Home Buyer and Seller Market
According to most real estate analysts and forecasters, the once boom market that saw a crash landing during 2006, is starting to stabilize. Nationwide, single family home prices should rise an average of 3.5% in 2007.
If you’re in the market and looking to buy, look for homes that have been up for sale for at least 90 days. When you decide to make a bid, make it for 10% lower than the asking price. Also, get on a good mortgage calculator and figure out what your payments will be before you make a bid so you can judge what will fit best in your budget. Don’t forget about those fun closing costs and all the other expenses that go along with moving too!
If the seller won’t move at all on the selling price, look at other areas that can be negotiated and keep in mind that negotiations can be made right up until closing time. Make sure to get a fixed rate mortgage when buying so the payment won’t inflate over time.
If you’re selling a home, do your research and see what other sellers in the area are listing their homes for. You’re better off to set your price on the higher end when setting your initial price. This way, you can negotiate your price at a later date if you need to.
When looking for a broker, there are full-service brokers who charge 6% commission on the selling price. There are also discount brokers or the possibility of making a deal with a full-service broker on the percentage of the commission.
Prep and stage your home for the market. Landscape, clean out closets and declutter your home for presentation.
Another trend of interest is the smaller energy efficient homes are gaining in popularity.
The quality of homes and not the quantity of square footage in a home is taking precedence. Keep this in mind when buying and thinking about resale value.
