A Buyer's Market. Tips for scooping up your next home.
Thursday, October 12, 2006
I received a mailer entitled, "On The House" by the Lessinger Team - some Reno/Sparks real estate professionals. I wanted to throw this thing in the trash just like I do with all of the other junk mail, but something caught my eye and I started to read.
The article on the front page gives some really good tips for buying a home in the current market. Here's a summary of the article:
Top reasons a buyer should buy now-
1. Low interest rates. The Lessinger team points out that interest rates are still fairly low - right now at ~ 6.375 for a 30 year mortgage.
2. Buyers now have more negotiating power. Higher levels of inventory = more choices.
3. More affordable homes. The average price of a home in Reno is now $355,000. It was $390,000 just a year ago.
4. The condo craze. More condos flooding the market = more options for home buyers. This may drive down the price of single family homes as well.
5. Negotiate interest rates. The Lessinger Team suggests that as a home buyer you can negotiate to have the seller pay closing costs or buy down the interest rate.
Some of these tips are obvious, but I hadn't even thought of #5 - Having the seller buy down the interest rate. I may just have to give these guys a call when I decide to scoop up my next home.
Check out the Lessinger Team.
posted by author @ 9:33 PM,
