Buying any piece of property is a substantial investment on your part. Which is why, it is important to go through a few crucial checks and check out a few things before you put your money where your mouth is. Below are some tips from Realtor marketing which can steer you in the right direction.
1. Always do your due diligence
Never be so greedy as to jump into any deal. See into the backgrounds and the fine prints associated with any particular deal. Read the laws and tax codes of that particular suburb or locality and act accordingly. Making hasty decisions would never be a great idea and would more often than not, go against your interests.
2. Location & fieldwork
The old property maxim still holds true. But that doesn’t mean inner city rules. You want a property that delivers what you need now, or enough of what you need that you’re happy to compromise for longer term capital growth. Be very clear about what matters to you: access to major roads; public transport; shopping or entertainment hubs; schools; cultural diversity.
It might be time to buy. In many cases, rents are rising faster than home values, yet mortgage rates remain low. That, and the fact that renters now account for 37 percent of households (the highest level in 50 years), seem to indicate an imminent coming-out party for renters-turned-buyers, especially if they plan to stay put for five to 10 years after buying.
4. Sellers and buyers
Know the state of your market: An equilibrium in the housing market is defined as one with an average inventory of 6.5 months, according to Texas A&M University Real Estate Center research. When inventory remains below equilibrium, sellers enjoy more control over prices and terms, and the area becomes a seller’s market.
5. Look for the upside
Cooler periods in the housing market can be windows of opportunity, so it’s worth keeping an eye on interest rate and market trends. Some locations are hitting the bottom of a pricing cycle, so there are bargains to be had.