FIVE TIPS FOR NEW HOME BUYERS ENTERING THE MARKET
Market Timing
Many Buyers try and time the market hoping to get the lowest possible price. In areas where prices are declining, it is very enticing for potential buyers to try to wait as long as possible in the hopes home prices will decline even further. This strategy can be costly because when there is high inventory, smart sellers price their homes accordingly. Typically they are not priced according to past sales but according to current conditions.
Shopping Around Is Alright But Don't Over Do It
The latest reports from the National Association of REALTORS indicate that homes are staying on the market for several months. Due to the increased inventory, it affords homebuyers a great opportunity to compare several homes that meet their requirements. This does not mean that homebuyers should wait too long. If you view a home that has all the features you love, by all means, put in an offer! If you wait too long you run the risk that another buyer my get there first.
Follow Mortgage Rates
The first half of 2011 has seen some of the lowest, Phoenix mortgage rates in recent memory. This presents a great opportunity for new buyers and first time home buyers to enter the market. Basic mortgage calculators can help you determine just how much you will pay per month, based on a given rate. For example, a monthly payment on a 5.00% 30-year fixed mortgage on a 200,000 loan will be $1,073.64, and APR of 5.31%. You will still need to add Homeowners insurance, Taxes and HOA charge (if applicable). Feel free to contact us today or click Phoenix Mortgage to apply online to see where you stand
Don’t Delay
After you have shopped around and know what features you would like in your new home and the area you would like to live in as well as the market prices. Once you find the home that fits the criteria, when the right home come up, don’t’ delay, many people will attest that they let the perfect home slip away after procrastinating for too long. Once you choose a home, make a solid offer and don’t look back. If you have selected a good agent, you should feel confident about your decision. If the offer isn’t accepted or they sellers counter and the property no longer meets your terms, move on to the next property knowing that you have gained something from the experience.
Negotiate
Sellers want that are motivated to move due to job relocation, divorce, foreclosure or short-sale might offer you a number of concessions including paying closing costs, conveying furniture or appliances or other things of value. In any event, it is important that whatever is offered makes sense for you. Giving you a houseful of old furniture might be worth less to you than say remodeling a bathroom. We are here to help you qualify for your next home purchase as well as inform and advise you on all the nuances of the market and ever-changing laws. Call us today with any questions!
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