buying a home
Will You Be Ready When You’re in a Buyer’s Market?
These days, most homeowners trying to sell a home have the upper hand—the seller’s market means home prices are high, inventory is low, and sellers can afford to be choosy with the offers that are presented to them.
But what happens when that changes? Places such as Boston, paralyzed for weeks by a brutal winter, are already bucking the trend and moving toward a buyer’s market, when potential home buyers hope to leverage their bargaining power.
When the number of homes on the market outnumbers the number of buyers, sellers may be more willing to negotiate on the price of their home and offer concessions to seal a deal. But potential buyers would be wrong to assume they’ll be able to find bargain-basement prices.
Follow these five tips to make sure you don’t make mistakes when trying to take advantage of a buyer’s market.
1. Know the market
Gary Lucido, president of Lucid Realty in Chicago, says…
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Step #3 – Your THREE Must-Haves
This one is important; ESPECIALLY if you’re in an area with low inventory.
The first must-have is price. Most people don’t think of price as a must-have but it is. Either your lender or your bank statement are dictating what you’re going to spend on this house. That’s #1.
For most buyers, the second must have is location. Especially for those buying in a larger metropolitan area where traffic and proximity to work play a key factor. For parents, the location may be decided by the school districts. In an area like mine, location doesn’t play such a big role because it’s a relatively small community. It may take you 45 minutes to get from one end of the county to the other.
Another common must have is minimum number of bedrooms. If you have roommates or kids, you’ll probably need more than one bedroom. Add this to…
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The Fun of Buying a Home
I have been hearing that buying a new home is a lot of fun. Our lender, our realtor, and our families all repeat the same damn phrase. Britni and I are looking for our first house together and if you couldn’t already tell, I’m a little stressed! Currently, we are staying with her parents, so we do have a roof over our heads. But because both of us are very independent, we want a place of our own. We want to start a family and enjoy life. Britni and I both have decent jobs but sadly, we don’t make much to be able to afford a home. Our lender has set us up in this wonderful first time home buyer program where we are given a grant that will cover the down payment. Weekend after weekend we are on the computer and looking at houses. When we find one that…
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I Have Bad Credit, Can I Buy A Home?
I Have Bad Credit, Can I Buy A Home? – You’ve scrimped and you’ve saved and you are finally ready to purchase your very own home. However, you’re slightly worried about your credit rate. You’ve been working hard on bringing it up the past few years, but will it be enough? The answer could be… yes! Lately creditors are considering lower credit rates when lending, with some specific additional requirements from the buyer. However, it is always important to understand the ways in which your credit score effects your mortgage rate so that you can make the best choice for you and your finances when it is finally time to buy.
Qualifying With a Low Score:
A credit score is one of the most important factors that lenders consider before approving home loans. More and more, individuals or couples with low credit scores are qualifying with these creditors. According to
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What happens when the seller won’t make repairs?
Via Texas Association of Realtors:
Q: I made an offer on a home, and an inspector found several things that need to be repaired that weren’t listed on the seller’s disclosure. The seller refuses to make the repairs. Doesn’t he have to?
A: No. A professional inspection will often reveal items in need of repair that the seller didn’t know about. When that happens, you can propose an amendment to the contract requesting that the seller make specific repairs. However, the seller is not obligated to accept the amendment to make repairs.
If he does not accept the amendment, and if your contract includes a termination option, you have the right to terminate the contract prior to the option period’s expiration date.
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Renting vs. Owning a Home: Your Buyer’s Guide
Are you currently renting an apartment and don’t know whether or not it’s the right time to buy? Or do you feel like you are wasting money into rent each year? Last year alone I spent $17,100 in a property that wasn’t mine. Renting is not all that bad, it just depends on where you are in life. Maybe financially you haven’t hit your mark or you are still working on your credit. Whatever it is, here is your buyer’s guide to renting vs. owning a home.
RENTING
- Flexibility: With renting you can live in a different neighborhood before making a decision on a long-term commitment, explore what it is you do and don’t like, and figure out your must haves. Renting gives you the ultimate flexibility.
- Bad Credit: Credit will definitely be the most important deciding factor on whether or not you should wait to buy a home, especially if…
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