June 2, 2008
The State of the Economy
If you are one of those people who are not worried about the state of economy and you want to buy a new home right now here is some advice that will help point you in the right direction.
First of all take the time to find the right place. Do not pay attention to seller’s asking price and bid 10% lower then what comparable homes are selling for. If the seller does not want to budge then move on!
Mortgage rates are low so right now is the time to buy, waiting could be more costly! Financing is getting more expensive the so the longer you wait the more you pay in financing. Also even if prices fall more there could be a penalty for waiting!
Always strive to purchase a home in a neighborhood with good schools. Schools with higher rating represent stability, and especially right now that is very important. If you are looking into a foreclosed property that usually reflects instability if there are a lot of them in the area, this could mean a lower quality of life which you want to stay away from. When you are buying a property you are also buying the neighborhood, so keep that in mind!
I hope these suggestions help you make the right decision.