It’s still a good time to purchase a new home. Mortgage rates remain low, homes are affordable and there are sizable tax credits available for first-time and existing homeowner buyers. The reason I bring this up – that pesky little home buyer tax credit is set to expire in just under 50 days, and I don’t know that they’ll extend it for a second time. Talk with an agent in your area, they’ll know if it’s a good time for you to buy.
For those of you looking for a new home, I recommend only buying if you have a stable job, discretionary income, a healthy down payment and enough patience to stay put for a bit. Besides that, you may find some of the tips below worth consideration.
Never purchase a home without resale value in mind. Whether you plan to live in the house forever or sell after a few years, you should always make your purchase based on factors that will ensure the highest resale value. One popular way to make a “safe purchase” is to buy a home in a high quality neighborhood. These neighborhoods are often located near highly rated schools, good public transportation and nice parks with an abundance of recreational amenities; they’re also situated near commercial centers with shopping, dining and entertainment opportunities. It’s common for buyers to decide on a community before a home; in Arizona, Power Ranch, Agritopia, Tartesso, Morrison Ranch, Marley Park, Sonoran Foothills, Fulton Ranch and Las Sendas are well known communities that people want to live-in. Be ware, foreclosures can tear a community apart, that bank owned home may end up being worth what you paid for it.
Don’t be put off by highly motivated sellers – it should be just the opposite. Sellers who are under pressure to sell their property are prepared to give you the best deal. There’s no shortage of motivated sellers in high quality neighborhoods, or home builders with attractive incentives on quick move-in homes. Your real estate agent knows how to find motivated sellers, if you’re able to move immediately, you’ll get the most value if a seller is motivated.
When possible, try to purchase a conventional style home. An example of an unconventional home would be a home shaped like a dome or a home built mostly underground. By staying with a conventional home you increase the likelihood that your home will retain and increase in value along with surrounding homes. In addition, a traditional home will have the most potential home buyers when it comes time to put your home back on the market.
Unless your real estate savvy, don’t purchase a home without professional consultation. A real estate agent will help ensure that your home is a good investment, and sometimes, a real estate agent saves you from overlooking a hidden gem. It’s a big deal, get some advice.
See Also:
2010 Guide to Buying a Home
New Home Checklist
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My girlfriend and I are close to getting under contract on a home purchase and I’ll admit buying a home together has been kind of a difficult compromise. She and I have very different opinions about what qualifies as discretionary income and “stable” job environment. I tend to go for what I believe is a good deal regardless of neighborhood and potential resale.
Very good post and if you stop to think, all common sense points of interest. And there are some very good deals available in all markets and all price points.
Hire an agent to work for you today…..
.-= Bruce Dietz´s last blog ..Country Living Within The City Limits =-.
A good and thorough article. This is particularly so concerning the comments on resale value. I think so many clients forget to look at this when purchasing. The life of an average mortgage in the up is less than 7 years. The need to move can soon come around. Resale values are vital
You have some honest ideas here. It looks like you have done a research on the issue and discovered.Anyway thanks a lot.I think most peoples will agree with your blog.Keep it up.
.-= hypnose´s last blog ..hypnose foredrag =-.
hmmm..my wife and family will build a house..this article and some opinion so useful for us..thank’s jayson
.-= house´s last blog ..World of Warcraft Gold Farming Tips =-.
It is best time to buy a home not only because mortgages rates are low but also government is giving away grants for first time home buyers which you don’t ever have to pay back, isn’t that awesome?
Can you afford it?
Is it a good price
If the answer to those two questions is yes then you should be buying, 2010 is the year of real opportunity
I Dont want to be reading posts in 2011 starting IF
.-= Spanish Hot Properties´s last blog ..Spanish Property Buyers in Costa del Sol Need To Be More Realistic =-.
Hopefully the crash of the real estate market is making people think of their homes as shelter rather than the next get rich quick scheme.
.-= Carmen Brodeur´s last blog ..Act Fast To Get Your Desert Mountain Foreclosure! =-.
Resale potential is definitely a big consideration when purchasing any residential or commercial property.
.-= Marc Brodeur´s last blog ..Phoenix MultiFamily REO Complex Sold =-.
Very good advice. Anyone getting ready to buy a home should assess their net worth and decide if they can afford a new payment added to their budget. Not everyone is mature and responsible enough to enter into such an agreement.
.-= Jonesboro Arkansas Real Estate´s last blog ..Jonesboro Arkansas Real Estate =-.
With the real estate market beginning to turn around I think these are great tips to help with the buying process.
Great article, I think this is the very nice advice, I agree with you,It’s still a good time to purchase a new home. Mortgage rates remain low, homes are affordable and there are sizable tax credits available for first-time and existing homeowner buyers.Thanks to you.
It is crazy to see how much some home values have dropped in the States. In the UK we had a similar financial crisis and house prices remain sky high! There is no hope of a first time buyer getting on the property ladder without help from family.
To me, most important point to look out when buying a home is follow property mantra: location, location, location! No point having a big comfy house if the surrounding is trash. I’ve experienced this before when I couldn’t sell my house due to low resale value, thus continue renting it out.