Utah is among the best states in the nation! We enjoy low unemployment, large influx of new residents, and plenty of available housing! This is a great time to buy or sell in Utah!
* Inventory is excellent, offering many choices in many price ranges. Buyers can truly choose the perfect home!
* The housing market is experiencing price stabilization so buyers are getting better value for their money!
* It is estimated that over 41,000 people will be moving to Utah this year!
* Mortgage programs are plentiful for qualified buyers!
* FHA lending programs are available to more people, even in the Jumbo Loan market!
* Interest rates are historically low!
The market is growing and housing is needed! Buyers and sellers can find the market favorable right now!
This positive information was provided by a great mortgage officer:
Stevan Davis
Axiom Financial
801-836-5678
Wednesday, May 28, 2008
Wednesday, May 21, 2008
Waiting to buy might not be in your best interest!
Buyers: We’re in a buyer’s market! But history shows this market won’t last forever and some early implications are showing that it may be changing sooner than you think. Here’s why you may want to act now, before the market begins to adjust:
Fact #1: Affordability is increasing
Fact #2: Interest rates remain attractive
Fact #3: Many sellers are motivated
Fact #4: There are a lot of homes to choose from
Fact #5: Historically speaking, Utah real estate is a strong, long term investment
Why You May Not Want to Make the Mistake of Waiting:
Many buyers are sitting on the sidelines waiting for Utah real estate to “bottom out,” but doing so could cost you plenty in terms of higher housing prices and interest rates. Locally, Salt Lake City, according to an April 29 Forbes article entitled “Recession Proof Cities,” seems to be holding its own as well. The article notes, “A November 2007 report from the U.S. Conference of Mayors projected that Salt Lake City would be one of the few large cities in the country not to suffer a decline in gross metropolitan product from the mortgage crisis.” Furthermore, Lake City’s unemployment is among the lowest among the country’s 50 largest cities and it continues to create job growth in spite of national economic indicators.
What The Experts Are Predicting:
The National Association of Realtors is projecting that home sales will trend up this year. According to the national real estate organization’s April 8, 2008 market update report entitled “Existing Home Sales to Stabilize Before Upturn in Second Half of 2008,” “Little change is expected in existing home sales over the next few months, before improving notably during the second half of the year.” Lawrence Yun, NAR chief economist said the market will come into clear focus this summer, noting “Existing home sales could start to show a sustained increase within a few weeks, unless there are some additional economic problems or excessive inflationary pressure."
Early Implications Show That the Market May Be Changing:
While the stars remain aligned for buyers, in recent weeks there have been some noteworthy developments that could mean positive growth for real estate and a shift towards a more normalized, balanced market. According to an April 25, 2008 Realty Times article entitled, “Real Estate Outlook: Index Says Positive Growth Underway,” there are several implications that show real estate growth may be on the horizon:
• Applications for mortgages to buy houses were up again, for the second straight week, according to the Mortgage Bankers Association of America's national survey. Applications for FHA loans to buy houses jumped by 3.5% and conventional purchase applications rose 2.1%.
• The federal government reported that house prices nationwide stopped their slide between January and February – and actually increased by six tenths of one percent.
• Interest rates remain well under 6%, according to the Mortgage Bankers, with 30-year fixed rate loans last week averaging 5.74% and 15-year loans at 5.27%. The Federal Reserve is likely to knock another quarter percent off short term rates next week.
• Freddie Mac announced plans to pump up to 15 billion dollars into the "jumbo conforming" loan market.
A Good Market:
The bottom line is that this is a very good market for buyers but it won’t last forever. And while it is hard to predict when the market will officially “bottom out,” the only way you may do so is when it has begun to rise again. We are starting to see homes sell, largely in part thanks to a drop in home prices, attractive interest rates and a large number of homes from which to choose. All of these factors are changing consumers’ outlook on real estate.
Fact #1: Affordability is increasing
Fact #2: Interest rates remain attractive
Fact #3: Many sellers are motivated
Fact #4: There are a lot of homes to choose from
Fact #5: Historically speaking, Utah real estate is a strong, long term investment
Why You May Not Want to Make the Mistake of Waiting:
Many buyers are sitting on the sidelines waiting for Utah real estate to “bottom out,” but doing so could cost you plenty in terms of higher housing prices and interest rates. Locally, Salt Lake City, according to an April 29 Forbes article entitled “Recession Proof Cities,” seems to be holding its own as well. The article notes, “A November 2007 report from the U.S. Conference of Mayors projected that Salt Lake City would be one of the few large cities in the country not to suffer a decline in gross metropolitan product from the mortgage crisis.” Furthermore, Lake City’s unemployment is among the lowest among the country’s 50 largest cities and it continues to create job growth in spite of national economic indicators.
What The Experts Are Predicting:
The National Association of Realtors is projecting that home sales will trend up this year. According to the national real estate organization’s April 8, 2008 market update report entitled “Existing Home Sales to Stabilize Before Upturn in Second Half of 2008,” “Little change is expected in existing home sales over the next few months, before improving notably during the second half of the year.” Lawrence Yun, NAR chief economist said the market will come into clear focus this summer, noting “Existing home sales could start to show a sustained increase within a few weeks, unless there are some additional economic problems or excessive inflationary pressure."
Early Implications Show That the Market May Be Changing:
While the stars remain aligned for buyers, in recent weeks there have been some noteworthy developments that could mean positive growth for real estate and a shift towards a more normalized, balanced market. According to an April 25, 2008 Realty Times article entitled, “Real Estate Outlook: Index Says Positive Growth Underway,” there are several implications that show real estate growth may be on the horizon:
• Applications for mortgages to buy houses were up again, for the second straight week, according to the Mortgage Bankers Association of America's national survey. Applications for FHA loans to buy houses jumped by 3.5% and conventional purchase applications rose 2.1%.
• The federal government reported that house prices nationwide stopped their slide between January and February – and actually increased by six tenths of one percent.
• Interest rates remain well under 6%, according to the Mortgage Bankers, with 30-year fixed rate loans last week averaging 5.74% and 15-year loans at 5.27%. The Federal Reserve is likely to knock another quarter percent off short term rates next week.
• Freddie Mac announced plans to pump up to 15 billion dollars into the "jumbo conforming" loan market.
A Good Market:
The bottom line is that this is a very good market for buyers but it won’t last forever. And while it is hard to predict when the market will officially “bottom out,” the only way you may do so is when it has begun to rise again. We are starting to see homes sell, largely in part thanks to a drop in home prices, attractive interest rates and a large number of homes from which to choose. All of these factors are changing consumers’ outlook on real estate.
Friday, May 9, 2008
Crisis is over!
I don't think we were officially in a "crisis"! Yes, home sales have gone down, mortgage lending is tight, foreclosures are high, but it all is part of the cycle. There is some encouraging news. I found this article written for the Wall Street Journal and I agree with it completely.
I have included some quotes from the writer.
"The Housing Crisis Is Over"
By CYRIL MOULLE-BERTEAUX
Wall Street Journal Online
May 6, 2008
"For starters, a bottom does not mean that prices are about to return to the heady days of 2005. That probably won't happen for another 15 years. It just means that the trend is no longer getting worse, which is the critical factor...
The boom made housing unaffordable for many American families, especially first-time home buyers...
Prices got so high that people who intended to actually live in the houses they purchased (as opposed to speculators) stopped buying. This caused the bubble to burst...
Since then, house prices have fallen 10%-15%, while incomes have kept growing (albeit more slowly recently) and mortgage rates have come down 70 basis points from their highs...
Inventories are declining because construction activity has been falling for such a long time that home completions are now just about undershooting new home sales. In a few months, completions of new homes for sale could be undershooting new home sales by 50,000-100,000 annually...
Inventories will drop even faster to a seven months of supply – by the end of 2008. This shift in inventories will have a significant impact on prices, although house prices won't stop falling entirely until inventories reach five months of supply sometime in 2009. A five-month supply has historically signaled tightness in the housing market...
More home sales and smaller price declines means fewer homeowners will be underwater on their mortgages. They will thus have less incentive to walk away and opt for foreclosure...
A milder house-price decline scenario could lead to increases in the market value of a lot of the securitized mortgages that have been responsible for $300 billion of write-downs in the past year. Even if write-backs do not occur, stabilizing collateral values will have a huge impact on the markets' perception of risk related to housing, the financial system, and the economy...
Nonetheless, housing led us into this credit crisis and this recession. It is likely to lead us out. And that process is underway, right now."
I have included some quotes from the writer.
"The Housing Crisis Is Over"
By CYRIL MOULLE-BERTEAUX
Wall Street Journal Online
May 6, 2008
"For starters, a bottom does not mean that prices are about to return to the heady days of 2005. That probably won't happen for another 15 years. It just means that the trend is no longer getting worse, which is the critical factor...
The boom made housing unaffordable for many American families, especially first-time home buyers...
Prices got so high that people who intended to actually live in the houses they purchased (as opposed to speculators) stopped buying. This caused the bubble to burst...
Since then, house prices have fallen 10%-15%, while incomes have kept growing (albeit more slowly recently) and mortgage rates have come down 70 basis points from their highs...
Inventories are declining because construction activity has been falling for such a long time that home completions are now just about undershooting new home sales. In a few months, completions of new homes for sale could be undershooting new home sales by 50,000-100,000 annually...
Inventories will drop even faster to a seven months of supply – by the end of 2008. This shift in inventories will have a significant impact on prices, although house prices won't stop falling entirely until inventories reach five months of supply sometime in 2009. A five-month supply has historically signaled tightness in the housing market...
More home sales and smaller price declines means fewer homeowners will be underwater on their mortgages. They will thus have less incentive to walk away and opt for foreclosure...
A milder house-price decline scenario could lead to increases in the market value of a lot of the securitized mortgages that have been responsible for $300 billion of write-downs in the past year. Even if write-backs do not occur, stabilizing collateral values will have a huge impact on the markets' perception of risk related to housing, the financial system, and the economy...
Nonetheless, housing led us into this credit crisis and this recession. It is likely to lead us out. And that process is underway, right now."
Thursday, April 24, 2008
Home Sales Are Down
"Home Sales are DOWN"
It is the big news today. We hear it daily on every news broadcast. I heard another quote today that home sales in Utah are down 40%! Compared to WHAT??
I am looking at the real numbers. When I look at our Wasatch Front Regional Multiple Listing Service statistics I can see the actual numbers. Yes, when we compare home sales to the first quarter of 2007 then we are down about 40%. But when I look at home sales for the first quarter of 2004, we are down only by about 10%.
Homes sales for fourth quarter in UTAH COUNTY
(winter months/end of year):
Fourth Quarter for 2004 was 1,362
Fourth Quarter for 2005 was 1,703
Fourth Quarter for 2006 was 1,746
Fourth Quarter for 2007 was 952
Homes sales for the first quarter in UTAH COUNTY
(Winter months/beginning of year):
First Quarter for 2004 was 1,017
First Quarter for 2005 was 1,204
First Quarter for 2006 was 1,481
First Quarter for 2007 was 1,518
First Quarter for 2008 was 901
It is not 'doom and gloom' as the news likes to make us feel! Back in 2004 we were not hearing news about homes sales dropping by 40%. We thought the market was just fine. Then beginning in late 2005 we had an amazingly large increase of home sales that lasted over the past two years. Now when we go back to 'normal' home sales like we had in 2004, the media wants us to believe that we are in a recession. It is just not so.
I have posted home sales for Utah County. I would also like to mention that in Salt Lake County the number of homes sold in the first quarter of 2004 was 2,837 and the first quarter of 2008 was 2,284 (which means Salt Lake County is only down by less than 3%). Also, in Weber County the home sales in the first quarter of 2004 were 691 and in the first quarter of 2008 it was 697 (that is an INCREASE!)
As I have shown here some of the home sales are down slightly from the 2004 numbers. But we have to consider all of the bad press, the problems with mortgage loans, home sales in other States, and being an election year. Once we look at ALL of the statistics we can be assured that the housing market is stable. Buyers are buying and sellers are selling!
It is the big news today. We hear it daily on every news broadcast. I heard another quote today that home sales in Utah are down 40%! Compared to WHAT??
I am looking at the real numbers. When I look at our Wasatch Front Regional Multiple Listing Service statistics I can see the actual numbers. Yes, when we compare home sales to the first quarter of 2007 then we are down about 40%. But when I look at home sales for the first quarter of 2004, we are down only by about 10%.
Homes sales for fourth quarter in UTAH COUNTY
(winter months/end of year):
Fourth Quarter for 2004 was 1,362
Fourth Quarter for 2005 was 1,703
Fourth Quarter for 2006 was 1,746
Fourth Quarter for 2007 was 952
Homes sales for the first quarter in UTAH COUNTY
(Winter months/beginning of year):
First Quarter for 2004 was 1,017
First Quarter for 2005 was 1,204
First Quarter for 2006 was 1,481
First Quarter for 2007 was 1,518
First Quarter for 2008 was 901
It is not 'doom and gloom' as the news likes to make us feel! Back in 2004 we were not hearing news about homes sales dropping by 40%. We thought the market was just fine. Then beginning in late 2005 we had an amazingly large increase of home sales that lasted over the past two years. Now when we go back to 'normal' home sales like we had in 2004, the media wants us to believe that we are in a recession. It is just not so.
I have posted home sales for Utah County. I would also like to mention that in Salt Lake County the number of homes sold in the first quarter of 2004 was 2,837 and the first quarter of 2008 was 2,284 (which means Salt Lake County is only down by less than 3%). Also, in Weber County the home sales in the first quarter of 2004 were 691 and in the first quarter of 2008 it was 697 (that is an INCREASE!)
As I have shown here some of the home sales are down slightly from the 2004 numbers. But we have to consider all of the bad press, the problems with mortgage loans, home sales in other States, and being an election year. Once we look at ALL of the statistics we can be assured that the housing market is stable. Buyers are buying and sellers are selling!
Tuesday, April 22, 2008
1955
Comments made in the year 1955:
"I'll tell you one thing, if things keep going the way they are, it's going to be impossible to buy a week's groceries for $20."
"Have you seen the new cars coming out next year? It won't be long before $2000 will only buy a used one."
"If cigarettes keep going up in price, I'm going to quit. A quarter a pack is ridiculous."
"Did you hear the post office is thinking about charging a dime just to mail a letter?"
"If they raise the minimum wage to $1, nobody will be able to hire outside help at the store."
"When I first started driving, who would have thought gas would someday cost 29 cents a gallon. Guess we'd be better off leaving the car in the garage."
"Kids today are impossible. Those duck tail hair cuts make it impossible to stay groomed. Next thing you know, boys will be wearing their hair as long as the girls."
"I'm afraid to send my kids to the movies any more. Ever since they let Clark Gable get by with saying 'damn' in 'Gone With The Wind,' it seems every new movie has either "hell" or "damn" in it.
"I read the other day where some scientist thinks it's possible to put a man on the moon by the end of the century. They even have some fellows they call astronauts preparing for it down in Texas."
"Did you see where some baseball player just signed a contract for $75,000 a year just to play ball? It wouldn't surprise me if someday they'll be making more than the president."
"I never thought I'd see the day all our kitchen appliances would be electric. They are even making electric typewriters now."
"It's too bad things are so tough nowadays. I see where a few married women are having to work to make ends meet."
"It won't be long before young couples are going to have to hire someone to watch their kids so they can both work."
"Marriage doesn't mean a thing any more; those Hollywood stars seem to be getting divorced at the drop of a hat."
"I'm just afraid the Volkswagen car is going to open the door to a whole lot of foreign business."
"Thank goodness I won't live to see the day when the Government takes half our income in taxes. I sometimes wonder if we are electing the best people to congress."
"The drive-in restaurant is convenient in nice weather, but I seriously doubt they will ever catch on."
"There is no sense going to Atlanta or Memphis anymore for a weekend. It costs nearly $15 a night to stay in a hotel."
"No one can afford to be sick any more; $25 a day in the hospital is too rich for my blood."
"If they think I'll pay 50 cents for a hair cut, forget it."
Do you remember the year of 1955?
"I'll tell you one thing, if things keep going the way they are, it's going to be impossible to buy a week's groceries for $20."
"Have you seen the new cars coming out next year? It won't be long before $2000 will only buy a used one."
"If cigarettes keep going up in price, I'm going to quit. A quarter a pack is ridiculous."
"Did you hear the post office is thinking about charging a dime just to mail a letter?"
"If they raise the minimum wage to $1, nobody will be able to hire outside help at the store."
"When I first started driving, who would have thought gas would someday cost 29 cents a gallon. Guess we'd be better off leaving the car in the garage."
"Kids today are impossible. Those duck tail hair cuts make it impossible to stay groomed. Next thing you know, boys will be wearing their hair as long as the girls."
"I'm afraid to send my kids to the movies any more. Ever since they let Clark Gable get by with saying 'damn' in 'Gone With The Wind,' it seems every new movie has either "hell" or "damn" in it.
"I read the other day where some scientist thinks it's possible to put a man on the moon by the end of the century. They even have some fellows they call astronauts preparing for it down in Texas."
"Did you see where some baseball player just signed a contract for $75,000 a year just to play ball? It wouldn't surprise me if someday they'll be making more than the president."
"I never thought I'd see the day all our kitchen appliances would be electric. They are even making electric typewriters now."
"It's too bad things are so tough nowadays. I see where a few married women are having to work to make ends meet."
"It won't be long before young couples are going to have to hire someone to watch their kids so they can both work."
"Marriage doesn't mean a thing any more; those Hollywood stars seem to be getting divorced at the drop of a hat."
"I'm just afraid the Volkswagen car is going to open the door to a whole lot of foreign business."
"Thank goodness I won't live to see the day when the Government takes half our income in taxes. I sometimes wonder if we are electing the best people to congress."
"The drive-in restaurant is convenient in nice weather, but I seriously doubt they will ever catch on."
"There is no sense going to Atlanta or Memphis anymore for a weekend. It costs nearly $15 a night to stay in a hotel."
"No one can afford to be sick any more; $25 a day in the hospital is too rich for my blood."
"If they think I'll pay 50 cents for a hair cut, forget it."
Do you remember the year of 1955?
Monday, April 21, 2008
New Area Code
New 385 Area Code For Utah
On July 11, 2007, the Utah Public Service Commission issued an order approving the deployment of a new area code for use in the area presently served by the 801 area code.
The new area code, 385, will provide additional telephone numbers that are necessary to support the growth in Utah residents, telecommunications service providers, available telecommunications products, and additional lines.
The new 385 area code will cover the same geographic area as the existing 801 area code. In general, the introduction of the 385 area code will affect residents in the following counties: Davis, Morgan, Salt Lake, Weber, and Utah.
When will the new 385 area code become effective?
As early as March 29, 2009, new telephone numbers will be assigned with the new 385 area code.
What will change as a result of the new area code? Specifically, how will telephone dialing change?
The way customers dial a local call will change; customers will be required to dial 10 digits for all local calls, whether the telephone number they utilize is in the 801 area code or the new 385 area code.
So, when will customers be required to use this new dialing arrangement?
Permissive 10-digit dialing begins June 1, 2008 and ends March 1, 2009. During permissive dialing, calls can be dialed with either 7 or 10 digits.
Mandatory 10-digit dialing begins March 1, 2009. After this date, calls dialed with 7 digits will not go through. The caller will get a recorded announcement instructing them to hang up and dial their call with 10 digits.
What will not change as a result of the new area code?
Customers with existing 801 area code telephone numbers will HAVE NO CHANGE to their area code or telephone number.
Local calling areas will remain the same; the price of a call, coverage area, or other rates and services will not change. In other words, if it is presently a local call, it will still be a local call without any toll charges.
Customers can still dial just three digits to reach 911 and 411.
What should I do to ensure that my home telephone service continues to operate smoothly?
You may want to do some of the following things to make sure your calls will complete as dialed:
If necessary, reprogram equipment such as automatic-dialers, fax machines, and computer modems before mandatory dialing begins.
Be sure everyone in your household is aware that 10-digit dialing for all local calls will be required.
On July 11, 2007, the Utah Public Service Commission issued an order approving the deployment of a new area code for use in the area presently served by the 801 area code.
The new area code, 385, will provide additional telephone numbers that are necessary to support the growth in Utah residents, telecommunications service providers, available telecommunications products, and additional lines.
The new 385 area code will cover the same geographic area as the existing 801 area code. In general, the introduction of the 385 area code will affect residents in the following counties: Davis, Morgan, Salt Lake, Weber, and Utah.
When will the new 385 area code become effective?
As early as March 29, 2009, new telephone numbers will be assigned with the new 385 area code.
What will change as a result of the new area code? Specifically, how will telephone dialing change?
The way customers dial a local call will change; customers will be required to dial 10 digits for all local calls, whether the telephone number they utilize is in the 801 area code or the new 385 area code.
So, when will customers be required to use this new dialing arrangement?
Permissive 10-digit dialing begins June 1, 2008 and ends March 1, 2009. During permissive dialing, calls can be dialed with either 7 or 10 digits.
Mandatory 10-digit dialing begins March 1, 2009. After this date, calls dialed with 7 digits will not go through. The caller will get a recorded announcement instructing them to hang up and dial their call with 10 digits.
What will not change as a result of the new area code?
Customers with existing 801 area code telephone numbers will HAVE NO CHANGE to their area code or telephone number.
Local calling areas will remain the same; the price of a call, coverage area, or other rates and services will not change. In other words, if it is presently a local call, it will still be a local call without any toll charges.
Customers can still dial just three digits to reach 911 and 411.
What should I do to ensure that my home telephone service continues to operate smoothly?
You may want to do some of the following things to make sure your calls will complete as dialed:
If necessary, reprogram equipment such as automatic-dialers, fax machines, and computer modems before mandatory dialing begins.
Be sure everyone in your household is aware that 10-digit dialing for all local calls will be required.
Tuesday, April 15, 2008
Take The Stress Out
Here are the top ten ways to take the stress OUT of homeownership!
Buying a home should be fun, not stressful. As you look for your dream home, keep in mind these tips for making the process as peaceful as possible.
1. Find a real estate agent who you connect with. Home buying is not only a big financial commitment, but also an emotional one. It's critical that the REALTOR® you chose is both highly skilled and a good fit with your personality.
2. Remember, there's no "right" time to buy, just as there's no perfect time to sell. If you find a home now, don't try to second-guess interest rates or the housing market by waiting longer - you risk losing out on the home of your dreams. The housing market usually doesn't change fast enough to make that much difference in price, and a good home won't stay on the market long.
3. Don't ask for too many opinions. It's natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of your immediate family - the people who will be living in the home.
4. Accept that no house is ever perfect. If it's in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go.
5. Don't try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to "win" by getting an extra-low price or by refusing to budge on your offer may cost you the home you love. Negotiation is give and take.
6. Remember your home doesn't exist in a vacuum. Don't get so caught up in the physical aspects of the house itself - room size, kitchen, etc. - that you forget about important issues as noise level, location to amenities, and other aspects that also have a big impact on your quality of life.
7. Plan ahead. Don't wait until you've found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.
8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be costs. Don't leave yourself short and let your home deteriorate.
9. Accept that a little buyer's remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big financial commitment. But it also yields big benefits. Don't lose sight of why you wanted to buy a home and what made you fall in love with the property you purchased.
10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home's most important role is to serve as a comfortable, safe place to live.
Buying a home should be fun, not stressful. As you look for your dream home, keep in mind these tips for making the process as peaceful as possible.
1. Find a real estate agent who you connect with. Home buying is not only a big financial commitment, but also an emotional one. It's critical that the REALTOR® you chose is both highly skilled and a good fit with your personality.
2. Remember, there's no "right" time to buy, just as there's no perfect time to sell. If you find a home now, don't try to second-guess interest rates or the housing market by waiting longer - you risk losing out on the home of your dreams. The housing market usually doesn't change fast enough to make that much difference in price, and a good home won't stay on the market long.
3. Don't ask for too many opinions. It's natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of your immediate family - the people who will be living in the home.
4. Accept that no house is ever perfect. If it's in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go.
5. Don't try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to "win" by getting an extra-low price or by refusing to budge on your offer may cost you the home you love. Negotiation is give and take.
6. Remember your home doesn't exist in a vacuum. Don't get so caught up in the physical aspects of the house itself - room size, kitchen, etc. - that you forget about important issues as noise level, location to amenities, and other aspects that also have a big impact on your quality of life.
7. Plan ahead. Don't wait until you've found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.
8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be costs. Don't leave yourself short and let your home deteriorate.
9. Accept that a little buyer's remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big financial commitment. But it also yields big benefits. Don't lose sight of why you wanted to buy a home and what made you fall in love with the property you purchased.
10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home's most important role is to serve as a comfortable, safe place to live.
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