House Hunting, Home Buyer in Northridge, OH

I'm getting frustated trying to find the house I really want. Is this the best time to buy now or should I wait for a while.?

Asked by House Hunting, Northridge, OH Mon Sep 21, 2009

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6
Sean Dawes’ answer
I read Hermes post and yes price reductions are there but if your a realtor you know that sales are not declining per say but price redcutions are more common. What is happening here is home owners with high DOM (days on market) are realizing they need to put their prices where the homes are selling at. We are seeing multiple bids on homes in todays market. It is not as bad as it is said to be. Yes prices are down from the peak of the market but everyone isnt slashing and slashing. They are just putting prices where they should have listed from day 1
0 votes Thank Flag Link Wed Sep 23, 2009
BEST ANSWER
Good morning, House Hunting!

There is no best time to purchase a home. Homes are on the market year round. You may have heard that winter is a bad time to purchase a home. I don't understand why. Homes are still being sold in the winter. During the winter months the motivated buyers are searching, which gives the sellers a better chance to sell their home if all the right factors are in place. When the nice weather rolls around, that's when the unmotivated home buyers begin looking for homes. The only exception is when it is a family searching and they do not want to interupt the school year for their kids.

How long have you been searching for a home? It should not be a long drawn out process. Your real estate professional should sit down with you and find out exactly, in detail, what you are looking for in a home. The more details the agent has, the better chances of finding a home for you.

You can start by making 2 lists yourself. List 5 MUST HAVES in your dream home on the first and then on the second, list your WANTS. The "wants list" includes items that would be nice to have in your home, but can live without if it is not included. For example, it would be nice to have a pool, but you can live without it. Your "must haves' list will include things that you definitely require in a home, such as 3 bedrooms.

These lists will make your search so much easier and less frustrating. Chances are greater in finding a home you like if this list is followed.

Compare this to grocery shopping. Let's say you are searching for cereal. There are hundreds of different cereals on the market. How do you find one to buy? I'm sure you have an idea what ingredients the cereal must have, which narrows down your search. Home buying is no different.

Hope this helps. Remember one thing: there is NO PERFECT home. If it has your 5 MUST HAVE items, you absolutely like the home and you feel comfortable in it, then it must be right.

Good luck!

Brigita McKelvie, REALTOR, e-PRO, GRI
Keller Williams Real Estate, Bethlehem, PA
Office: 610-867-8888 Direct: 610-393-9424
E-mail: brigita@brigitamklv.com
Web: http://www brigitamklv.com
Blogs: http://activerain.com/blogs/brigitam
0 votes Thank Flag Link Tue Sep 22, 2009
As a non-Realtor, I'd say wait. Prices in Philadelphia continue to decline. Don't believe me? Do a search on this site in your area code. Check "Price Reduced" in the left hand column and see what results you get. Sellers still have to come to grips with the fact that they are not going to get what their neighbors got 2 years ago. Don't overpay by $20,000 just to get a $8,00 credit.
0 votes Thank Flag Link Wed Sep 23, 2009
It all depends on what you are really looking for. Spring market should bring more inventory but like Bruce said the tax credit may or may not expire.

Are you finding homes you like in your price range but not in the condition you like? Or not finding any of the style you want?

The more info the better.


Sean Dawes
0 votes Thank Flag Link Mon Sep 21, 2009
Dear House Hunting...thats a personal question. The inventory is usually better in the spring. What we currently know the 8,000 credit is set to expire. it may or may not be renewed. However, you are likely making a long term investment and should carefully make your decision.
Another piece of sanity, it does take a while to get used to what "x" dollars buys. Once its yours, you can gradually make it what you want. If you are short term focused, you can likely rent a nicer place than you can buy for the same monthly cost. However, its not yours and the rents will eventually rise.

Good luck in your search and be sure to communicate all your frsutrations to your agent, that way the can more carefully select what to show you
0 votes Thank Flag Link Mon Sep 21, 2009
Hello!

Definitely great time to buy! And if you're a first time home buyer - there's the 8K Tax Credit up for grabs. Call your local Realtor and they'll be able to help you find what you're looking for. And best of all the service is FREE!

Tita Garcia
Keller Williams Realty Jacksonville
0 votes Thank Flag Link Mon Sep 21, 2009
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