It is human nature to want to get the best deal so I’m not surprised when new clients ask this question. My advice is not try and time the purchase to get a better price. Often buyers think they will get a better deal on a home in the off or shoulder season. But generally speaking, sellers are savvy and home values do not fluctuate by season. The best time to buy a property is when you find the property you want.
Know what you want and be prepared to take action. You have to be confident you understand where the market is and what you want out of your property. What is your budget? When will you be using the property? Will you be renting?
When you do find the property you want, I recommend you request photos of the property taken during different seasons. You really need to see the difference between summer and winter. Where does the snow accumulate? How is your view impacted by the snow or trees during the summer versus the winter?
Trying to time the real estate market is not recommended but do watch for trends. It doesn’t matter if you buy the “deal of the century” if it is not something that matches your goals. Prices were relatively flat in 2012 but we have seen an increase in 2013. Historically Mammoth Lakes has followed the trends in San Diego and Orange County by 6-8 months. In those markets they are currently seeing multiple offers and properties are selling for over the asking price. The median days on market is decreasing in Mammoth Lakes.
In summary, be prepared:
- Know your budget.
- Identify your goals for the property
- Know which area of town you want to buy.
- If financing, get preapproved.
- Establish a relationship with a real estate agent and communicate the info above.
A trustworthy real estate agent will help you understand the market and help you find the property that matches your goals.
For past articles, visit www.sonjabush.com
Buying a home can be confusing and overwhelming. Being educated about the real estate market and staying informed on the latest trends and tips for buying a home are some of the most important factors when looking for a home. A little research can go a long way toward getting you in the door with a minimum amount of stress.
- Check your credit score – before you start searching for a home, make sure the facts are correct and fix any problems you discover.
- Determine your budget.
- Shop around for the best deals on loan/mortgage rates.
- Take the time to search for a home that suits you and meets your personal/financial needs
- Learn as much as possible about the real estate market you’re interested in.
- Get a home inspection – when making the decision to not invest in a home inspection, you’re risking incurring extra expenses and possibly hidden defects in your house. Being educated about the current condition of your home is worth the low up-front fees.
- Make sure a home protection plan is included in the sales transaction.
- Get professional help – find an agent you can trust and who’ll help you with the process. Agents can quickly target your buying interests and you reap the bulk of the benefits from their services as the buyer.
- Find the right time to buy – you don’t want to make an offer in haste before you’ve thoroughly researched the market
- Stay within a real estate market you can afford. Don’t out-price yourself.
- Don’t assume you can’t negotiate closing costs when parties decide the final asking price of the home. You might be paying extra fees you could’ve saved by simply asking the sellers to include them in the home price.
- Be careful when examining homes that need to be fixed up. You might end up pouring more money and time into it in the long run than you think.
- When deciding between multiple properties make sure you are comparing apples to apples. This is especially true in condos in Mammoth Lakes where the monthly Home Owners Association dues vary greatly. What is/is not included?
Source: American Home Shield
For previous articles, visit www.sonjabush.com