Today’s New Housing Market, Part 2 of 3: Buying
CNN Money just did a 3 part series on “smart strategies for buyers, sellers and owners” in today’s new market. Part 1 was on Selling and now I’ll talk about Buying. I still haven’t found that crystal ball have you?
Low mortgage rates, low inventory, more consumer confidence, all this is creating a huge change in Steamboat Springs real estate. According to the CNN Money article, Mark Fleming, CorelLogic’s chief economist is still a little nervous about our housing boom: “Two thousand thirteen and 2014 are going to be transition years” I’m assuming he means that during these years we will be transitioning away from being terrified to cautiously optimistic? Excited? I don’t know but things are looking up and I still haven’t found a crystal ball to read the future.
If you are a buyer in these new times, here are some suggestions from CNN Money:
– Hop to it. “Don’t waste time with a low-ball offer.” Times are changing. Here in Steamboat Springs, there’s so little to buy in some categories, you better know the market and be comfortable putting your best foot forward. Every market is different; find an educated realtor who knows what’s going on so you KNOW what price you should be offering.
- Steamboat Springs Real Estate is Booming Video
– Be flexible about closing. Maybe the seller wants a really quick closing of a delayed close date? It’s an easy way to make your offer look better if you are flexible.
– Get pre-approved and talk to a mortgage person now. Shop around and spend the time. The loan industry has changed and they are trying to adapt to the changing market conditions, just like we are, so shopping and negotiating can be worth your time.
We’ll see what the future brings. I’m off to find that dang crystal ball and see about Part 3.