I have been actively working in the real estate market for over 26 years in a number of market places and during all kinds of economic ups and downs. So I can say with a great deal of experience that home buying strategies can change dramatically with these ups and downs.
And sometimes, it’s good to hear some advice from someone who is NOT involved and has no personal interest in the outcome of your decisions. You can take my advice or leave it as you see fit. So here it is.
Your first task on the list of home buying strategies is to buy a great, hard working real estate agent who can buy you a house that fits in your budget. Find an agent who either works in a large office with lots of shared information, or who has some kind of inside track on new listings hitting the market. Being first in line with the best offer is where you want to be.
Secondly, buy a great lender who will get you pre-approved for your loan. Hold on to that paperwork and be ready to hand it over to your agent. Make sure you have your finances in order, including having filed your federal and state taxes for 2012, copies of bank statements, W-2’s, and a copy of your 2011 tax filing.
And third, one of your most important home buying strategies is to get out there a buy a house and make an offer on it. Right now! You have all ready waited to long to buy. The market hit rock bottom here in Central California in 2011. We had plenty of inventory, unbelievable prices and NO buyers.
Real estate is similar to the stock market. When no one else is buying is usually your best market. When everyone else is selling, hold on.
The steep decent of a roller coaster ride we have experienced in the past few years is now
chugging back up the curve. Some say that we are in for another steep ride down. But if you look at the market closely there’s not much to support that. We are running out of short sales and bank foreclosures. The prices have increased enough to allow “regular” sellers enough equity in theer houses to be able to afford to move on. And the interest rates, under 4% for many months are creeping up again.
My bet is that our markets will continue to improve. And buying a home will give you that extra tax benefit you’ve been missing for some time.
If you need referrals for those great loan officers, or even for a great real estate agent anywhere in the country, let me know. I can help!