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by: W. Troy Swezey
The old adage that “timing is everything”
especially applies to buying a new home. And trying to be at the right house at
the right time and get it for the right price can be tricky. Here are some
guidelines to assist you:
Turn to the real estate section of your Sunday
newspaper. Monitor the market and tract home prices. Expect to spend 90 days
watching the real estate market through advertisements. Question and
investigate homes that are advertised month after month. Hard-to-sell
properties could either be a warning sign or simply overpriced for the
value.
When a real estate agent provides you with
descriptions of homes currently on the market from the Multiple Listing
Service (MLS), ask for a list of homes that were on the market within the
last six months or year in the same neighborhood. Compare asking prices to
actual sales prices for the same type homes.
In addition to monitoring housing prices,
learn to identify hot, up-and-coming neighborhoods by tracking selling
prices from week to week. If one neighborhood experiences price booms while
other house prices are sluggish, its’ clear which community to invest in.
If you’re passionate about an upscale area – and on a budget – prepare
to buy a fixer-upper and invest some money in renovation. Conversely, beware
of buying a beautiful home in a marginal area. You may not get your money
back when you sell.
Keep close watch on the fluctuating mortgage
interest rates. Low interest rates are the most inspiring reason to buy
property. Watch the rate of United States Treasury Bills. According to Sonny
Block, well-known talk show hose and real estate author. T-bills are a sure
way of predicting the rise and fall of mortgage rates.
Also watch the national Discount Rate, the
rate at which banks can borrow money from the government. When the Discount
Rate drops, banks pay less for borrowing the money and in turn reduce
mortgage rates to the borrower.
Predicting when a market is ripe for home buying
is not an exact science – even for real estate experts. However, by following
these simple tips – and staying on top of real estate trends, sales patterns
and interest fluctuations, you are sure to get the best house for your buck.
About The Author
W. Troy Swezey is the author of “TIMING IS
EVERYTHING WHEN IT COMES TO BUYING HOMES." As a Realtor at Century 21 Paul
& Associates, he has helped many individuals with their real estate needs.
Visit his web site to download his free e-book, “REAL ESTATE SECRETS
EXPOSED.” http://www.TroyIsMyRealtor.com
or mail to: TroyC21@usa.net
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