Late Summer Buyers

The end of summer is fast approaching. Did you blow your once-in-a-generation chance to buy a home? The U.S. housing market crash of 2007-2008 presented a big opportunity for those in the market to buy a home. Mortgage rates lurched lower, continuing their downward trajectory to historic lows reached in late 2012. And, of course, home prices came way down. Now, there is concern that these trends are starting to reverse. Increased talk of tapering of monetary stimulus by the Federal Reserve has provided the impetus for the rise in interest rates in recent weeks. That does not mean that the opportunity has passed you by, though things have changed drastically.

What can buyers do to take advantage of the current opportunities available?

Having been in the real estate industry since 1986, my team and I have perfected methods to effectuate a successful closing. The more common multiple offer scenario, continuing skittish lending standards, and climbing prices mean you need to be ready to act. So, start by being prepared. This is something we can help you with, narrowing target areas and balancing your dream home with reality to ensure the most comfortable situation possible. Determine your deal breakers and deal makers. Do you need a 5 bedroom house when it's just three of you? What area of town or mountain might you and your lifestyle best fit into?

Once they find a home, what advice can you give on making an offer?

Low-balling is on the biggest mistakes you can make in today's market. Deals don't happen when one party is miserable with the final terms, and if the first terms signal a tough negotiation, many sellers will decide to just walk way. Multiple offers are becoming common in the affordable price ranges, so your low-ball offer may not even be considered. Also, offended sellers aren't your friend - so, make sure your offer is respectful and realistic based on comparables. We can help you in deciding what is the "right" offer to make, which isn't always the highest or lowest offer.