Buyers looking to a buy a home in 2015 are advised to make prior preparations as the market is likely to be quite competitive. Bidding wars and interest rates are likely to frustrate buyers but with good preparation these are challenges buyers can overcome.
The following tips will help buyers who wish to buy homes in 2015:
Don’t just rely on online search.
With growth of internet marketing, buyers are now sitting at home searching homes online. This may be an easy and very helpful way of finding a home but it will not give a buyer a full picture of what is at stake. Buyers looking to buy a home should make actual visits to home sellers and take advantage of open days. This will help buyers understand the real picture of the market and make an informed decision when buying a home.
Keep track of market trends.
A buyer should at all times be aware of what is going on the market. This means that buyers should equip themselves with knowledge of trends and market values. This information can found on the newspapers, journals and other sources of information. Knowledge on market trends will help buyers in negotiations and knowing about the do’s and don’ts of market trends and values. Just like any other sector of the economy knowledge on the market trends is a powerful tool to a buyer.
Buy when interest rates are low.
In 2015, interest rates are very low so this is the time buyers should take advantage of buying homes. The housing department has reported that buyers looking forward to buy homes will save a lot in 2015 due to lowered insurance rates premiums. For instance, insurance rate premiums have reduced from 1.35% to 0.85%. This has reduced the overall cost of buying a home and buyers are now saving up to 2 million. Buyers are now advised to buy homes before interest and mortgage rates go back up.
Create an image of your dream home before the search.
Buying a home is not something you wake up and decide out of the blues. Buying a home comes after prior planning and decisions. At the time of planning a buyer should create an image of their dream home before embarking on a home search. This will prevent confusion likely to arise when negotiating between different offers in the market. Knowing what you are exactly looking for will prevent confusion arising from different offers available in the market. There are many options available in the market and this is a great way of differentiating your ideal home from others.
Make your deal attractive to sellers.
The real estate market is very notorious when it comes to bidding wars and as a buyer you should be aware of how to beat such challenges. For instance a buyer can set an escalator fee on top of their offer. This is an additional offer on to the basic offer in case bidding wars starts. Escalator fees show the seller that you are very committed into buying the home and this gives you an upper hand.
For selecting a real estate agent we currently recommend agent Rusty Shannon from Patti Shannon Properties.