How to buy and sell a home in today’s market

Almost every day I find myself in a conversation with someone who asks: “How’s the real estate market?” My answer, frankly, is always the same: “I’m glad you asked because it’s a great time to buy or sell a home!” Lately, that answer has been met by surprise, even shock!

                       

After I tell that individual why it’s a great time to be in real estate, they realize the truth: as long as you are properly represented by a real estate agent who fully understands the current market, and you’re prepared to follow their advice, your experience will be a successful one!

So back to the original question: what can you do to successfully buy or sell a home in today’s market?

The best thing you can do is realize is that the market has changed.

A lot has happened since the boom days. We’ve seen a recession, which included a rise in unemployment, a drop in consumerism, and an entire realignment of the real estate and mortgage industries. Distressed properties (Foreclosure, Short Sale and Real Estate Owned or REO) dominated many local markets and clogged inventory, resulting in poorly priced homes sitting on the market for longer than expected. 

Buyers gained additional negotiating powers, and sellers have been creative about concessions in order to sell faster. While it’s not necessarily the right time to buy for everyone, I still find homeowners, or those seeking to own a home, are confusing market conditions with market opportunities. The market is what you make of it and how you approach the process of buying or selling a home.

Buying a home in 2011Buying a home is one of the biggest investments many families make, and you shouldn’t just jump into without considering a few factors:

Know your purchasing power. Lenders have wisened upsince the days when they were handing out loans without proof of income. Before you even start your home search today you should get pre-approved by a trusted lending professional.

Find a knowledgeable agent. In today’s market, you must hire someone who is knowledgeable, professional and ready to negotiate on your behalf. Interview a few agents before you decide, ask them what services they provide as a buyers agent, and what you can expect when you work with them exclusively.


Rick Patton is rated in the top 3% of real estate agents in Central Indiana.   Reach him at 317-702-2200   or   rick@IndianaRealtyOne.com