- Find out how much you can afford, and stay within your budget. Don't overreach. Forget the McMansion on the hill if it's beyond your means. Focus on finding something that will offer affordable monthly payments and a debt load you can handle. Calculator: How much can I afford?
- Shop around for the right agent. "Finding a Realtor is a lot like a short-term marriage," Glink says. "Shop around; look for the Realtor who is working the most. What's their level of experience? Are they a good fit with you personality-wise?"
- Do your homework. A diligent and dedicated agent by your side is not enough. Buyers need to research their potential new home and neighborhood as thoroughly as possible. Thankfully, a lot of that work can be done from your bedroom or office computer.
- Visit the neighborhood. Rich as the information on the Internet is, it's no substitute for showing up. Experts suggest repeated visits to your neighborhood of choice, so you can check out homes for sale and attend open houses. Walk around. Shoot the breeze with the neighbors. Visit the community several times at different times of day."Walk it, smell it, hear it,"
- Don't be afraid to haggle. How low can you go? Real-estate agents say it all depends on the pressures facing the individual seller. Some of those pressures are related to particular locations -- towns go up and down in appeal -- and some have to do with the individual's situation.
- Buying foreclosed properties? Proceed with caution. This gets a bit tricky. Real-estate experts are talking a lot about foreclosed properties. Many suggest that, under the right circumstances, exploitation of a foreclosure can give a buyer a nice home at a very nice price.
- Find the right lender and mortgage. Find a lender with roots in the community and a record of integrity that offers reasonable rates. It pays to do some comparison shopping. Real-estate agents can be a good source. A good agent should be able to recommend reputable area lenders
- A good home inspector is hard to find. But find one. A good inspector can help you spot problems that may result from neglect. Bringing in a home inspector is relatively cheap (often from $200 to $300), but according to Torres, it's the least buyers should do to make sure they're purchasing a home in reasonably good shape.
- Buy for the long run. Home buying should be viewed as a long-term investment. Don't expect the kind of price appreciation that occurred in the early 2000s. Buy a home you can live in happily for a good many years, if possible. A long-term commitment will pay dividends in peace of mind."A home is about putting down roots,""It's not about fixing or flipping or making a mint no matter what some infomercial tells you."
- Don't time the market. Do take your time.When will market prices hit rock-bottom? No one knows for sure, so waiting to get in at the lowest possible price isn't recommended. Still, experts predict it will remain a buyer's market for the foreseeable future, so don't rush.
|
|
Bounce My Listing LLC is a referral company that promotes top producing real estate agents and a commission may be paid from a participating agent should your home sell by a lead generated from this site. Bounce My Listing makes no guarantee as to the success of the sale of your property. This is not a solicitation for homes currently listed.