Housing Market?

[anger]

I am finally ready to buy a home but I am not sure if I should wait until the spring where I will have more selection or jump in now. Will the prices go up again by the spring or will they drop? Of course my agent is telling me to buy now because it's best time but I think we are in for a market correction in the housing market. All suggestions are welcome!

 

[lagavulin]

If all the $$$ is in place ... buy now ...... you'll just blow it on booze and escorts over the winter

 

[Mr Bates]

If all the $$$ is in place ... buy now ...... you'll just blow it on booze and escorts over the winter

:great:

 

[Blackrock13]

This is good time to buy as money won't get cheaper for the near future. It's also a great time to visit homes 'with inspectors in hand', especially on or after a rainy day as flaws in the foundation will show up as will drainage problems should the property have lots of landscaping or exterior renovations.

If you needed a mortgage in whole or in part get pre-approval on it.

 

[lagavulin]

.... Of course my agent is telling me ......

BELIEVE NOTHING A REAL ESTATE AGENT TELLS YOU.

At best it is a starting point for your own questions to get your own independent answers.

DO NOT sign a representation agreement if you are a buyer. This crap locks you into them for no reason. If you are a seller and need a listing agreement that is different.

DO NOT let your agent handle both sides of the deal.

DO NOT use a home inspector, lawyer, contractor that your agent says is a buddy of his. They will have a deal, they will want the sale to close, they will not look out for you. Get your own professionals.

Once there is an offer every agent wants the deal to close more than to negotiate. This is where everyone ends up with a conflict of interest with their real estate agent and needs to be very strong so as not to be manipulated. Let me illustrate with some simple math.

An agent will put approximately 2% of the sale price into his/her own pocket (This is not the total commission paid, I'm talking about what the agent gets, and yes, the splits with the other agent and the brokerage vary but this is a ball park).

So on a $400,000 downtown condo the agent is looking to pocket $8,000.

Now suppose you and the seller are $10,000 apart. Your agent's cut of the that is $200.

Your agent is faced with, get you to cave and make $7,800 for himself, or risk getting nothing. That's why the agent will always try to beat down their own client. To you its $10,000 to him its $200 and he would rather give up the $200 and close the deal.


Remember the Golden Rule - "He who has the gold gets to make the rules". As the buyer you have the gold, you set the rules.

 

[Nothingtodo]

BELIEVE NOTHING A REAL ESTATE AGENT TELLS YOU.

At best it is a starting point for your own questions to get your own independent answers.

DO NOT sign a representation agreement if you are a buyer. This crap locks you into them for no reason. If you are a seller and need a listing agreement that is different.

DO NOT let your agent handle both sides of the deal.

DO NOT use a home inspector, lawyer, contractor that your agent says is a buddy of his. They will have a deal, they will want the sale to close, they will not look out for you. Get your own professionals.

Once there is an offer every agent wants the deal to close more than to negotiate. This is where everyone ends up with a conflict of interest with their real estate agent and needs to be very strong so as not to be manipulated. Let me illustrate with some simple math.

An agent will put approximately 2% of the sale price into his/her own pocket (This is not the total commission paid, I'm talking about what the agent gets, and yes, the splits with the other agent and the brokerage vary but this is a ball park).

So on a $400,000 downtown condo the agent is looking to pocket $8,000.

Now suppose you and the seller are $10,000 apart. Your agent's cut of the that is $200.

Your agent is faced with, get you to cave and make $7,800 for himself, or risk getting nothing. That's why the agent will always try to beat down their own client. To you its $10,000 to him its $200 and he would rather give up the $200 and close the deal.


Remember the Golden Rule - "He who has the gold gets to make the rules". As the buyer you have the gold, you set the rules.

Impressive advice Laggy :great:.

 

[RAWD]

Remember the Golden Rule - "He who has the gold gets to make the rules". As the buyer you have the gold, you set the rules.

This is the best advice. Everything is up for negotiation in a deal. Don't accept any term, condition or dollar as a given.