Buying Real Estate Panic = Regret + Loss of Money and possibly worse...

Everyone knows that when you buy something in a panic, without doing proper research, you create a lot of room for regret. Real Estate is just the same way except that this regret will result in wastes of money and a loan that you have to pay off monthly... OUCH!!

So what has caused the consumer to rush into real estate without proper knowledge and research? The examples are endless but some are the record low interest rate, rumors of the interest rate rising, tougher mortgage qualifications, rising home prices, and also the tax credit that is coming to a close.

Buyers are ready to plunge in immediately and many are AFRAID that if they don't act now they might miss their Real Estate opportunity.

The BIGGEST tip for any homebuyer in this market is to "buy the least of the best". What this means is to buy the cheapest house on the best street that you can AFFORD or possibly a smaller unit in the best condo that you can AFFORD. This way improvements made by neighbors will also improve the value of YOUR property. If the subprime crisis has taught us anything it is to invest in real estate that you can AFFORD.

To help you purchase a home with the least pain and panic as possible follow these easy steps:

1. Search for a Real Estate PROfessional who has experience and knowledge with the location and property type you value. Don't just go with the first professional you bump into.
2. Keep asking "Why?" the purpose of this is twofold. If you educate yourself you have more control over the situation AND if your agent can't answer "Why?" chances are you need a NEW agent.
3. Get to know the neighborhoods you want to live in, with each neighborhood there is a gradient of differing values.
4. Seek out a knowledgeable and reliable home inspector who can address the quality of construction and property devaluators.
5. Pre-qualify with a mortgage broker who can provide access to funds beyond traditional lenders.
6. Write down what you "need" and what you "want". These two are completely DIFFERENT things, by classifying what you really need you are able to cut down the costs wants that you might not need.

Credits to:
Realty Times - Prepare to Avoid Buying Panic

Thomas Feng, Realtor
Thomas.Feng@CBnorcal.com

Copyright 2010 by Thomas Feng, All Rights Reserved. You may reblog or republish with links back to this post.

* THIS ARTICLE WAS ORIGINALLY PUBLISHED AT http://www.SaratogaHouses.blogspot.com *