With the economy picking up and the real estate market starting to boom, many of us are caught in a tough spot. Wanting to reach our goal of becoming home owners, only to realize that the price on housing is high and the inventory on affordable housing is low.
This is generally referred to as a sellers’ market, which means exactly what it sounds like. All the
negotiating power is in the sellers’ hands. This essentially leaves the average buyers hustling to find deals.
And once you find a deal, you have to be ready to move quickly, because of all the cash buyers waiting to make offers on anything in the market that is undervalued. And once a seller sees an all cash offer, it is very likely they will accept that offer, leaving the average buyer up a creek without a paddle.
So where does that leave the average working person? It puts many of us in a place where we have to get into bidding wars on properties that might not be worth as much as they are selling for. With these prices, many people will put themselves in a bad position.
The reason I stress all these different things is not to scare anyone away from buying a home, but to take the stress out of so many people that I have spoken to lately, who are worried that they will never be able to get into their dream home.
Real estate can be a very boom or bust business and the market always has its ups and downs so today might not be the best time to buy a home, but that doesn’t mean it will be that way tomorrow.
So if you are in the market to buy a home I want to make sure you are aware of all the things that you might be up against, so that you can arm yourself with information and put yourself in a position to be successful.
Information is a key to long term financial success, and by doing a little research you can find areas that might be more affordable and possibly offer special community grants or down payment programs. As always with a little hard work and education you can find a way to make your dreams come true.
At WLM Financial our goal and my dream is to teach people how to get in the position to be financially free, and with a little bit of hard work and endurance you can get there.