Locally, there is still a lower inventory, especially in homes under $180,000. The best homes (best condition at the best prices) go very fast. TIP: Get daily listings from your agent, drive by interesting properties quickly, and have your agent get you inside as soon as possible. If you like it, write an offer immediately or risk ending up in multiple offer situations or losing it before you have a chance to bid.
Interest rates remain attractive, but some lender programs are being modified to require either a larger down payment or larger ‘up front’ fees to go with 100% financing programs. Appraisals are also uncovering more issues with homes for sale and once a loan goes to the final underwriting process, it is not uncommon for even more issues to be raised. Lower income buyers in Livingston County gravitate towards the USDA Rural Development loans if they qualify, based on income. TIP: Work with a good lender to determine the very best loan instrument for you, provide them with everything they need to give you a firm pre-approval. This will prevent unpleasant surprises once you find that perfect house.
You can see that this advice is heavy on both the time and service issues. Do EVERYTHING that you can do to position yourself to move quickly in this market. I have no magical crystal ball, but while prices seem to be still trickling downwards, many are saying that the glass is half full – and getting fuller by the week. If that’s true, this is the time to buy. TIP: Work with industry professionals that are responsive to your needs and those that will have time for you. Part of that is being committed enough to the process to warrant their time commitment to you. Select one Real Estate agent to work with, and one lender, too. Get them the info they need to do the best job for YOU.
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