So, the First Time Home Buyer Tax Credit draws to a close. Hopefully, you found what you were looking for! If not, and I know there are a few of you that didn't, you may be asking yourself, "What do I do now"? Well, for starters, don't beat yourself up over not finding the home that's right for you. You need to be in love with the house you are buying - so don't run out and spend $150,000 just so the government will give $8,000! Properties will still be for sale on May 1 - many of them not on the market now, and others that have been sitting may be forced to finally lower their price to something the market is willing to pay.
If you've been looking for a while, now may be a good time to review what you are looking for. Now that you have been in houses and have a better feel for what you do and don't like - use this knowledge to narrow your list. You've driven through neighborhoods that perhaps you can now eliminate, home styles that just don't offer what you need, etc. It's OK to sit down with your REALTOR again and discuss your needs and wants - they do have a tendency to change. Now take this new list, and renewed energy and check out what's out there.
If you are just starting to look for a new home, there is plenty of inventory out there for you - at some of the lowest prices we have seen in quite some time. Interest rates are climbing but are still quite outstanding but these will not stay down for much longer. Everything we see points to an inflation of the rates - My best advice, is to talk to your loan officer and stay in contact with them. Know what the rates are doing on a weekly basis and adjust your schedule accordingly. Perhaps take a day off and schedule several properties in one search - REALTORS work Saturdays and Sundays and these are outstanding days to view lots of properties.
Make a list of you NEEDS and WANTS. (NOTE: These are two different things and should be on two separate lists) Meet with your REALTOR first, and have a discussion about these lists. Your REALTOR knows your market and can enlighten you what features you want are most common and which ones will cost you more. Most of all, stay focused and plan the process out all the way to close and beyond. With this you can better prepare yourself to manage any issues that arise - and there will be some.
On my next session of Getting Ready to Buy, we'll talk about Open Houses, Do's and Don'ts! In the meantime, if you have questions about buying or selling a home in the Cincinnati area, give me a shout at chris@chrisjwood.com
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