Cash is the new king. If you can spare the cash, brother, it has a heck of a lot more buying clout now. In the past, we've tried to persuade people to seek out more liquid investments for their cash on hand and grab an easy-to-get, low-interest mortgage. Now, with the equity markets depressed at the same time that mortgage loans are hard to find, the tables have turned. Those wielding ready cash in a recession are always ahead of the game.
Negotiate extras ... and more extras. This is a no-brainer in the current market. But while sellers continue to offer throw-ins such as built-in appliances, flat-screen TVs and even cars, the best throw-ins are always the ones that take monetary form. Think paid closing costs, a year's worth of property taxes, repair credits and paid homeowners association dues, to name only a few.
Determine your own home-buying budget. Do this before you start talking with lenders. They will tell you what you qualify for, but only you can determine what you can really afford.
Research = savings. Agents will almost always tell you that the time to buy is now. But do your own research. Go online to scour newspapers and other local sources, and look for housing inventory backlogs, the average "for sale" time that the home is on the market and average selling prices.
Watch for foreclosed-property inventory to loosen. Banks will soon be under greater pressure to cut their losses on property they own through foreclosure and to increase revenues. With a smaller percentage of distressed homes selling at auction, banks are loaded up with more of these "nonperforming assets."
If you would like more tips if you are buying a home please email
AZhomes4u@gmail.com
The Real Estate VOICE Linda Wieczorek 602.391.8246 Blogging Classic Old Homes Great Neighborhoods Up and Coming Neighborhoods Phoenix History Folklore and everything we can find about Phoenix AZ.
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