MiamiRealEstateKing

Move up buyers – take notice…

In arm, Distressed Sales, First-Time Buyer, florida, forclosure, foreclosure, government, Home Buyer, home sellers, lenders, Loan Originator, miami, miami beach, mortgage, real estate, Sellers, Short Sales, Tax Matters on January 8, 2010 at 5:00 pm

The move-up market has been quiet for several years now. With tough or even unavailable financing, inventory prices still dropping, and  unemployment making everyone jittery, it’s no wonder.

However, we are seeing many come out and buy that first home, which finally allows you to sell and move up to your dream home – which, coincidently, is now on the affordable block too.

Add to that the ability to take the $8,000 tax credit, easier financing at still super low rates, lower inventory and prices that are already bouncing around a bottom, and you have the perfect mix for the perfect time to move up to that dream home you’ve been waiting to buy.

What to watch out for? Watch out of properties remodeled in the last couple of years where Chinese drywall may have been used. For that and several other points, there is no substitute for a reputable home inspector.

In addition, you may still pick up great bargains in up and coming neighborhoods if you could just relax your requirements a bit and consider buying something that needs a little TLC.

Even if you look for that perfect home on that perfect street in that perfect neighborhood and wish to avoid the lengthy short sale process or dealing with competing offers on REO properties, there are more and more properly priced homes in great condition for sale in a non-distressed way to let you move up to your favorite new home, just in time for the next school year.

As a win-win goes, your ability to afford that bigger house will also allow buyers to pick up your property at their affordable level and make it their first home. Just don’t get too greedy in the process.

Pricing is still paramount and remember that the goal of selling your lower priced home to a first-time, dream buyer will allow you to fulfill your dream of owning that bigger home in that nicer neighborhood near that great school.

It is all about affordability and about letting others enjoy a piece of the American dream and your dream can often only be achieved when you let others achieve theirs. As Zig Ziglar would say: “you can always get what you want, if you just help enough other people get what they want”

So, what are you waiting for? Get your finances in order, prepare your income tax return early, check your bills, eliminate unnecessary expenses, pay-down credit cards (careful about closing accounts though. Reducing your credit limit may affect your ratios and you should consult with your mortgage professional or financial advisor first), figure out what you can afford, get pre-approved and speak with a professional Realtor (remember, not all real estate agents are Realtors – members of the National Association of Realtors who adhere to a strict Code of Ethics).

In particular (specially if you intend to buy a distressed property), choose a Realtor who is also a CDPE, specially trained in navigating the distressed property market.

Something else to watch out for and discuss with your Realtor is the process of buying if you need to sell and how to properly coordinate this so that you can minimize or eliminate the risk of owning two homes or loosing your dream home because you have not been able to sell your current home.

In short, tis the time for lots of digging, having professionals answer lots of questions and for choosing the right team of professionals to help you with your ultimate goal of buying your dream move-up home.

Your comments welcomed…  🙂

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