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Timing is Everything

Chuck Marunde by Chuck Marunde
October 12, 2007
Reading Time: 2 mins read
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That much of the nation is in the midst of a tenacious real estate correction is hardly headline news anymore. Investors have beaten a hasty retreat, leaving behind inventories of unsold homes that presently outpace the number of buyers in many markets. What should be headline news, however, is how the wisest of sellers have reduced their profit expectations and happily entertain all offers reflective of the corrected values of their homes. Yet, just because these market forces—combined with low interest rates—add up to an extremely good time to buy, doesn’t necessarily make purchasing a home a piece of cake. But there are ways to make it one.

Here are five tips to help buyers tap into the best prices in many years:

Get pre-approved for a mortgage. It’s a different sort of buyers’ market if you need to finance your purchase. Credit markets have tightened considerably, with half the products offered only a year ago no longer available today. Lenders have retreated to safer standards of underwriting that protect borrowers from overextending themselves. If you can’t afford a particular home using solid mainstream financing, you should continue looking.

Let your fingers do the walking. With so many homes to see, attempting to visit each one is counterproductive. Wasted time creates missed opportunities. [At SequimPortAngeles.com, you can browse the multiple listing service for all of the Sequim and Port Angeles areas.] Once you’ve narrowed your search, contact an experienced Realtor to help you judge the best values in your price range. Their insights, along with the analytical tools they bring to the table, will help you discard the overpriced lemons in your target neighborhoods.

Beware of strangers bearing gifts. You aren’t shopping for a new car lease or a sexy new flat-screen TV, so don’t let merchandise incentives cloud your vision. If a seller is offering an incentive to buy, make sure it has something to do with the house, like a credit toward a desirable upgrade or a further reduction in price.

When you find the right house at the right price, buy it! If recent sales in the neighborhood support its asking price, go for it. Presumably, you are hunting for more than just a good price; you’re also looking for that one special house that completely suits your lifestyle. Holding back in hopes that prices will go lower is a flawed strategy. You can never know this until prices are heading up again. Meanwhile, someone else may buy the home, especially if it is priced correctly.

Make intelligent offers that enable you to negotiate with skill. Right now there is plenty of room to negotiate, provided you aren’t making uninformed offers that sellers don’t take seriously. You are in a much stronger position when you can show that recent sales in the neighborhood justify your offer. This provides a much firmer foundation from which to begin negotiations and takes you a giant step closer to enjoying your new home.

Article Courtesy of Michael Saunders

Last Updated on October 12, 2007 by Chuck Marunde

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Chuck Marunde

Chuck Marunde

Chuck grew up in remote Alaska, graduated from the University of Alaska with a degree in Economics and Teacher Certification, and after teaching high school for two years, went to law school at Gonzaga University in Spokane, Washington. He served four years as a Captain and JAG in the USAF at Nellis AFB in Las Vegas. After practicing real estate law for 20 years in Washington, Chuck founded iRealty Virtual Brokers covering Sequim and the beautiful Olympic Peninsula. He is the author of 2,200 real estate articles and a dozen real estate books, and he produced over 100 real estate videos. Chuck combined his love for real estate and technology to create a massive Internet presence, and his articles and videos and books have been viewed by millions. Chuck is a well recognized real estate expert and his counsel is sought by other brokers and practicing attorneys around the country. Buyers from New York to Hawaii and from Florida to Alaska seek him out to retain him as their buyer's agent, and home owners around the State of Washington seek him out because of his new Flat Fee Listing Service. 

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  • Home
  • Search MLS
    • Sequim MLS
    • Sequim MLS Map Search
    • Port Angeles MLS
    • Port Townsend MLS
    • San Juan Islands MLS
    • All Islands MLS
    • How to Search the Sequim MLS
  • Videos
    • Sequim Videos Q&A
    • Buyer Videos Part 1
    • Buyer Videos Part 2
    • Buyer Videos Part 3
    • Buyer Videos Part 4
    • Living in Sequim Video Channel
  • Books
    • Sequim Real Estate for Buyers (Free eBook Updates Forever)
    • Sequim Real Estate: A Buyer’s Guide (Paperback)
    • Escaping California to The San Juan Islands
      • Menu Below
    • Buying & Selling Real Estate in The Rain Shadow
    • Real Estate From Bricks & Mortar to High Tech Virtuality
    • The Seven Myths of Selling Your Home
    • Buying Your Retirement Home
    • The New World of Marketing for Real Estate Agents
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