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First, decide how much house you can comfortably afford and what you’re looking for in a home. Drive neighborhoods (at least two) and make note of asking prices. Then go online and follow those homes and see what they sold for. MSN is a frontrunner among such sites.
Don’t try to time a buyer’s market by waiting for prices to go lower. No one knows how long if will last.
Next, get a buyer’s agent and find out which homes in your desired neighborhoods have been on the market for more than 3 months. There will be more motivated sellers in this group.
Remember that you hold most of the cards, so take your time. You’ll have the most leverage with favorable credit and some down payment cash. And compare, compare, compare—locations, features, commute distances, asking prices. You may get more of your “nice to have” features than you expected if you do your homework.
Absolutely everything in a home purchase negotiation is…well, negotiable. Before you make an offer, figure out how much you’d like the seller to pay at closing or refund to you after closing. Try to arrange for this perk, especially if the inspection reveals a feature the house needs right way, like a furnace. Your loan may restrict the amount the seller can give you.
Take advantage of freebies and incentives offered by sellers to get you in the door—within reason. And make sure that you’re dealing with a flexible, realistic seller. Some sellers will yank their homes off the market if they don’t sell right away.
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Women buy homes for the same reasons as men and couples—pride of ownership, economic security, needing a larger or smaller space. They make up about one quarter of the U.S. housing market.
Women tend to buy near city centers at the lower end of the housing market—under $200K. They tend to be choosy about their physical location, and prefer condos to single-family homes. Naturally, security is a big concern.
Mortgage lenders have become savvy about this huge market, and are making it easier to women to become homeowners. Here are a few incentives offered to women:
Leniency on establishment of credit history
Divorcees have first-time homebuyer status, with all of the accompanying perks.
Child support counts as income, which helps them qualify for a loan
Link to first-time homebuyer tax rules: www.fairmark.com/rothira/first.htm
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The relationship between you and the representative of the lending institution is crucial. Always get a referral, from your agent or a friend.
A bank is the obvious choice, but their criteria are the most stringent. How will your credit score measure up? Are you steadily employed with a substantial paycheck?
If you get turned down by a bank, be sure you know exactly what you need to do to qualify in the future.
Do you belong to a credit union through your church, job or alumni association? Their rates tend to be lower than bank rates.
Mortgage institutions (not brokers) front your loan and then contract with a third party to fund it. Advantages over banks are lower interest rates and a wider variety of choices.
Mortgage brokers are middle men, who tend to charge higher points than other sources. A referral from a trusted source is doubly important when choosing one.
Link to “Top 10 Questions to Ask Your Mortgage Broker
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If you have a checkered credit history, you have plenty of company—about 1/3 of American consumers. Some lenders specialize in lending to people with less-than-perfect credit. It’s a simple idea—charge higher interest in exchange for the perceived risk. Some subprime lenders, including industry leader Ameriquest, have been accused of shady practices—extravagant loan prices, excessively high interest, etc.
In the current slowed real estate market, a number of these companies have gone out of business, including Ameriquest. This is bad news for some low income and minority borrowers, for whom borrowing at “subprime” rates has made the dream of homeownership attainable.
The main risks of saddling a consumer who has already had problems paying their bills are default and foreclosure. Creative financing that accompanies subprime loans often involves ARM’s (adjustable rate mortgages), which are very tricky in an economy with rising interest rates.
You do need to be more cautious when using this avenue, and thoroughly investigate your provider. If your credit score is between 620 and 640, beware. You are a prime target for unscrupulous subprime marketers. Shop around, and apply for a conventional home loan first.
Link to first-ever large scale study of subprime lenders:
http://www.consumeraffairs.com/news04/2006/12/crl_foreclosures.html
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The first thing you want to understand is price trends, so the longer you can study the market, the better. However, buyer’s markets don’t last forever, so don’t study so long that you miss one.
Read everything you can get your hands on—the local newspapers, the real estate books at the supermarket, a good MLS site. Don’t assume that asking price = sold price. Ask a buyer’s agent for sold listings of some homes you’re interested in, and you’ll get a feel for what sellers are getting. In some markets, homes sell for more than the asking price.
Link to: MLS site http://realestate.msn.com/
Link to How to Pick an Agent (internal link—not written yet)
Some experts recommend picking at least two neighborhoods and driving them weekly, looking at homes for sale. Making a ritual of it is the only way to really get to know your desired areas.
Are national real estate predictions and trends relevant? Possibly. A buyer’s agent will help you sort out whether your local market is following national trends. Regularly reading your paper’s real estate section and articles on your local market’s trends will also be helpful.
Other factors to track:
Is the job market booming in your area? The housing market will follow suit.
Has new construction exceeded demand? That’s a good thing for you as a buyer.
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Most people are wondering if the buyer’s market will hang around this year, and how much interest rates will fluctuate. 1. More women will buy homes for themselves. This growing trend will continue. No more waiting for Mr. Right, they’re creating security for themselves. 2. The buyer’s market will probably continue. If prices haven’t decreased in your area, there’s a good chance they will. 3. More counteroffers will fly back and forth. It’s important to find a feisty agent who will represent your interests. 4. Thanks to sites like this one, savvy buyers will know their market. They’ll pass on unmotivated sellers and pricey houses. Remodels will sell especially well. 5. If you’re a buyer, you can be more demanding in ’07. There will be more housing stock available, and you’ve a better chance of finding more features you want. 6. The home staging industry will burgeon. Sellers will be able to float their furniture rental fees until closing. 7. Even in a buyer’s market, sellers will continue to overprice their homes and agents will continue to list them. 8. Agents will be pinched. Desperation may make them do things, like overpricing homes (when they know better) to edge out other agents. Be wary, and only use agents sent to you by referral. Remember, your buyer’s agent is like your secret weapon. Choose strategically. See How to Choose an Agent (interior link) 9. Narrated virtual online tours will become a requirement to sell a home, instead of a ‘nice feature.’ 10. Over half of listed homes will be reduced within a month. So try not to buy houses until they’ve ‘aged’ that much.
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A home should be a sanctuary of safety. Never has this been more true than today, when global climate changes are creating more severe fire, floods and wind. Storm-resistant components may appear in new construction, and building codes are becoming stricter. The really good news is that insurers are giving discounts for fortified homes. So, if you’re remodeling, consider some disaster-related enhancements. According to experts, if you reinforce your roof, windows and garage door, your house is more likely to survive a mega-storm or storms. Think about which particular disasters are most likely in your area. Hurricanes? Enhance your wind protection. Earthquakes? Bolt your house to its foundation. And so on. Link to the insurance industry’s organization: http://www.ibhs.org/ Where is your home most susceptible to wind damage? The windows and doors, right? You can also secure and strengthen individual parts of your structure. If hail is a common event in your area, you might consider an impact resistant roof, using twice the number of nails. Your garage door is a key candidate for fortification, because it’s often flimsy and easily blown off. First the garage door, then the roof. Other tools: “Impact resistant glass,” made of a plastic/glass hybrid. Impact resistant shutters can cover not only windows, but also doors, vents and gables. Class 4A shingles, for highest impact and fire resistance. CO2 and smoke detectors using the newest technology. AFCI protected wiring Keep shrubs and hanging branches within a few feet of your house closely trimmed
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Ever walk through a house that ‘just didn’t feel right’ and/or gave you a bad feeling? Well, it might be haunted, and it might just have a poor layout. It’s hard to fix this problem, so think twice before purchasing, both from an everyday living and a resale standpoint.
If you love the house otherwise, you can find out if the walls that need to be moved or eliminated are load bearing.
Typical poor layout features:
Stairs flow directly into front door—unpleasant first impression, detrimental Feng Shui
Entering into a poorly lit, narrow hallway–uninviting
Access blocked by dining room table or other obstacle
Bedrooms that share a common entrance—privacy issues
Bedrooms adjoining living spaces—noise and privacy issues
Bathroom at the end of a hall
Bathroom reached through another room
Single-access rooms make house seem smaller
No open areas
Limited access living room
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Most of these gift and grant programs are actually a way for sellers to help you buy their home. They can’t legally give you the down payment, so third party organizations have sprung up to help. The seller even pays a fee for the privilege of registering with these agencies!
More about receiving a gift of 1 to 7% of your down payment:
Funds can be applied to closing costs as well
In some cases, funds can apply to debt reduction to qualify for a mortgage
There are no maximum income requirements
You may have a ceiling imposed on your purchase price
You will have to qualify for a loan that permits gift assistance, so this is an important question to ask your prospective lender. Some lenders will require that money applied to your down be in your bank account for at least 30 days prior to payment. All FHA loans allow gifted down payments.
If you’ve found a home already, be sure that its appraised value is less than the amount of your loan after gifted funds are applied.
Don’t worry too much about legalities. Your lender knows how to word offers and contracts so that gift funds are properly applied.
It’s worth checking to see if you qualify for federal grant assistance through the American Dream program. Qualified first-time buyers can receive an average of $7,500 to $10,000 in down payment or closing assistance. HUD oversees this program.
Link to American Dream program
http://homebuying.about.com/cs/downpaymentgift/a/american_dream.htm
Here are some gift programs to check out:
AmeriDream
GiftAmerica
http://homebuying.about.com/gi/dynamic/offsite.htm?zi=1/XJ&sdn=homebuying&zu=http%3A%2F%2Fwww.giftamerica.org%2F
Homes For All Program
http://homebuying.about.com/gi/dynamic/offsite.htm?zi=1/XJ&sdn=homebuying&zu=http%3A%2F%2Fwww.ezdownpayment.com%2Fgift%2Fservices%2Fbuyers.asp
Nehemiah Program
http://homebuying.about.com/gi/dynamic/offsite.htm?zi=1/XJ&sdn=homebuying&zu=http%3A%2F%2Fwww.getdownpayment.com%2Fbuyers%2Fhomebuyers.asp
RealtyAmerica
http://homebuying.about.com/gi/dynamic/offsite.htm?zi=1/XJ&sdn=homebuying&zu=http%3A%2F%2Fwww.realtyamerica.org%2F
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Some people will tell you that you don’t. Granted, the system of two agents splitting one commission is imperfect. And it’s against human nature for your buyer’s agent to get you the best (read lower) price under this scenario.
But there are good buyer’s agents out there who go above and beyond the call of duty for their clients every day. Because they understand loyalty, and know that you’ll refer them to your friends, and hire them as your seller’s agent when the time comes.
So get a referral to a buyer’s agent, one who is recommended without reservation. And run them through our screens anyway. If you don’t have a referral, call several agents who have a lot of houses listed in the Sunday paper. A good selling agent will probably be a good buyer’s agent.
You need to understand that an agent is primarily a salesperson. But never put up with impatience, failure to answer questions or non-response to phone calls or emails.
Always:
Choose a broker over a mere agent
Make sure their license is current
Ask how long, on average, it takes them to find houses for their buyers (it should take less than 2 months)
Ask if they’ll take a lower commission if it means more wiggle room for you in your purchase price (don’t make this a deal killer)
Get full disclosure of flaws on every house you’re interested in—you’re entitled to this by law
Find out as much as you can about the seller’s circumstances
Cross out any language in the buyer’s agency contract you don’t feel comfortable with—it’s your right
Before you sign anything, get the following information about commissions in writing, and be sure you’re comfortable with it:
How does the agent get paid if you buy a FSBO house?
How does the agent get paid if the listing agency doesn’t split commissions?
Most agents want exclusivity. It’s a reasonable request, considering that other agents are trying to steal their clients and “lookie loos” will try to waste their time. If you like the agent and they want an exclusivity agreement before showing you houses, ask them to give you a little while to get to know them first. If they won’t do that, try to get a contract that only lasts a few days. If they still insist, walk. There are plenty of agents out there.
Never:
Sign an exclusivity contract that lasts more than 90 days
Pay an upfront fee to any agent (legitimate agents get paid when a house is sold—always)
Tell the agent your real top price—just tell them a figure you can live with
Allow an agent to pressure you to buy any house
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