When it comes to making a good purchase in a bad real estate market, it's important to be prepared and know what to look for. At Oakstrand Realty, we understand the complexities of buying a home and want to make sure you have the best possible experience. Here are some tips to help you make the most of a bad real estate market.
First, it's important to have your own people in your corner. This includes getting a great seller's agent and hiring your own people for inspections and appraisals. Second, take the time to get to know the neighborhoods you're interested in. Locals will often offer more insight into what's really happening in the area than a real estate agent.
If you've always wanted a vacation home, now is a great time to buy. Many of the most depressed housing markets are in great vacation areas, so you can find a great property at an unbeatable price. Interest rates are also very attractive right now, making it an ideal time to buy.
When looking for a home, don't settle for the first one you see. Look at multiple homes and research information and photos. Attend open houses to get an up close view of the house and its amenities. Also, don't over analyze the home or you may talk yourself out of a potentially good purchase.
Before you buy, make sure to check the National Sex Offender Public Registry for any sex offenders living in the neighborhood. Additionally, when touring a home, try to picture yourself and your family in the home to see if the design and layout fit your lifestyle. Lastly, avoid making any other major purchases until you buy your home, as this could affect your credit and loan eligibility.
By following these tips, you'll be well on your way to making a great purchase in a bad real estate market. At Oakstrand Realty, we're here to help you every step of the way. Contact us today to learn more.