If you have been even mildly paying attention to the real estate market in our area recently, you would know that there are great deals to be had. Prices are down to what experts have indicated are "2004 levels," and we are expected to see an increase in the number of foreclosures listed by the banks in the next few months. Interest rates are still at rock-bottom lows, so this is the perfect recipe for a buying situation.
The economy is also improving. Unemployment has dropped to 8.5%- almost overnight- and some of the problems at the global level have started to stabilize. While lending practices are still rather outrageous, loans are being made, and people are buying homes.
There is a trick, however, which is to avoid the desire to be hesitant. With the internet these days, you have the opportunity to continually search for the right home, but when it comes time to purchase, you have to put some details in place. For instance, a mortgage preapproval allows you to shop with confidence, knowing how much house you can buy, so that is definitely your first step. Contact me for information regarding reputable lenders. Also, identifying your needs versus your wants is just as critical, because you are unlikely to get everything you want in a home without spending $1 million!
Make sure you are ready to buy when you start shopping, because, despite what you might read, homes don't stay on the market forever. Although the home sales figures haven't increased drastically, the market is becoming more efficient, with sellers realizing the reality of the market, thereby pricing their homes to sell. The house that you saw today might not be there next month.
This market has been unique, and our approach to it should be strategic. Remember, no two deals are going to be the same, so make sure you enter the home buying or selling process with an open mind. For more information about buying or selling in this market, please call Scott Miller at (443) 866-6728 or email him at scott@scottmillerrealestate.com.
