Waiting for your chance to pay too much for a new home?

By
Real Estate Agent with CENTURY 21 MarketLink Realty MN Broker #20444572
http://actvra.in/phY

Shopping for a new home is a lot like Christmas shopping.  The best time to shop and buy is before the rush, while inventory is adequate and there is not too much competition for the most desirable stuff.  Wait until a week before Christmas to start looking for the hottest toy of the year, and you'll probably end up on eBay bidding a lot more than list price, and you still might not get what you want.

We are way past the part of the season when we complain that the retailers are rushing us.  The complaints about Christmas promotions coming too early are mostly forgotten.  It's just about panic mode.  The good stuff is gone and the sales we were waiting for have not materialized.   A month or so ago was a great time to shop, but we waited.  Now, the most sought after gift items are hard to find and overpriced.  There is plenty of less desirable stuff, but it's no bargain either.

This is your early call to avoid the big rush in home hunting.  It's not March yet, and you still have a chance to shop early.  If you want to settle for something that's not exactly what you want, or if you want to pay too much for your dream home, just wait.  Wait like you did to start your Christmas shopping.  Wait until spring, and then wait in line to submit your highest and best offer on a home that everyone is lining up to buy.

Yes, like the retail stores this week, there is and will be a lot of stuff for sale, even in March and April.  Most of it is not going to be the best property or the biggest bargain.  It'll be the stuff that has been picked over with the best and best-priced homes no longer available.

If you actually want to find the best Elko-New Market property at the best price, now is the time to get serious and begin house hunting.  Call me to reserve a time for a no obligation (honest) home buying orientation and strategy session.  It takes about an hour, and now is the time to take some action.   It will save you a bundle!

It's still possible to get a loan on a home with nothing down in many Scott County locations, but funding for this program is not unlimited.  There may be some spring home shoppers who are unable to get no money down financing.  Why wait until it's gone just so you can tiptoe through the tulips instead of sloshng through the snow to find a home?

 

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Re-Bloggged 11 times:

Re-Blogged By Re-Blogged At
  1. Dawn Maloney 12/18/2010 01:42 PM
  2. Todd Picconi 12/18/2010 02:22 PM
  3. Peggy Wester 12/18/2010 03:47 PM
  4. Gene Mundt 12/18/2010 04:01 PM
  5. Brad Rachielles 12/18/2010 09:19 PM
  6. Pat Tasker 12/18/2010 09:23 PM
  7. Chris Ann Cleland 12/19/2010 12:39 PM
  8. Cheryl Ritchie 12/20/2010 07:40 AM
  9. Tony Marriott 12/20/2010 09:26 AM
  10. Linda Coffey 12/20/2010 10:10 AM
  11. Rosemary Brooks 12/26/2010 04:45 PM
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Topic:
Home Buying
Location:
Minnesota Scott County Elko
Groups:
BananaTude
Bartender, Make it a Double
Minnesota Bloggers (Don'cha know)
"Whacked"!!!
Tags:
elko new market
house hunting
home buyers orientation
scott county
no down payment

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Rainmaker
1,143,238
Cheryl Ritchie
Southern Maryland 301-980-7566
RE/MAX Leading Edge www.GoldenResults.com

Oh, I love the Golden and the post, too. I say this a lot. Why wait until Spring when you compete and the rates go up? It relates to the same retail concepts. Good points!

December 20, 2010 07:38 AM
Rainmaker
894,800
Tony Marriott
Associate Broker, REALTOR
Haven Express @ Keller Williams Arizona Realty

Sounds like the housing market in Apple Valley MN must have stabilized - which is a very good thing.  Here in the Phoenix area market we're still digging our way through Short Sales and REOs, and will be for some time to come.

December 20, 2010 09:26 AM
Anonymous #23
Anonymous
Anonymous

While I don't think any one is really waiting for the prices to go up... the prices are going up, interest rates too -- so the big question is what are they waiting for!!

December 26, 2010 04:43 PM
Ambassador
1,042,155
Ellie McIntire
CDPE, Howard County Homes for Sale
Ellicott City Clarksville Howard County Maryland Real Estate

The buyers that wait for Spring will not enjoy the crazy interest rates that buyers today are getting. That in itself is a good reason to get out and buy.

December 26, 2010 04:56 PM
Rainmaker
427,188
E.J. "Mike" Carlier
Lakeville MN
CENTURY 21 MarketLink Realty

Gene, It seems that the vast majority of Americans believe that they must buy high and sell low, and they are willing to be patient for the opportunity.  Thanks for commenting.

Peggy, Thanks for re-blogging.  We can at least tell late buyers that they were warned :-)

Wendy, Monica, thanks for the posts.  Lets try to help as many early shoppers as possible.

David, I hope you bought an Apple.  They don't really go on sale, and they last forever.

Bryan, low inventory is not the worst thing that can happen to a market. Count your blessings and get your buyers to increase their offers while there's something left to buy.  Best of luck to you.

Gerald, exactly, interest rate changes usually affect payments more dramatically than price changes.

Brad, I appreciate the re-blog.  First time buyers who shop early will be rewarded in any market.

Steve, Carol, Christine, Chris Ann, Sophia, thanks for the comments.  It's hard to help buyers overcome their hesitation when they are hearing a lot of bad things about the real estate market.  They need to be helped to gain the confidence to understand that most of the bad stuff is a reason to buy now.

Cheryl, the Golden is Lindy, our first who has been gone quite a while.  she always took the best pics.  Lost her daughter, Blaze in July 2009 at age 16+.  Blaze was an agility dog, getting her final title when she was 15.  ...and then there's real estate.  We can all recite the four words to buyers, "I told you so."

Tony and Suzanne, are you still seeing substantial price drops month to month?  It takes around 10% of price drop to compensate for 1% of interest.

Rosemary, I think they're waiting for their landlord to go to Helsinki on his vacation.  Rents are going up too.

December 26, 2010 05:22 PM
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Rainmaker
427,188

E.J. "Mike" Carlier

Lakeville MN
Everyone has opinions -- what's yours?
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