9 tips for homebuyers and sellers in 2009
In residential real estate, 2009 arrives much the same way that 2008 did: via a rocky road with deepening potholes. While more homebuyers are swooping in and picking up great deals, and sales are slowly increasing in many markets, the ongoing excess inventory of foreclosed homes continues to depress the market.
While potential buyers are getting very low mortgage rates, they also are facing much tighter credit standards and demands for significantly larger down payments. And we haven’t even started absorbing the financial fallout from adjustable-rate mortgages, slated to ratchet up in 2009.
Tips for homebuyers
1. Cash is the new king
2. Negotiate extras … and more extras
3. Start a down payment fund
4. Determine your own home buying budget
5. Clean up your credit score
6. Research equals savings
7. Don’t overlook neighborhood issues
8. Watch for foreclosed-property inventory to loosen
9. Look for other looming opportunities
Tips for home sellers
1. Price correctly from the get-go
2. Fix earlier pricing mistakes
3. Looks do matter
4. Don’t overdo it
5. Don’t be an ambiguous seller
6. Be an energy miser
7. Know all of your options
8. Become a landlord
9. Hold fast: Don’t sell in a panic
…more…