Cold Feet may cost you your Dream Home

Published by julia | Filed under Buyer / Seller Tips, Market Trends, Miscellaneous, Real Estate, Shout Outs

Always dreamt of that perfect place you called home? Wondering if you could ever afford a more spatial house? Your children are growing up and you wish you had more rooms?

This winter could very well have many opportunities knocking at your doorstep!! Co-author of Home Buying for Dummies, Eric Tyson, says that this very minute, real estate properties are on a discount sale in all of America! Such a time could well be considered to be a life time opportunity to get amazing deals on that dream house you’ve always been yearning for!

Tyson believes that the two reasons in favor of potential and prospective buyers are that sellers and highly motivated ones out number the buyers by a great margin and secondly, mortgage rates are still low. This imbalance between the two sides is caused primarily because buyers fear and worry about the sub-prime lending crisis and high property valuations. Good deals on houses in preferred neighborhoods have been blinded by such valuations currently.

Tyson quotes Warren Buffet, a billionaire businessman who says: You should be fearful when others are greedy and greedy when others are fearful. According to Tyson, this does not mean that one should randomly invest in real estate but take a diligent decision before the market rebounds which may happen mid this year.

Some guidelines when one is seeking to buy a house:

• Take stock of options available and begin screening immediately. Being an early mover gives one a definite advantage to get the best deal on properties today. First time buyers have a greater advantage!
• Those who plan on reselling before their subsequent purchase should take a second look on their calculations. Waiting for their existing properties to fetch a good price and then make their next purchase could prove could be an idea that is penny wise pound foolish. These owners should settle for a reasonable price and then can avail a much greater discount on their new purchase which would be on a better property.
• Look out for those properties advertised and having a For Sale sign boards. Considering that winter time is a slack period this market, fewer sellers flash out such signs and those who do are ready to negotiate on price as they are keen to make their next buy.
• One should consider purchasing a brand new house especially spec properties (those properties where the property developer does not target a specific target group). Tom Early, a veteran broker in the real estate market states that he has helped many customers get excellent deals on such spec properties.

Moreover, having a host of options to choose from now is truly the time to make hay (home) while the winter sun shines!

Julia Vakulenko is a licensed broker associate with Tampa4U.com Realty. She specializes in Westchase Real Estate, one of Tampa’s top community, and the diverse Carrollwood Real Estate.