October 13, 2007
Shopping for a Home in a
Shopping for a Home in a Buyer's Market
The housing market now belongs to the buyer. Home sales and prices sagged in 2006, and 2007 has not been much different. Don't limit yourself. While you should look for homes that are listed with real estate agents, don't discount properties that are for sale by owner. In many markets (there are a few exceptions) they make up about 20 to 25 percent of the market, and you may be able to find a good deal with one of them thanks to a lack of commission and fees.
Here are a few rules for shopping for a new home in a buyer's market:
• Hold onto a property for a while. Now is not the time to buy a condo or home to flip quickly for a profit. Make sure you buy a property at a good value — you're more likely to have a good sale in the future.
• Take your time. There's no need to rush in this market, so don't worry about putting in the highest bid or writing a check the minute you like a place. Research the neighborhood to find out if the asking price is consistent with other homes in the area.
• Ask for incentives. To sell their homes, owners may be willing to throw in extras such as appliances, work sheds, drapes or even patio furniture for the asking price. Try negotiating some extras.
• Shop around for a mortgage. To get the best deal available, ask for as many quotes as you can. If you get a pre-approved mortgage, you'll have even more leverage at the negotiation table.
If you're in the market for a new home, tell us how you feel about the current state of home sales. Leave us your comment about the rules for shopping for a new home in a buyer's market.
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