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5 Tips For Buying In A Tight Housing Market

5 Tips For Buying In A Tight Housing Market

The new real estate news I am seeing for today’s market has been pretty gloomy. Most investors and real estate brokers are saying there will be another housing market crash. I am here to tell you that there will not be another housing crash like 2008. Homeowners today have strong FICO scores. Seventy-one percent of homeowners have an interest rate of 4% or lower. In California, there are only 9 total distressed homes on the market right now. There were 6,000 distressed homes in 2009. Most of all the inventory of homes is really low and home builders are not building them fast enough. When the markets improve and the rates start dropping at the end of the year you need to be prepared to get into a home you want. Here are my 5 tips.

Table of Contents

Determine A Budget And Stick With It

It is really important to start figuring out what you can afford and what is the bank willing to loan you to purchase a home. Once you figure out that number make sure you stick with the purchase amount you can afford.

Find The Neighborhood You Want To Live In And Identify Your Home Wants Vs. Needs

It is really important to pick the best neighborhood. Clients have picked homes because of good school districts, proximity to parks and stores, and outdoor activities. Make sure you pick a neighborhood you will love.

When you are picking a neighborhood you need to identify wants vs needs. You may want an awesome ocean view, but will there be enough space for your kids to run around in the backyard? Is there a pool? Is there enough space for a pool? How good are the public schools? Those are all good questions and you need to figure out what you need out of the home and neighborhood.

Be Ready To Make A Decision Quickly

When a great home is listed on the housing market it does not last very long. The houses are turnkey, in a great neighborhood, and great amenities have only lasted for 9 days total. These homes do not linger on the market. So when you find them you need to move quickly and get your offer accepted. Make sure you are pre-approved and have a pre-approval letter.

Bid Competitively

Even though it is a slight buyer’s market it does not mean you can make low bids. There is a tight inventory market in Orange County. If you bid low there is a good chance you will miss out on getting the property you want. Make sure to communicate with your real estate agent and figure out what is the best price to bid for the home.

Work With A Good Real Estate Agent

This is the most important thing to do. Make sure you work with someone that understands the local market and the home values of the area. A great local market agent will know the right prices for homes in the area and how to get the deal done.

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Howard Chung

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