As the real estate market finally begins to regain some stability, the summer of 2013 is a great time to begin looking for a new home. And with everything that has happened in recent years with the housing bubble, there is more knowledge now than ever when it comes to informing you of the appropriate steps to take when purchasing a home. If you are looking at saving money on your next home purchase, here are some real estate trends that will help you do just that.
Even with the increase in the real estate market, some people are still hesitant to move or put their home on the market. In February of 2013, just under 2 million homes were available for sale in the nation. If you want to purchase a new home, you may have limited options in terms of what’s on the market. For the seller, the good part is that this usually means the price will go up. For the buyer, this means you must take extra care in assuring that you purchase a home that has value and you can see yourself in for a long time.
Go For What You Want
Even though there is less selection in terms of homes to purchase, this doesn’t mean that you can’t get the home of your dreams. In today’s market, its not unheard of for people to make formal requests to a person to sell their home. With the market the way that it is, if you are a buyer who has the money, than you never know what price the seller would be willing to sell their home for. If you are in the market to purchase a new home, consider offering people what you feel their home is valued at. You never know, they may have never considered selling until you came around and asked.
Historically Low Mortgage Rates
In an attempt to rejuvenate a housing market that made the entire economy crumble, mortgage rates are at a historically low rate. Depending on your financial standing, you can find rates as low as 3.7-percent that will add to you saving money on your mortgage. If you are looking for a new home, it’s best to take to your bank or financial institution to find out what kind of mortgage rates you may qualify for. The rates will presumably not drop below where they currently are, but you can find out what you qualify for at this point.
Highest Bidder Wins
There are many beautiful cities around the nation that have extremely hot real estate markets. This has caused many real estate moguls to go into home purchasing and offer all-cash payments to sellers. This is obviously a lot more enticing for those looking to sell, rather than the process of having to wait for a buyer to get a loan through a bank. The thing to remember is the area in which you are looking to buy your home. If you are in an area where real estate investing is high, you may be challenged by those who are able to out-bid you with better financial circumstances. Keep this in mind and find the homes that wont get you in these types of situations.