We know the housing market has been turned upside down over the past six to nine months. We know inventory is low and demand is high. Where does that leave you as a home buyer? Stuck unless you have a bucket of cash? Definitely not. Here are a few tips!
Keep On Saving! – The down payment is important, yes. Closing costs are important, yes. However, having more funds available makes decisions easier.
Know Your Limits! – We all have capabilities with renovations, updates, decisions and workload. Don’t sell your future JUST to buy a house. Working 90 hours a week (vs your normal 40 as an example) is a sure fire way to develop resentment towards your new place. Maybe the potential house needs a LOT of renovations. Are you capable of those? Is there a big learning curve?
Set a Price! – Have your ideal home price, your ‘steal of a price’ and your highest price. Stick to them and DON’T short change yourself by pushing through a specific price point.
Negotiate! – There is ALWAYS a deal. Closing costs, inspections, alterations, repairs – use your leverage and negotiate properly with your real estate agent!