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Keys To Buying Real Estate In 2008

Wow! How the market has changed from even just 2 years ago. In our Boise Idaho real estate market, buyers and sellers have swapped spots and now it is the buyers who have the upper hand and the power. I know this is a similar situation across the country.

If you are looking to buy a house, now is the time to make that equity leap. You know, that chance you get every once in a while to really get ahead. With so many sellers out there looking to get rid of a property, you are bound to find a good deal and we are not even talking about short sales and foreclosures yet. You still do have to be careful that you don't over pay for a property. If you are not familiar with the market numbers you can end up with the short end of the stick.

Many buyers just don't know what has and is happening with the market numbers in their area. In some places, you would be very surprised what "market value" of a property really is. Almost everything "sounds" like a pretty good deal because of where the values where 2 years ago, but if you don't know your stuff, you might just end up in hot water. The average buyer is still overvaluing properties by about 5%. For a $400,000 house, that is $20,000 that you could over pay if you don't have the numbers to back up your offer.

Bottomline, make sure you get a professional, experienced, buyer's agent to help you. Even if you are working to buy a for sale by owner or an unlisted property. It is going to be worth any commissions that you are going to have wrapped into the price. Plus, your agent should handle the transaction from accepted offer to close. That is very important too, of course.

Keep your eyes peeled for homes that are priced right on the money. Even if you don't get them to drop their price based on your offer, if they are priced right and you like the house, don't worry about paying their price. These are hard to come by, they are out there too.

I would really recommend checking out the foreclosure-short sale market first. There should be plenty to look at and you can really make the equity leap if you can get one of these approved through the lender. Again, this is another reason to make sure you have a professional buyer's agent at your side with short sale experience.

Overall, buying is fun right now. Lots to choose from and many great deals. Don't sit and wait until the market turns back around. Buy when buying is good. That time is now.

Happy House Hunting!

Ben Janke is a Boise Idaho Real Estate Broker/Owner with 5 years of real estate experience in the Boise Idaho real estate market and surrounding areas. Visit Vizions Real Estate's state of the art website to sell a home, buy a home, compare communities, compare schools, and learn about the local market by clicking here Boise Idaho Real Estate.

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