The New Real Estate Market

Martha McDonnell / Sales Associate / Lois Schneider Realtor

Lessons I have learned in the past six months:

• Smart people buy when no one else is buying (see Blog Post January 2009)
• You can NOT under price a property: In the doldrums of first quarter 2009, good buys were selling fast, sometimes competitively and over asking.
• When you buy your next home, assume you will not be selling anytime soon (5 years, at least).Your home is not a piggy bank or part of your investment portfolio, if you buy in the hopes of flipping at a profit, you will be disappointed. The only other option is to rent and we all know you are only making your landlord rich!
• Have at least six months of mortgage payments stashed away in a savings account for a “rainy day”.
• If you think you have found a good deal and no one else is bidding on it; look further, everyone’s mission is to find a good deal!
• Make sure you physically see every property that matches your home search criteria. Follow the market, know what properties are selling for, this is the ONLY way to establish a sense of value / baseline. Any good real estate sales associate would be happy to help you understand the market.
• Do not eliminate properties because the photos online are not complimentary. This is a “go to property”, your opportunity because everyone else will have  decided not to consider the property.
• Understand your mortgage documents and the “Good Faith Estimate” especially the fine print before choosing the lender.
• We all understand the old real estate saying: “Location, Location, Location”… The new saying with today’s buyers is “Condition, Condition, Condition”. Sellers that have kept their homes in tip top shape and selected neutral décor are always rewarded with top dollar and a quick sale.