I think we all know by now that the housing market does not look good for sellers. In fact, it hasn’t been this bad since the 1980s, however, many real estate agents and real estate appraisers will tell you that bad news for sellers is good news for buyers. That being said, many would-be buyers lack strong enough credit to get a mortgage, but hold on, because if you are somebody who has good credit and couldn’t afford to buy a home before because of the inflated prices, you are in luck.
The median price of an existing home in March was 7.7% less than it was a year ago, according to real estate agents in the know and, sellers have to capitulate. This means that sellers are more willing to offer incentives like adding new appliances, or repainting and re-carpeting. Even better, you may be able to get them to pay for your closing costs or for the costs of a real estate appraiser.
This means that buyers can enjoy lots of homes to choose among, time to browse, and typically, the advantage in negotiations. Still, whether buyer or seller, anyone engaged in the home-buying process now could probably use a little guidance. First and foremost, get a reputable real estate agent and real estate appraise, because now is a good time to find a good deal and negotiate with sellers. A good real estate agent can help you with those negotiations and an experienced and reliable appraiser will do the research required to ensure you are paying the fair market value for your potential home.
Today’s housing market is radically different, of course, from the one that raged during the housing boom that crested in 2005. Back then, some buyers could purchase a home, then turn around and sell it within weeks, pocketing a profit. Now, with the real estate slump widely expected to persist, prices in many areas are likely to fall further. Today’s buyers should expect to hold onto any home they buy for at least a few years before selling. But the good news is that real estate, especially in areas like Los Angeles is always desirable so it is inevitable that the value of the home will go up, and that’s another good reason to find a good real estate appraiser because they will re-appraise your home when you want to refinance, sell, or take out a second mortgage against your home.
Keeping up with your research and educating yourself about the value of the homes in your area will also give a better idea of when the housing market is starting a turnaround, and this can help you decide when it is a good idea to sell. Research is especially important for anyone considering buying a home in foreclosure or at auction, and again, make sure you get a good real estate appraiser to appraise the fair market value for the area you are thinking about buying in.
So, if you or somebody you know is thinking about buying or selling a home in the near future, visit us at www.iappraiseforyou.com to complete your real estate appraisal request.