Friday, June 20, 2008

Tips For Buying In A Competitive Market


Increase your chances of getting your dream house in a competitive housing market, and lower your chances of losing out to another buyer:

1. Get prequalified for a mortgage. You’ll be able to make a firm commitment to buy and your offer will be more desirable to the seller.

2. Stay in close contact with your Pasadena Real Estate Agent to find out about the newest listings. Be ready to see a house as soon as it goes on the market — if it’s a great home, it will go fast.

3. Scout out new listings yourself. Look at Web sites such as REALTOR.com, SoldbyRamiro.com or browse your local L.A. Times real estate section, and drive through the neighborhood to spot "For Sale" signs. If you see a home you like, write down the address and call your real estat agent. Your Pasadena Real Estate Agent will be able to schedule a showing and find out more information on the property.

4. Be ready to make a decision. Spend a lot of time in advance deciding what you must have in a Pasadena home so you won’t be unsure when you have the chance to make an offer.

5. Bid competitively. You may not want to start out offering the absolute highest price you can afford, but don’t go too low to get a deal. In a tight market, you’ll lose out.

6. Keep contingencies to a minimum. Restrictions such as needing to sell your home before you move or wanting to delay the closing until a certain date can make your offer unappealing. In a tight market, you’ll probably be able to sell your house rapidly. Or talk to your lender about getting a bridge loan to cover both mortgages for a short period.

7. Don’t get caught in a buying frenzy. Just because there’s competition doesn’t mean you should or should not buy it. And even though you want to make your offer attractive, don’t neglect inspections that help ensure that your house is sound.

2 comments:

  1. Buying a home can be complicated and frightening. You acquire a large debt and assume many new responsibilities. And in the back of your mind is that nagging question, “Did I get ripped off?”I designed a list of few tips to help one make the best homebuying decision possible.
    1. Look at the purchase as an investment.
    2. Avoid short term loss. Most places have slow, steady home appreciation. You can make the most of your investment by buying in a neighborhood where home values are expected to appreciate.
    3. Use a buyer’s agent. A buyer’s agent represents the buyer and is paid by the buyer to represent their interests. If you’re not a skilled negotiator, a buyer’s agent is probably the smart choice.
    4. Choose agent wisely. Look for an agent experienced in working with buyers, with knowledge of the neighborhood you are considering and without a reputation for being “pushy.
    5. Carefully inspect the home. Learn as much as possible about evaluating the condition of a home.
    6. Watch interest rates. The lower the interest rates, the bigger mortgage a buyer can afford. An asking price may sound too high, but at a lower interest rate, you might be able to qualify for a loan and afford the payments.
    7. Study, study, study. These tips are only the beginning. You’ll need to know a lot more if you want to make wise decisions. Read articles on homebuying, financing, negotiating, home inspection, and real estate contracts.For more view- realtydigest.blogspot.com

    ReplyDelete
  2. thanks for these great tips., interesting and yet very informative. very nice.

    thanks for posting this one .





    mc

    ReplyDelete