Is this a Buyer’s Market with all the Foreclosures?
I was watching our local news yesterday and they were interviewing this couple about purchasing a house. I must admit, with all the foreclosures on the market I would not have thought it was a buyer’s market. But in all reality it could be seen as a buyer’s market. With the inventory on the market, you can take your time picking and choosing exactly what you want potentially for a more affordable price.
This story I watched on the news showed this young married couple with a child buying their first home. One thing that I found interesting was the wife said, they called it a short sale and it took them about five months to get it. One of her recommendations was to take your time. Even though the wife is working, she was saying it costs them a $100 more and they felt they should do it.
Another factor I think people in the market should look at is if it is a foreclosed house, what is the condition? How much work needs to be done to the house and also location? This is one of those circumstances where investigation will pay off. You do not want to overpay for a house and then have tons of repairs once you close on it. Weigh all of your decisions. I say this because if you do not do your homework ahead of time and purchase a house unwisely, you are going to regret it. The fact that you have to come there every day will make it worse. In order to prevent this feeling, take your time, do the research and talk to people in the neighborhood.
As you are preparing to purchase a house, let me caution you to not buy the first one you see. Take your time and shop around. You might be pleasantly surprised to know that you actually get the perfect house and a reasonable price. One that does not require exterior and interior work. If you purchase a house and are not happy with it, you will literally be miserable every time you drive up to your home. Do not be hasty in your decision making but careful and weighing all your options. Do not purchase a house before you are financially ready. Make better decisions to alleviate future problems. I invite you to share with our readers whether or not you think it is a buyer’s market.
Dr. Taffy
