In light of declining sales and tougher loan requirements, many potential buyers are asking themselves if they should buy now, or wait several months before moving forward with a decision.
The thing is, you can’t time the real estate market any more than you can time the stock market. Simply put, the best time to buy is simply when you need to do so.
Start searching now, targeting your preferred locations and getting a sense of the local trends.
Speak with local Realtors to gauge listing times, list-to-sale ratios, and contract terms. There’s no such thing as a national market, and every area is going through its own adjustments, up or down.
Now isn’t a bad time to begin your loan search as well, to determine how much home you can afford, and to start assembling the required paperwork.
If you’re not pressured to move right now, securing loan pre-approval will give you the chance to immediately take advantage if an excellent purchase opportunity appears.
Owners who are pressured to sell for reasons like foreclosure or job relocation may be more willing to negotiate, but if you really love a particular home, don’t lose it by haggling over a few thousand dollars.
A home is not a stock certificate. In a buyer’s market, take your time, do your homework, and make the most of it.
The Placer County Association of Realtors is the professional trade association representing approximately 3,300 Realtors, affiliates, and other related industry representatives in Placer County. Call them at (916) 624-8271 or visit their Web site at www.pcaor.com.