Lots of people are in good shape financially despite the recent gyrations of the stock market. Sure, their retirement portfolios may have taken a hit – a bad one at that – but they’re income is stable and they’re still able to stash away some cash for the future.

Moreover, there is a segment of the populace who are renting their homes and are looking to jump into a housing market that has seen double digit declines in value and sales for the past year or two. Inflated beyond belief, many markets have returned to more modest valuations, shedding years of hyper growth almost overnight.

For the person in the position to buy a home, an opportunity awaits them. However, many people are timing the market in a bid to buy in at the best possible price, particularly as housing prices hit the bottom.

Unfortunately, there isn’t any way to determine when the bottom has been reached, and that usually becomes apparent several months after a recovery has begun. For these home buyers, the bottom has been missed and they’ll end up paying more for their homes, perhaps thousands of dollars more if the market rebounds quickly.

I like to read various real estate publications and articles to see what the experts say about when to buy a home, but cannot give to you consensus based on what has been written. Clearly, there are contradictory statements being made, information which can leave you more dazed and confused, than reassured.

Happily, there are some things to consider which can help you get in the market at a good price, bottom being hit or not. Sure, prices may continue to drop later on, but if you’re planning to be in your home for at least five years, you should recoup your investment and then some. Consider the following:

Your local market has already retreated considerably – Get with a real estate agent who knows your local market and ask her to pull up price comparables (comps) over the last few years. Some of that information may be online, but if there is a specific neighborhood that you like, get reports for that area directly. Try to find similar sized homes and compare what those homes sold for 1-3 years ago and what they are selling for today. If the drop has been sharp, the worst of the pull back has likely taken place, but if the decrease has been small, there could be additional changes over the next several months. One caveat: that neighborhood could be incredibly stable, bucking local trends or the opposite may be happening.

Your local economy is turning the corner – Newspapers, television news shows, and online publications can be good sources to help you discover what the job market is like in your area. Is a major company cutting back, instituting a hiring freeze, or have they announced an expansion which will lead to new jobs? One company’s good fortune doesn’t make for an improved market, but if you’re hearing good reports from several employers, then housing demand will soon climb as people move into your area. One more sign: new home builders are putting up fresh housing developments – they don’t start new projects in a sour economy.

You have enough money for a down payment and are pre-approved for a mortgage – Perhaps the best reason to buy a home now is that you have the financial wherewithal to swing a sale. You not only have a significant chunk of change to put down, but you’ve lined up a mortgage, and you have enough cash left over to cover closing costs, make monthly payments, etc. Guess what? The market may not have bottomed out, but you’re in an excellent bargaining position to pay even less than what the owner is asking. You don’t want to make a low ball offer, but a bid that shaves 5% off of the asking price is definitely reasonable.

The national economy may be going through a recession, but your personal economic forecast could be a good one. Waiting for the market to “bottom out” could end up being a wonderful opportunity missed, so don’t delay – there are bargains out there awaiting you today.

Tags: Home Buying, housing market, real estate, real estate agent, real estate market

FSBO – or For Sale By Owner – is a method of home selling that has been embraced by a growing number of homeowners over the past decade. Thanks to internet access many people are finding it easy to list their homes themselves, thereby bypassing a real estate agent and saving thousands of dollars on commissions.

However, with the market very slow right now, is FSBO still a good idea? It can be, but you may need to rethink your strategy in today’s business and housing climate, one of the most challenging times to buy and sell property in recent memory.

Where there are challenges there are also some good opportunities, ways for you to sell your home without taking a beating. But, before you make a move, you’ll want to find out what you’re up against, to create a strategy that will work for you. Let’s explore some ways you can sell your home yourself and not take a beating in the process.

Assess Your Local Market — Whatever you do, dismiss the national news when it comes to selling your home. In fact, most state and regional news pundits will have their opinions about the market, but their ideas may not correspond will your local reality. Specifically, your neighborhood could be something buyers want, especially if it is convenient to everything. On the other hand, people who live in neighborhoods on the far side of town could find that their micro market has dried up, thanks to be poor location and a host of other factors.

Keep A Tab On The Trends — What have homes sold for over the past few months? How long did these homes stay on the market? Are prices trending upwards, downwards, or are they flat? You can find out this information by obtaining real estate market comparables (comps) for your area, something a real estate agent friend can provide for you. Just keep in mind that these reports offer only a decent barometer of the market, but they may be a little behind current trends. Make certain that the information you get is the most recent, but also take the time to drive around your neighborhood to see whose home is for sale and what prices are being asked.

Make A Plan – If you must sell your home within a certain period of time, how long will you keep it FSBO before hiring a real estate agent? If you get no bites within two weeks time, consider finding an aggressive agent and offering her full commission to sell your home. If you aren’t in a rush, tweak your campaign by making certain that your home is easily found online (e.g., through FSBO sites, Craigslist, and multiple listing sites). Also, is your personal lack of availability to show your home causing you to miss prospective buyers? Consider setting aside each day to show your home and give out your cell phone number so that people can reach you wherever you are.

Price It Right – Is your home priced right? Have you taken into consideration the recent shifts in the market? Some markets have seen prices drop by twenty percent or more in just a few months time, while other markets appear to be on the rebound. Be prepared to offer whatever sweeteners you need to entice buyers, perhaps pricing your home three percent lower than the going price, to split your real estate commission fee savings with your buyer. Offer to pay closing costs or kick in appliances for some other feature that the buyer wants, but maybe you didn’t make part of your original offer.

Cut Your Losses Or Cut The Sale – If you must sell now, consider taking a loss on your home if you cannot get a buyer that will pay the price that you want. Make certain that you can pay off the mortgage with the funds received and talk with a tax accountant to find out how you can make this loss work to your advantage taxwise.

These aren’t the best of the times when it comes to the housing market, but they aren’t the worst times either. Stay cool, be ready to make adjustments immediately, and keep your head on your shoulders when it comes time to consider offers. If you aren’t getting the price that you need and you don’t have to move, then wait the market out – things will certainly improve a year or two down the road.

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Adv. — If you’re in the market for a home, don’t fret about obtaining a mortgage. People with very good or excellent credit can still qualify for a mortgage and that qualification should be made before you shop for a home. Clearly, this is a buyer’s market which you can work to your advantage. Visit SayLending.com to find out more information about home financing and the steps you can take to find the best home loan for your needs.

Tags: FSBO, homebuy, homesell, multiple listing, real estate

The condition of your local housing market could be quite different from the national picture. A knowledgeable real estate agent can help you navigate a tough market.

You’re planning to move sometime over the next several months, but the current housing market has you worried. That house you purchased four years ago when the market was hot may not be so easy to unload today. If you are being transferred by a company and they’ve promised to handle the sale of your home, then you don’t have much to be concerned about. However, if you’re moving on your own, can you withstand the current housing slump?

Scour the internet or tune into cable news and you’ll be under the distinct impression that you’re going to have trouble selling your home. Foreclosures are way up, housing values are down, and consumers are finding it difficult to make ends meet. This kind of news doesn’t bode well for the person who needs to sell their home, not with a saturated seller’s market on hand.

Though the news may be downright nasty, you can still sell your home if you consider the following points:

Know Your Local Market — Most of the news about the real estate market is taking a look at the national scene, not local markets. When people hear that a home was being sold for $1 in Detroit recently, it can be easy to think that things are bad everywhere. While Detroit, Miami, and Los Angeles are certainly down, Houston, San Antonio, and Raleigh are seeing housing values on the rise. Even from neighborhood to neighborhood you’ll see differences as a home’s location can make a difference. Remember this: people are always buying homes.

First Appearances — Homes on the market today have to be presented in the best possible light. When a potential buyer pulls up in front of your home, will they want to get out of their car and come in? Keep the grass trimmed, the yard clean, shrubbery cut back, and paint or fix anything that can detract from the home. Once inside, will the buyer be turned off by a living room crowded with furniture? Consider thinning out your furnishings. Touch up paint, fix ripped carpeting, replace broken fixtures, or do other projects which are needed to get your home in “move in” condition.

Offer Incentives — If your local market is particularly tight, be prepared to offer incentives to sell your home. Consider covering some of the buyer’s closing costs or to offer something else to sweeten the deal. For example, a young couple may consider buying your home if you include some furnishings with the sale. Be creative — you need to think of ways to move your home especially if your market is sour.

Wait It Out — If you are unable to sell your home and you have some flexibility as far as when you must move, then delaying your plans by six months to a year could be the best option. Some analysts are expecting that the housing market will begin to improve next year as the bulk of the foreclosures and bad loan arrangements are put behind borrowers. If you must move, consider renting out your house or dropping the price and taking a loss.

Should you have to take a loss on the sale of your current home there could be a silver lining for you: the house you plan on buying could have also dropped in value, erasing your loss altogether.

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Adv. — If you’re planning to sell your home, visit SayHomeSell.com for fix up ideas and to find an agent.

Tags: home sell, home staging, real estate, sell a home