Decision Making when Buying a House

By shaye • June 13th, 2010

Many people try to time their purchase according to market conditions. Obviously, buying during a down market, or a ”buyers market” is best, but just when is this? Estimating what the market will do in the future especially the real estate market is virtually impossible. A down market is usually short-lived anyway, so if you’re ready to buy, do it now. We believe you should buy when it’s best for your personal situation.

We’re not saying to disregard present market conditions, as this may affect the amount you offer. In a buyers market, you can usually get away with low-ball offers. Conversely, in a sellers market, homes are frequently purchased at full list price, so offers need to be higher. Market conditions should not affect your decision to buy or the timing of your purchase.

Like any investment or long term relationship a smart real estate purchase involves commitment. Your decision to buy should be partially based on your level of devotion to the purchasing process. Buying a home takes hard work, time, research and reliance on many real estate professionals. Finding a home involves more than just driving the streets and searching for a property that appeals to you. You must set a budget and apply for a loan. You must be familiar with the market,

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the real estate valuation process, the types of properties and mortgages from which to choose and what to look for when shopping for a home.

Sales agents, attorneys, inspectors and appraisers must be hired. These individuals may not be looking out for your best interests, so choosing the right ones will take time. Negotiating, contracting, inspecting and closing on a property can take even more time. The entire process of purchasing a home, from the time you begin actively searching until closing, can take as little as one month or as long as six months or more. This largely depends on your needs, buying experience, financial status, level of participation and the inventory and availability of properties in the marketplace.

Once the decision is made to buy, be prepared to devote yourself 100 percent to the purchasing process. Make the time to do it right. Allocate certain hours each day to investigate and work with service individuals, inspect properties or meet with lenders. Choose a time of year that makes the most sense for this effort. Make sure to plan ahead and enlist the help of family and friends if necessary.

Denver Real Estate
Highlands Ranch Real Estate

 

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