Real Estate Information Archive

Blog

Displaying blog entries 1-3 of 3

Should I buy in the Fall??

by Mark Rieger, Mark Rieger Realty

Everyone knows the spring housing market has a reputation for being the hottest time of year to Buy a home. But what if it’s not the smartest time to buy? According to RealtyTrac’s fifteen year analysis of over 32 million homes, fall is the time of year to Buy if you want to keep cash in your wallet. On average, buyers pay 2.6% below asking price for their home. That could equate to a savings of thousands depending on your purchase price!

Negotiating Power

Fall buyers also may have more negotiating power than their spring-time counterparts; desperate to Sell their houses before the holidays hit, sales prices drop around 2.96% on average from summer prices. Interestingly, listing prices stay the same, which suggests that buyers are able to bargain more during earlier months. This trend persists even though listings and competition, are down in the marketplace . Fall sellers need to Sell their homes quickly, and thus are willing to compromise in ways a more selective spring-seller would not consider.

Deals Deals Deals!

Shopping for a home toward the end of the year has other advantages as well. Black Friday sales are a great way to upgrade appliances and electronics in the home without breaking the bank. And with holidays looming toward the end of November and December, contract closing dates may go beyond the traditional thirty-day window to avoid closing on a major holiday. This can give you more time to pack, prepare and take some of the pressure off during busy times of the year.

If you’re looking for a home and are worried that you will need to wait until next spring, perhaps it’s time to reconsider. You might find a killer deal that would otherwise be impossible later in the year!

If you have questions or concerns about the home buying process, in the fall, or otherwise, give me a call today! 

Should I or Shouldn't I Buy That House?

by Mark Rieger, Mark Rieger Realty

There are a lot of things to consider when buying a home. Making a list of must-haves should be the first step in the home buying process, but what about those items beyond the “must-haves?” Once you’ve found a home you think you want to Buy, there are still some things you should think twice about before closing. Buyer’s remorse is real, and many new homebuyers find themselves facing its effects, and you don’t want to be one of them.

 

Consider these 4 things before signing on the dotted line:

 

  1. Is the home too expensive for you? The amount you can qualify for and what you can actually afford can really be two different amounts. You constantly hear about people being “house poor,” meaning that they spend so much money on their mortgage every month that they have little money for anything else. If this is your first home, it’s important to think about the expenses you haven’t had to pay while renting that you may incur when purchasing a home. There may be sacrifices that you have to make as far as your budget goes. Are you prepared to make them? Don’t establish your home buying budget on what your lender says you can afford. Center it on what you honestly know you can afford and stick to it.
  2. Is the location right? A good location should be toward the top of your list of “must-haves.” However, a good location doesn’t necessary mean it’s the right location for you and your family. Do you want or need space to play? Does the location make sense for your work commute? Are the schools in the location you want to send your children to? Do you want to be near stores and other conveniences or would you prefer to be closer to the suburbs? Are you part of an HOA, and are you okay with that? If you compromise on your location, give it serious thought.
  3. Are you purchasing the home with intent to Sell or refinance it within a short period of time?This was how so many people got in trouble and upside down in their homes in the first place – buying homes they couldn’t necessarily afford after the short-term financing terms changed, and assuming they would be able to Sell or refinance the house. If you are purchasing a home, and you’re not an investor or contractor, plan on purchasing a home you and your family could live comfortably in for at least 5 years.
  4. Are you unsure about your job security? While this economy can be unpredictable, and job security is becoming more and more a thing of the past, if you are trying to get into a home because you are concerned that an upcoming layoff might disqualify you for a home loan, maybe you should put off purchasing a new home until you are no longer concerned about an interruption of income. If you’re confident in your current career, can get work with another company easily, or have a large cushion of savings that could handle a temporary interruption of income, then proceed with the purchase. However, if you are seriously concerned about the short-term stability of your job, seriously consider whether purchasing a home is right for you.

Whether you are looking to Buy, or if you need to Sell, I am here to help you with all of your central Oregon real estate needs. Give me a call today..

The Role Of The Title Company

by Mark Rieger, Duke Warner Realty

A title company, sometimes known as an escrow company, has several essential responsibilities in the real estate transaction process. The title company is a neutral third party that performs the following duties:

  • Provides documents pertaining to the real estate transaction including the purchase contract and addendums;
  • Puts together an abstract of the property that explains in detail the location of the property, past owners, any existing property taxes owed, liens, and any other known issues on the property;
  • Maintains relationship with the mortgage lender, real estate agent, and attorney(s), to obtain the documentation necessary for closing the transaction;
  • Provides title insurance;
  • Handles financial transactions from all parties;
  • Ensures that all documents are signed by both parties at closing; and
  • Files the appropriate paperwork with the court.

In a standard sale, the use of a specific title company or escrow officer is negotiable between the homebuyer and seller and must be stated in the purchase contract. You want to look for a reputable title company that you can trust. Your real estate agent is a great resource for finding an experienced and trustworthy title company or escrow agent that will work with your best interest in mind.

Please give me call if you or someone you know is looking to either Buy or Sell real estate in Central Oregon. I am happy to help! Mark Rieger (541) 480-7441.

Displaying blog entries 1-3 of 3

Syndication

Categories

Archives