First-time homebuyers are being given so much information concerning suspect property values, market sinkholes, and other apocalyptic prospecting that clarity is needed. For those who have been straddling the fence of home purchase because of these fears, here are some tips that should help in your move towards home ownership this season.
The loan process always seems worse than it truly is. Yes, this is a landmark moe and it is the single largest purchase you will make. However, having a team of professionals, a REALTOR® and mortgage lender, to assist you through the process will make things much easier.
The Seller doesn't want too much money. Sellers Market, Buyer's Market – both indicate one thing – a thriving real estate economy. Currently there is a balance taking place, and Buyers and Sellers both have the capability of coming out winners. If you are straddling the fence due to local property costs, don't be afraid – make an offer! If the price of a home you love is fair but a little above what you wanted to pay, then you may need to talk to your Lender to see what financing options would best suit your purchase and budget needs. If you are a first-time homebuyer, take advantage of the many programs – governmental and privately held – that offer matching funds, down payment and closing cost assistance to help lower your monthly payment and initial investment at closing.
Property values are appreciating. In response to the market slowdown some Sellers are accepting offers for less than offering prices, but this is not depreciation. When supply catches up to demand, the effect is a “cooling off” of market activity, not a “biting down” on property values. Tallahassee has experienced consistent real estate appreciation, and it is a benefit to the Buyer to purchase in an area where prices are steadily on the rise.
Don't delay your dreams another day over fears of tomorrow's market or hang-ups about yesterday's prices. Although the process can be harrowing, a licensed REALTOR® can assist you in making the right choice today that will help you reach your future goals.
Written by: Christic Henry, Kingdom First Realty