Top 7 reasons it's a great time to buy
I figure top 10 lists are overrated so here are the Top 7 Reasons It's a Great Time To Buy:
1. Selection, selection, selection. Regardless of price range, there are plenty of houses from which to choose. There's a great selection of attached homes, condos and townhouses. You can find large lots, small lots, and a lot that will accommodate your boat or RV. You have many options. When resale inventories are low, buyers are forced to make compromises. Not today.
2. No bidding wars.In 2005, we knew one family who made offers on 10 homes. They lost the
first nine to the feeding frenzy that existed in the market - other buyers bid the properties up substantially from the original listing prices. There were even escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There's no competitive bidding in the buyer's market of today.
3. You can make an offer. A few years ago when you made an offer, the only question was how high above the list price you should reach in hopes of being the best offer on the table. Today the sell price vs. list price ratio is about 96 percent. Sellers won't be insulted if you "make them an offer they can't refuse."
4. Patience is tolerated. In the hot seller's market, everything was rushed. You had to find a house before other buyers did, then hurry up and make the offer. Today, buyers can take their time. They can look at several homes and think about their decision for a while.
5. Due diligence is welcomed. In this market, a buyer is encouraged to obtain a home inspection, termite inspection and appraisal. In 2005, many buyers waived these contingencies in order to gain an advantage.
6. Location, location, location.Today's buyers can find homes closer to work. In this market, reasonably priced homes are within biking or walking distance to schools, rapid transit lines and relatives.
7. Real financing is available.The "wink, wink" zero-down, no-doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first-time homeowner bond programs, and special loans for teachers or police officers are back in business. The bottom line: It's a great time to buy real estate!
Call me at 617 784 8635 to buy something this summer!
Copyright © 2008 RE/MAX International Inc. 7/22/08
1. Selection, selection, selection. Regardless of price range, there are plenty of houses from which to choose. There's a great selection of attached homes, condos and townhouses. You can find large lots, small lots, and a lot that will accommodate your boat or RV. You have many options. When resale inventories are low, buyers are forced to make compromises. Not today.
2. No bidding wars.In 2005, we knew one family who made offers on 10 homes. They lost the
first nine to the feeding frenzy that existed in the market - other buyers bid the properties up substantially from the original listing prices. There were even escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There's no competitive bidding in the buyer's market of today.
3. You can make an offer. A few years ago when you made an offer, the only question was how high above the list price you should reach in hopes of being the best offer on the table. Today the sell price vs. list price ratio is about 96 percent. Sellers won't be insulted if you "make them an offer they can't refuse."
4. Patience is tolerated. In the hot seller's market, everything was rushed. You had to find a house before other buyers did, then hurry up and make the offer. Today, buyers can take their time. They can look at several homes and think about their decision for a while.
5. Due diligence is welcomed. In this market, a buyer is encouraged to obtain a home inspection, termite inspection and appraisal. In 2005, many buyers waived these contingencies in order to gain an advantage.
6. Location, location, location.Today's buyers can find homes closer to work. In this market, reasonably priced homes are within biking or walking distance to schools, rapid transit lines and relatives.
7. Real financing is available.The "wink, wink" zero-down, no-doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first-time homeowner bond programs, and special loans for teachers or police officers are back in business. The bottom line: It's a great time to buy real estate!
Call me at 617 784 8635 to buy something this summer!
Copyright © 2008 RE/MAX International Inc. 7/22/08
Labels: advice, buying, condos, deal, dorchester, for sale, homes
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