Buying in Today's Market

Korrie Schubert, realtor, broker

New Construction, Relocation, Resale, Land, Commercial Sales

To succeed in Today’s Housing Market you are going to need to buy a home that will be a good investment. The bottom line is that buying a home is an investment, even in today’s economy. Even if you take a loss when you sell, you loose even more when renting and don't receive the value or quality while living in your own home.

We all know that our homes are not appreciating as they once did. However, even low appreciation rates can still beat investing in the stock market. Today’s buyers just have to be cautious about where and how  you buy a home. And, the value you receive while living in your home is much better than renting.

When buying a home.

1. Know the fair market value (a comparison of the home you want to buy against the local area)
2. Compare square footage, condition, acreage, updates, upgrades, and age (other factors may apply)
3. If there are a lot of homes similar to the one you want to buy, you may be in a Buyer’s Market and have more leverage for offering below the asking price.
4. Your mortgage interest rate will affect your appreciation. The lower the rate the more you can increase your profits. (be cautious, not all lower rates are the best mortgage package, best to shop around for the overall package)
5. When It comes to offering a price ask yourself, "do I need to put anything into this home, and if so, will it extend beyond the fair market price." If you discover the upgrades are way beyond what you paid you may need to reconsider, because you don’t recover full value for upgrades.

There are other factors to consider upon the purchase of a home. One item that is important that is often left out, is that whether it’s a Buyer’s or Seller’s Market, will depend on the area and price range of the home.

For a full consultation on Buying in Today’s Market Call Korrie at 509-308-1305.