Is now the right time to purchase a home, or should you continue to wait and see how the market fares in the future? According to the latest reports, real estate markets in many areas are nearing a return to normal. With a combination of rising prices and declining foreclosure rates, many prospective buyers feel the time for waiting is over. In fact, according to a survey conducted by Trulia, 75 percent of people believe it is better to buy now rather than wait another year. Not all sellers agree, however. Only about one-third of sellers feel that now is the right time to sell. As a result, buyers who are ready to take the plunge are now facing a combination of low inventory levels and rising prices for the first time in years. What exactly does this mean for you? It is only natural for prospective buyers to be concerned. Even so, it is important to avoid the temptation to make snap decisions. This can often result in buyer's remorse that can stay with you for years. Rather than giving in to the pressure to act fast, take the time to analyze your financial situation carefully. By understanding where you stand in terms of finances, you may find that you are better able to afford a home that is more in line with your needs.
In addition, it is important to make certain you are working with a qualified agent. When there is a glut in the local market and prices are low, this may not be as important of an issue. As multiple offers become the norm and inventory becomes more limited, it is imperative that you work with an agent who is knowledgeable regarding the local market. The agent you choose to work with should also be highly resourceful and reliable. In particular, your agent should be able to offer unconventional methods for locating available homes for sale. He or she should also be able to guide you in best practices for making you offer stand out from the crowd if you do find yourself in a multiple offer situation. Resourceful agents should also have access to a variety of funding options and lenders. The local real estate market may be evolving, requiring a change in how you approach home buying, but by not giving in to rising pressure, you can find a great home to call your own.
In addition, it is important to make certain you are working with a qualified agent. When there is a glut in the local market and prices are low, this may not be as important of an issue. As multiple offers become the norm and inventory becomes more limited, it is imperative that you work with an agent who is knowledgeable regarding the local market. The agent you choose to work with should also be highly resourceful and reliable. In particular, your agent should be able to offer unconventional methods for locating available homes for sale. He or she should also be able to guide you in best practices for making you offer stand out from the crowd if you do find yourself in a multiple offer situation. Resourceful agents should also have access to a variety of funding options and lenders. The local real estate market may be evolving, requiring a change in how you approach home buying, but by not giving in to rising pressure, you can find a great home to call your own.
Gabby Tyer - CRS, GRI
Real Estate Sales and Property Management
Managing Principal Broker/Owner
Realty Solutions
www.allaboutportland.com
www.jessicashope.com
Gabby Tyer is your ultimate real estate resource for Portland, Oregon and surrounding areas. Visit my website for detailed information regarding today’s real estate markets.
Portland Real Estate market stats news and education. Complete search access to all homes for sale in Portland, Oregon and surrounding areas.
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