After several years of overinflated prices, the housing market is finally full of affordable homes for sale. Whether you are a seasoned real estate investor or a first time buyer, the opportunity for buying is better than ever.
Real Estate Buying Is All About Location
Although it's a phrase heard many times over, there is a lot of truth in the real estate adage of 'location, location, location.' Buying a home in an area no one wants to live in is a bad investment. Find houses in good school districts that will attract buyers in the future. Even if the home is modest in size, affluent neighborhoods are always desirable places to live.
Before jumping into the market, get a feel for what the market is like. Are homes in any particular area selling quickly? There is no need to put down an offer right away unless you absolutely love the house or know what an incredible deal it is. Wait a while and browse listings online or attend open houses to try to narrow your search.
Take Advantage Of Mortgage Opportunities
In an effort to get people buying, the federal government has lowered the interest rates for loans. Overall, banks are imposing harsher restrictions on lending, so those with bad credit may be unable to get good rates, but they are still low. A 30-year fixed-rate mortgage averages at around 5.5 percent right now, so talk to different loan officers and shop for the best rate.
Remodel For Real Estate Buyers
If you cannot afford to buy a new home without selling your old one, you are not alone. It is one of the reasons so many homes have been sitting on the market for months at a time. Instead, look at what work needs to be done in the house. Repaint the house, install hardwood floors or begin a home improvement project like a new bathroom. The lower demand for contractors means you can bargain down prices and not have to wait as long for the work to start. With so many reasons to buy a home, why not start looking for your dream home?
