Tag Archives: homes

WORST TIME OF THE YEAR MAY BE THE BEST FOR BUYERS

The holiday season and the following “worst weather” months are widely considered the worst time of the year for selling or buying real estate. In reality, these distraction-packed months – November to February – carry benefits for determined buyers.

  • Join the “herd” of buyers who are active during traditional “good weather” home shopping months – starting with the spring frenzy of home buying – and this competition for properties can mean buyers pay more, lose out on good-value listings, and receive less attention from swamped real estate and mortgage professionals.
  • Get outside the traditional “box” of right times to buy and you’ll deal with sellers who are very committed to selling, real estate and mortgage professionals able to give you their full attention, and less competition for good-value listings. This lack of competition should mean you get more for your money with less hassle, more personalized service from real estate and mortgage professionals, and time to make confident decisions.

Yes, tradition may dictate that you put your dreams and your life on hold to spend and eat too much over the holiday season, and then cut corners when bills come in during the winter. However, “we’ve always done it that way” tradition does not mean we’ve ever done itthe right way. What priority do you give your real estate goals and dreams? Is it time for you to break from the buyer “herd” and make sure you receive the best buying opportunity possible?

The key advantage of shopping for a home during “the worst times” is that sellers who have listed their property during these periods are serious, often very serious, about selling. Motivated sellers understand why they benefit from taking offers to purchase seriously and take the time to explore how they may be able to work with the buyers. As we’ve discussed before, it’s about a lot more than purchase price. For instance, offering to match the seller’s perfect closing date can carry considerable value for the seller just as not asking for a huge shopping list of inclusions means savings for sellers.

There’s a practical side, too. Viewing property at “the worst time” can tell you a lot about what you can really expect from a property:

  • Visit a house during a hard rain and you’ll see how well the eavestrough system does its job. No overflowing gutters, waterfalls at corners, or soaked exterior walls. There should not be exterior water damage or water in the basement (at least from that source). Observe how the rain water flows off the land. Does it collect around the house or move to the street?  Pooling may indicate a potential basement problem. The longer water problems from poor maintenance continue, the greater the cost of repairing the damage. Paint may camouflage the trouble, but the problem will persist.
  • Drive by houses after a fresh snowfall and you’ll discover which are well insulated (snow on roof) and which are losing heat (melted snow).
  • Tour a house on a very windy day and drafts, insufficient insulation, and poorly-sealed windows and doors will be revealed.
  • Spend time in a house on a cold day and study how well the furnace heats the wholehouse. When a furnace is replaced, the duct work is not always adapted. Is it noticeably colder in the back rooms? How’s the second floor and the bathrooms?
  • During the holiday season when parties and cooking are popular pastimes tour condominium units and you’ll see how far noise and smells travel in the building and into the suite or townhome you’re considering.
  • Ask an experienced real estate professional for their “best things” about “worst times”.

Are you ready to turn “the worst times for home buying” into the best time for your successful real estate transaction?

Onward & Upward – the directions that really matter!

Advertisements

Leave a comment

Filed under Before Buying a House, Dallas Real Estate, Dallas Texas REALTOR, Flower Mound, Flower Mound Homes For Sale, Grapevine, Grapevine Texas REALTOR, Highland Village, Interest Rates, Lakeside DFW, Mortgages, Real Estate, Texas, Texas Homes For Sale, Texas Real Estate, Uncategorized

It’s Buying Time Again, Big Time

If you’ve got the income. If you’ve got plenty of tenure on the job. If your credit is solid. If you can otherwise pass muster at the mortgage loan desk. If it’s cheaper for you to buy than it is to rent.

Yes, there are lots of “ifs,” but it’s one of the best times in America to buy a home. And it won’t last forever.

To wit

 

  • Distressed homes – foreclosures and short sales sold at deep discounts – accounted for 34 percent of February sales, according to the National Association of Realtors (NAR). The bargain basement is open for business.

     

  • Investors know a party when they see one. They snatched up 64.5 percent more homes in 2011 than in 2010 and now account for nearly one in every four homes sold, NAR reported.

     

  • The second home market is back with a vengeance. Both investors and playhouse buyers are jumping on this bandwagon. They pushed vacation/second home sales up 7.0 percent in 2011.

     

  • Meanwhile, owner-occupied purchases fell 15.5 percent last year.

    Numbers talk

    The median investment-home price was $100,000 in 2011, up 6.4 percent from $94,000 in 2010, which means you may have already missed rock-bottom in this sector.

    The median sales prices for vacation properties was $121,300 in 2011, down 19 percent from 2010, which means you may still have a shot at the basement here.

    Likewise, NAR reported the median price of all single-family homes dropped 4 percent from $170,600 to $163,500 in the fourth quarter 2010 to 2011 and, during the same period, condo prices fell almost 2 percent $163,500 to $160,800.

    Housing market forecasts for a recovery remain mixed, but it’s about when, not if. If this isn’t theYear of the Dragon for the housing market, it could begin to breathe fire next year.

    But consider that many of those forecasts are based on lagging information. One study by John Burns Consulting says many are lagging by a full quarter and prices have been rising in many markets for a full quarter.

    And then there are those record low interest rates.

    Don’t get behind the curve and wait until a line forms and multiple offers are the norm, rather than the exception.

    Mortgage rates are near record lows and home prices may be within reach of many consumers who want to buy in today’s market,” said NeighborWorks America Director of Homeownership and Lending Marietta Rodriguez.

    “But there are more things to consider than low mortgage rates and home prices when your plan is to be a successful long-term homeowner,” Rodriguez added.

    NeighborWorks’ advice

     

  • Be mortgage ready. If you haven’t already, check your credit reports from the only federally-sanctioned source of free reports, AnnualCreditReport.com, to make sure your credit is mortgage worthy. Don’t get taken by sound-alike websites that offer you “free” credit reports that are only “free” after you buy a credit monitoring service.

    Looking for a mortgage with weak credit could result in a higher than anticipated mortgage cost or no mortgage at all. Work with a homeownership advisor at a NeighborWorks HomeOwnership Center or other NeighborWorks organization to start the homeownership process.

     

  • Know all your costs. More than just a mortgage payment, homeownership comes with insurance, tax, utility, maintenance and transportation costs, among others. Include them in your budget to determine what is truly affordable.

     

  • Know your mortgage. Fixed-rate mortgages (FRMs) offer payment certainty, while adjustable rate mortgages (ARMs) frequently provide lower initial monthly payments, but those low rates could rise considerably over time. Work with a trained homeownership advisor to help get the right mortgage loan.

     

  • Hire good help. Get a licensed real estate agent who knows the market. It’s easy to go digital and browse for housing. Actually going through the process and closing on a home without professional assistance is something else. Ask any FSBO (for sale by owner).

     

  • Take your time. There may be some pressure to get in the market at today’s affordable prices and low interest rates, but if you move too quickly, it could be a mistake. Take the time to obtain a home inspection, learn the neighborhood, investigate the school district. Buy only what you can truly afford, not a home based on the largest loan the lender will lend. 

    Written by Broderick Perkins

     


    Wondering What Your Home Is Worth? — Let me show you.


– Back –

©2008 Coldwell Banker Real Estate LLC. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. 
Equal Housing Opportunity. Each Office Is Independently Owned And Operated.

Jim Striegel, REALTOR® 
E-mail: Jim@JimStriegel.com
Website: www.jimstriegel.net
Phone: 972-899-0634


Equal Housing Opportunity

Leave a comment

Filed under Uncategorized