Thinking you might want to capitalize on the low housing prices and interest rates? Now may be the right time for you, but before you start looking, here are a few things to consider:
Can you stay put for a while? If you can't commit to staying in one place for at least a few years, you might want to stick with renting, at least for now. There are some transaction costs involved with buying a home and you may lose money if you buy and have to sell right away, even in a rising market. In a down market, it may take even longer.
Buy in a neighborhood with good schools, even if you don't have children. When it comes time to sell, good school districts are a top priority for many homebuyers and it will help you to sell your home more quickly.
Do your homework when making an offer. Your starting bid should be based on the sales trend of similar homes in the neighborhood. Don't rely on the list price to tell you how much the property is worth as it may be listed above or below other similar homes in the neighborhood. If you know how much your neighbors recently paid for their homes, it will help to ensure that you don't offer too much or too little.
To receive an email with 7 more home-buying tips, click the "Contact Us" button or email us at sold@metrowestres.com.
Interested in learning How to Buy a Foreclosed Home? Click Here.
