Real estate remains a bargain in much of the United States. For many home buyers this is the ideal time to jump into the housing market with a long-term investment strategy. Following are five tips to help you take advantage of a down market.
Use a Buyer’s Agent: A buyer’s agent can help you navigate a rapidly changing marketplace and let you know how to maximize your real estate dollar.
Get Preapproved for a Mortgage: Sitting down with a mortgage professional before you begin your search will help refine what you are looking for. This will allow you to set your budgets and narrow your search criteria. Note that a mortgage prequalification is not the same as a preapproved mortgage.
Make a List of Your Needs and Wants: Understand what you need and what you want. Wants are the things you can live without but you would like. Sitting down with your real estate agent will help speed up the home-buying process.
Invest for the Long Term: Buying in a down market offers affordable prices and greater home selection. Long-term investment in real estate is the surest way to maximize your initial investment.
Be Patient and Ask Questions: Down markets allow home buyers to be more patient. Surplus housing inventory means that there are fewer buyers competing for homes, allowing buyers to ask questions and ensure that they are selecting the home that is going to be right for them.
With real estate bargains in much of the United States and with market improvement across the country, this is the ideal time to jump into the housing market.