Of course, you can always ask the seller to simply deduct the amount in question from the list price.
Before you begin your home search at REALTOR.com, prepare yourself by reading Ten Steps to Homeownership.
Even before you begin looking for a home, the homebuying process requires diligent preparation. Buyers who have been preapproved for a home loan often have their offers taken more seriously by sellers. With advance preparation, you can tackle the process of acquiring the financing you need with more confidence.
To help you on the path to homeownership, Neighborworks® offers* free step-by-step guides, developed by the Fannie Mae Foundation, that can help you get closer to achieving your dream:
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Knowing and Understanding Your Credit
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Opening the Door to a Home of Your Own
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Choosing the Mortgage that's Right for You
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Borrowing Basics: What You Don't Know Can Hurt You
