With many markets reporting an abundance of homes for sale, and interest rates remaining at near 45-year historic lows, now might be one of the best times in recent memory to buy a home. While buyers have the advantage in today’s real estate market, they still need to be savvy in order to get the best deal.
Following are some things that the professionals at Coldwell Banker Grass Roots Realty urge homebuyers to keep in mind:
Don’t Try to Time the Market: When home prices are low, it is very tempting for buyers to wait as long as possible in the hopes that prices will decline even further. This strategy can be detrimental. Once a home is priced to what the current market will bear, buyers will make offers. It is best to work with a sales associate to make an offer based upon the prices at which similar homes in the market are selling for. In a buyer’s market, there are more opportunities for negotiations, but making an offer if there is interest is an important step.
Take Your Time…To a Degree: Although each local market is unique, Nevada County’s inventory is currently around 6.7 months. The increased supply of homes on the market gives homebuyers a great opportunity to evaluate a variety of properties. However, this does not mean that homebuyers can procrastinate. It is smart to ask a sales associate how long properly priced homes are staying on the market before going into the contract stage.
Homes Are Selling: Properly priced homes are selling. The National Association of REALTORS predicts there will be more than six million home sales in 2009, expected to be the third-best year in history. Studies such as the Coldwell Banker® Homeownership in America Index reveal that that majority of people move based on lifestyle changes such as new job / promotion, marriage, divorce or family expansion. These changes will continue to drive home purchases.
Watch the Mortgage Rates: It is true that mortgage rates are still at all time lows. Be sure to watch the rates and do the math carefully, because changes in mortgage rates can affect your monthly mortgage payments.
View Open Houses: For newly listed homes and those that need a marketing boost, open houses attract potential buyers in a short amount of time. Watch for our May 2nd & 3rd Open House Event. Coldwell Banker Grass Roots Realty will be featuring approximately 70 open houses throughout our community and this is a great way to view many homes in one weekend.
Home – Where your story begins…
To learn more about how Coldwell Banker Grass Roots Realty can help you buy or sell a home, please call one please call one of our four offices in:
Grass Valley Office at 530-273-7293
855 Sutton Way, Grass Valley, CA 95945
Nevada City at 530-265-3282
108 Union Street, Nevada City, CA 95959
Penn Valley at 530-432-1131
11364 Pleasant Valley Rd, Penn Valley, CA 95946
South County/LOP at 530-268-1575
10193 Combie Rd, Auburn, CA 95602
