There are a lot of people looking towards the year with some trepidation, due to the plunge of real estate values, large numbers of foreclosures and a dismal job situation. In part, they're right; house prices are still dropping in many markets – even the ones where homes have historically remained relatively stable. In order to take advantage of record-breaking lows, you have to move fast, get educated and play tough.
Now is the time to educate yourself about the homes that have been selling in your market. By studying the numbers, it is possible for you to draw up a formula for how much a home for sale is really worth. You can also figure out how long a home has been on the market and how much it sold for. Then your goal is to see what options are available for you. See how much homes are priced for and how much they really cost. This is where your Realtor® can really help, as they have a fast track to all of this information and can help you crunch the numbers.
Do not be nice. It doesn't matter if the people you're buying from are facing foreclosure or have a sick cat or are hoping to send their child to private art lessons. You are buying real estate and you are playing to win. The advantage lies with the buyer today – use it! You make money when you buy a place, not when you sell it. The price you pay for the house you choose is going to follow you for as long as you own it, so play hardball. You don't have to be rude, mean or inconsiderate; you just have to demand a fair price for the house based on the market, not on what the people selling paid for it in 2005 when the market was at its peak.
When you have a depressed home market, you have the chance to make a home purchase or real estate investment that will keep and / or put money in your pocket for years to come. Carpe diem – this chance isn't going to come along very often and a whole host of entities, including the government are fighting to pull the country out of the grip of the recession. Help them and yourself by putting money in land before the recession ends and property prices swing back up!
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