Before you buy….

Everyone says this is a great time to buy, but is it?  Prices are low, and so are interest rates.  So far, so good.  But there’s more to consider before you get out there and put an offer in.

1.  How long do you intend to stay in your home? In today’s market, you can’t expect to move in a couple of years and get your money out.  There are closing costs when you sell, which can add up to almost 10% of the sale price.  That means your property will have to appreciate by that amount just to break even when you sell.

2.  The ‘new world’ of lending requirements: Lending requirements have changed dramatically in the past couple of years.  You probably already know that lenders aren’t handing money out like they used to.  On the other hand, FHA programs are available that can really help first-time buyers.  And believe it or not, there are still a few ‘zero down’ lenders out there.  Contact me if you’re interested in finding out more about that.

3.  Have fun on the web, and get educated! Surfing the web to look at properties has never been easier and you can get a great education as you look around online.  This website can familiarize you with Seattle’s neighborhoods and properties for sale.  You can also fill out the “Send me Seattle homes NOW” form and you will receive emailed properties as soon as they come on the market.

4.   Get a good agent! Because the buying public doesn’t really know what a real estate agent does, agents may appear more or less the same to you.  ALL AGENTS ARE NOT CREATED EQUAL!!  Most active agents have an online presence.  Check potential agents out online, read about them.  Contact a few and ask for references.  Call their references!!  When you meet with a potential agent, ask questions to find out how they work and what they will do for you.  Make sure they are prepared to be YOUR agent – get a written agreement that spells out the relationship – agents have these available for you.  Ask them how they would deal with short sales/foreclosures, and ‘for sale by owner’ properties. (FYI – if you walk into a new development and talk to an on-site agent, you are talking to the SELLER’s representative, who is there to make sure the SELLER’s needs are met).

You can contact me with any questions or to chat about how we might work together to help you find your next home.