Guest Author - Katie Murphy

Spring and summer are prime home-buying seasons. For most areas, it is still a buyer’s market, which means lots of options. But, too many options often overwhelm and you don’t want to miss out on a great buying opportunity because there are TOO MANY choices.
It’s like going to a restaurant with a multi-page menu; the server has to come back to the table three or four times before a decision is made. And we all know, often you just settle because you are frazzled by the choices. Don’t settle on your home.
Smart buyers will buy this year. The housing market has slowed or declined in 2005 and 2006, in some areas late 2006 saw stabilization and in other areas, the stabilization is happening in early 2007. That means motivated sellers, which translates to perks for the buyers.
One of the worst actions you can take in a true buyers market is to take no action. If you wait until the market is fully in the rebound cycle, you will find the sellers taking valuable options off the table.
One of the first steps is to hire a buyer’s agent. The seller pays the commission, so hiring a buyer’s agent is one of the few times you can utilize the expertise of a professional at no cost. A real estate agent will keep you focused while researching the property and area to avoid over-paying.
The agent will provide comparable sales to you before you make an offer. This will allow you to understand the relationship between the asking price and the sales price. This provides a benchmark before you start to negotiate. Comparable sales are determined by sales in the last three months, maybe up to six months.
Don’t cut off your nose to spite your face. A buyer’s market does not mean sellers will give the house away. There are many factors involved in a seller’s decision, such as current cost to keep the house; job relocation; looming foreclosure; how badly do they want to move; will a few thousand dollars mean a lot to them; and what are the circumstances that prompted them to list the house.
On the other hand, don’t let the seller or the seller’s agent play games. If you make a good offer and it is rejected without a counter-offer, move on to the next property. Take advantage of the numbers of properties on the market and find the next home you love.
My last words of advice to you: 1. Decide if you are ready to buy a home; 2. Do a personal inventory to determine if you are ready; and, 3. If the answer to one and two are yes, jump right in. Find the right Realtor for you and buy a home at a bargain price.