Sorting Through Fact and Fiction when Buying a House
Given the current state of the economy and the housing market there are often many myths
circulating about the buying process. As a result, an increasing number of would-be buyers
have found themselves straddling the fence and wondering whether now is really the right
time to buy or whether they should hold off. The most important thing you can do when
considering whether now is the right time to buy a home is to make sure you have solid
facts at hand and realistic expectations. Although it might be your dream to own a home,
the process of buying a house is still the most important financial decision you will likely
make in your lifetime. As such, you owe it to yourself to sort out the fact from the fiction.
Perhaps one of the most common beliefs among prospective home owners is that buying a house
is always a good investment because their home will continue to increase in value. While this
might be true in some cases, it is not always true; a hard lesson many homeowners have learned
in the current housing market. Overall, if you plan to hold onto your home long-time it may
increase in value. At the same time, do not expect your home to significantly increase in
value over the short-term.
How much house should you buy? At one time, there was a common belief that you should push the limits
and buy absolutely as much house as you could afford. The problem is that this line of thinking landed
many people in financial difficulties in the last few years when the housing market crashed and
adjustable interest rates reset. The general rule of thumb now is that you should buy a home in
which you will be comfortable, but leave plenty of leeway in case there are troubles on the horizon.
When it comes to shopping around for a home, it is important to make sure that you take all of the
listing information presented to you with a grain of salt. Never simply take the word of the agent
that all of the information on the listing sheet is completely accurate. After all, agents are only
human and sometimes mistakes can be made. Make it a point to verify for yourself that all of the
information on a listing sheet is accurate or you might find yourself encountering some unpleasant
surprises in the future.
There is no doubt that searching for just the right home can be an exhausting, time-consuming and
emotional experience. If you've been looking for a home for some time; however, and you still have
not been able to find a home that seems perfect for you, it's possible you might have set your sights
too high. Far too often, many buyers have a tendency to be extremely picky when searching for the
ideal home. Finding the right home is often based on compromise. In most cases, you should not expect
to find a perfect home that has absolutely everything you want. To help avoid frustration, focus on
items that are absolute deal-breakers, instead of things that would be nice to have.
When shopping for a home in today's market, keep in mind that an increasing number of sellers and agents
are using staging in order to invoke an emotional response from buyers. While it is important to be able
to imagine yourself living in a home, make sure you have a realistic perception of the actual home and
not just the decorations and furniture that have been used to set the stage. Imagine your own furniture
and belongings in the home and then decide whether it still feels like 'home' to you before making a
final decision.
One of the most frequently agonized over decisions among buyers today is how much they should offer
on a home. This is particularly true considering the condition of the housing market. It is only natural
for buyers to wonder exactly how low a seller is willing to go on the listed price and to feel as though
they might have gotten a better deal if their initial offer is accepted without delay. Keep in mind that
even if your offer is snatched up by the seller, that doesn't necessarily mean that you offered too much.
Although you might have potentially been able to get a better deal if you had lowered your offer, you might
also have lost out. The key is to make sure that the offer you present the first time is one you are
comfortable with.
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