Are there really any advantages to a buyer’s market in real estate?

The real estate news on TV is bad. In fact the real estate news on the internet, in the paper and on TV is mostly bad.   Bad news gets ratings, clicks and sells papers.  The thing is, these news people, are keeping a horrible secret from you.  What they don’t want you to know is that if you have good credit, and don’t have a house to sell this is the best time to buy real estate in almost 30 years. 

Here are some advantages of a buyer’s real estate market.   Take it from a real estate expert, this is a good time to buy!

1) Inventory is up in neighborhoods leading to a price war:  It is the same old story of supply and demand.  Currently the supply is so great that sellers are forced to price their homes well below the competition just to get people to notice them.  Shop around and get a sense of what  fair market value is in a neighborhood. Chances are it is a lot less than it was 5 years ago.

2) Mortgage Rates are Down: Did you know that in the 80′s mortgage rates were up around 18%-20%.  Compare that to the today’s mortgage rates.  Right now you can lock in a 30 year fixed mortgage for a lot less, saving you lots of money.

3) There is a Huge Opportunity To Purchase ‘More House’:   If prices have fallen at the same rate on all homes in your market, the discount, measured in dollars, will be bigger for a more expensive house.    Say you’re in a $200,000 home and want to move up to a $500,000 home. Your cost of upgrading will be $300,000.  But if prices drop 10 percent, your current house is worth $180,000; the one you’ve got your eye on is worth $450,000. Cost to upgrade: $270,000.

 4) Hire a Buyer’s Agent to represent you:  ABC News is a genius! They say that  you should “make sure you hire a buyer’s agent who only represents you, and does not have any connection or obligation to the seller.”  Ellen and I at the Weiner Real Estate Group are perfect for that job.  We represent lots of buyers to make sure they get the deals they deserve.  It just makes sense to have someone working on your behalf.  Oh, and did  we mention that the seller pays the realtor commission not the buyer. 

Prices are low, mortgage rates are down, you can purchase way more house for your money now then you could have 5 years before and there are professionals available to help you make informed and good decisions.  What more are you waiting for!  Get off the couch time to start looking for your next dream house.

If you would like to get started buying or selling your Shaker Heights, Pepper Pike, Solon, Cleveland Heights or Chagrin Falls home please contact Ellen at 216-789-9368 or email Ellen@NoPlacelikeCleveland.com

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