1. The Market has shifted big time.. to a sellers market and not knowing will cost you the home of your dreams
This is the biggest frustration of todays market.. they are losing out on good deals, left and right and cant understand why.
Its no wonder survey shows 63% of Home buyers were Not satisfied with thier agents home buying process.
The first thing you must know and understand is in most high demand areas the buyers market is over, low ball offers
arent working, buyers are getting beat to the newest and best listings, and the return of bidding wars. It is tough to have to break the news to
buyers and clients that the buyers market is over, they get upset. I get it, but you would never want your doctor to lie to you…
No matter how grim the news may seem. If anyone including an agent says its still a buyers market.ask them for proof of that.
So what can you do about it? Here’s some tips from our Smart Home Buyer Advantage strategy playbook.
1. Know the market conditions,.. How soon are properties selling? whats the ask to sold ratio? Whats the available vs under contract?
You can get a general overview of market conditions here..just enter your zip code, see price trends, inventory levels and more..
2. Get yourself signed up to a daily email update , that will email you a home as soon as it hits the market.
3. The best way to avoid a bidding war , is to come with a strong offer to begin with, get it accepted and avoid the war all together
4. Get in first,.. if your realtor or advisor sends you a good deal, go see it that day..by weekend it may be gone.
2. Mortgage Rules are Changing.. So What does this mean to a home shopper?
It means closing cost and borrowing cost is about to get more expensive….
FHA is one of the most popular loan products for todays home buyers because of the low interest rates, flexible down payments and ability to wrap upfront mortgage insurance into the loan.
However FHA is not the only game in town, some agressive lenders are now doing 5% down on coventional loans. But with fha still accounting for about 35% of all loans, this is big news and affects all of our clients bottom line.
We have been advising our buyer clients since November, that if they plan on buying 2013,..and thats a definite goal, they should look to purchase sooner than later.
Not only because of the new rules..but also because in certain Hudson county markets , properties are getting snatched up immediately due to supply being low.
3.Historic Low Inventory means the Return Of the bidding wars …..When March -April hits that buyer competition will get alot more fierce.
ZILLOW and Trulia is causing home buyers lots of frustration and agony..if you havent guessed by now or found out the hard way..lots of the units you see there for sale, have long sold or went under contract,.. But we love them right? Just be sure to cross check
them against a direct mls feed site thats updated everyday.. we have one.. check if its active. http://www.gardenstatehomesearch.com/search/
Especially if you are in markets like Downtown Jersey City And Hoboken….. How bad is it? new unit at Mandalay hit the market this week at in the high 600k range was gone with multiple offers before the weekend. YIKES!
To Gain A competitive Advantage In Todays Market you need a Home Buyer Advantage…
Our smart Home buyer strategy allows you to beat out the other buyers to the newest and hottest listings, save thousands and avoid Costly mistakes, frustration and more.
If you have questions regarding the market, we can help..
Call for details or questions 201-839-4927 ot text us at 732-857-0285
God Speed and Happy Househunting,
Your Real Estate Expert Advisor
Americas Elite Real Estate Experts .
Read More Awesome Post:
- Hudson Real Estate Market & National Pending Home Sales Rise
- Buyers Facing Challenges In Todays Market
- Downtown Condos Marketwatch Market Shifts Dramatically…
- These Critical Mistakes Cost Home Buyers Thousands by Linden Moe Real Estate Expert
Samples of allowed searches:
3 beds, 2 baths
4 rooms, 2 baths, New Jersey
5 bedrooms, 4 bathrooms, 07010
1500 square feet, Hoboken
2500 sqft, 4 rooms, 3 bath, Jersey City