For Buyers

It is a great time to buy…there is no arguing that. Below are some of the factors contributing to buyer activity:

• Interest rates are very favorable right now but expected to rise at some point this year.
• Housing prices are at a low- it is hard to say if we are at the absolute bottom but prices are down significantly off the highs of a few years ago.
• Government tax credit- unless extended, you have until the end of April to get a home under contract in order to qualify for your $8,000 tax credit (email me for more details and restrictions).
  This is a very complex market right now and buyers have many obstacles to overcome before you are moving into your new home. Here is a game plan for what needs to be done:
• Lender- meet with a lender to verify your qualifications and loan options.
• Realtor- you have to be working with an active agent that understands what’s going on in the marketplace.
• Stay within your comfort zone. Do a monthly budget and decide what you can afford comfortably. Just because your lender can get you a loan for $500,000 doesn’t mean that is the best option for your situation.
• Be ready to battle! Whether waiting months for a response on your short sale offer or competing with 10 other offers on a bank owned foreclosures, you need to be ready to deal with some frustration. It is the reality of the marketplace, but a good agent can help minimize this discomfort.

Feel free to contact me and learn about the current conditions for buying. I always tell my buyers to focus on the “light at the end of the tunnel”. It is going to be a process to get you there but once we overcome the obstacles you should end up with a great property, fantastic interest rate on your loan, and maybe even some money back from the government!

I look forward to hearing from you and helping you in your search for a new property!