Take the Plunge

So you have been reading the newspapers, watching the housing market news and can’t decide if you should get off the sidelines and buy a home or investment property.

Well, let’s look at a few things----With so many homes on the market, buyers can be more selective. And in many cases, they will get the home they want for less than the asking price, or with incentives such as the seller paying condominium fees for a time.

What are real estate agents saying about the market? Many real estate agents, not surprisingly, say they believe the market has already hit bottom. So yes, you might get a better deal if you wait a little longer. But you could also end up paying more if prices start rising again and interest rates increase. Although, I don't believe interest rates are going anywhere at least for awhile.

Some market watchers say prices will continue to slide through the end of 2007, then start to pick up again in 2008 once inventory drops. Other experts say the market will not pick up until Spring of 2009. Who really knows ...that depends on who you listen to and where you live.

Other pondering concerns include: Will the seller give in to every concession? Not necessarily. Not all sellers are willing to take a loss. When preparing an offer, you should look at comparable sales from the last six months and consider the home's exceptional features.

Here’s a tip: This only applies if your not one of those cash buying customers. Make sure your credit report is up to date; you will need to be able to prove your work income; have a good down payment; because banks are returning to the days where once again getting a loan means having good credit. More financing information.

Despite that uncertainty, one thing is for sure: There's a lot more room for negotiation these days. The market right now affords buyers a really good deal. So take the plunge!