It's Only a Buyer's Market if You Buy!

We're all hearing it, reading it, seeing it on the news. There are some incredible deals out there today. But how do you know WHEN it's time to jump in, and when it's time to stay on the fence? Here are five ways to be sure you're making the most of this opportunity, no matter where you are.

1. Do Your Homework
Every market is different. And in the same city, some neighborhoods may have dozens of homes dropping in price, while sellers in other areas are holding firm. Find out what is on the market in the area you're interested in. Get an idea of how long the average property takes to sell. Compare asking price to sold price on recent sales. Your Realtor has these statistics available.

2. Look at Your Finances
The biggest bargain is no bargain if you can't afford to hold on to it. But if you know you're going to retire in five years and you've fallen in love with that home in the mountains with the incredible view, maybe now is the time to tap some retirement assets. Pay cash and rent the place out for a few years. You'll sleep nights without an adjustable mortgage hanging over your head. And you'll have the home of your dreams waiting for you - while adding that monthly rent check from the tenant to your retirement stash in the meantime.

3. Don't Stick to the Foreclosures
Many of the bank-owned homes were purchased at the top of the market, with low down payments and big mortgages. The banks are concerned with keeping their losses to a minimum. On the other hand, a seller who paid $100,000 six years ago and has to move can accept $150,000 today and still make a profit. And the developer with ten spec homes may be happy to sell one at cost and forget the profit he hoped to make on that lot.

4. Think Outside the Box
Maybe you can't afford to buy your ideal home right now. But you may be able to afford the lot today that was out of your reach two years ago. Take advantage of the opportunity to upgrade to that great location and start collecting house plans, instead of putting all your dreams on hold.

5. Don't Be Afraid to MAKE AN OFFER
When you've done all your homework and kicked all the tires, it's time to take the final step. In today's market, multiple offers are generally a thing of the past. Everyone's circumstances are different and there is no "rule of thumb" about how much a seller will come down. In the end, there's one final rule that sums up all the others - It's only a buyer's market if you BUY !

Looking for your dream getaway in the mountains of Murphy, North Carolina? Visit the country homes and land website to see all the latest listings.
Enjoy a preview of our scenic mountains in the YouTube video Murphy Mountain Nights