There is no doubt it's a buyers market. Inventory levels have never been better, coupled with the best interest rates in years and you have the perfect synergy effect for home buyers. However, buyers beware just because you have the perfect conditions does not entitle you to unrealistic expectations. While this market gives you the opportunity to buy a house, it does not mean you get the Tasmajal on a Clampett budget (pre hitting oil).
While you might be able to afford more home, do you really need it? Will you use all those extra rooms? Do you have time to handle the landscaping and mowing or do you need to hire a lawn company and add more expense to your monthly budget? Majority of my business is helping guide first time home buyers through the process of purchasing a home and more importantly helping them figure out the important aspects of their lives and ensure their homes fits their needs.
One of my favorite sayings I tell people is "you cant change the lot, location or the layout" (ok with major renovations this can change). So dont always look at the cosmetics of the home, but rather does the location work for you, is it where you want to be? What about the lot? Lastly, does that layout give you goose bumps? Do you see yourself hosting a girls brunch on Sunday or having the guys over to watch the big game?
My job as an educator and as a licensed contractor is to help you see past those ugly cabinets and shag carpet that our grandparents had and turn it into a chic living space. Most my buyers often say but I barely have money for a down payment how could I possibly renovate a home? No problem when you work with an agent who has a passion for her profession. There are numerous different loan programs out there that can help make those renovation projects possible and you wont have two mortgage or payments.
If you are ready to purchase a home in the Orlando area and want an agent who is sought after for her knowledge by HGTV and will guide and educate you through the purchasing process call Heather the Realtor today at 407 810 6304 or email me at hjoubran@earthlink.net or better yet go to my First Time Home Buyers website and if you catch me online IM me.
Heather Joubran, GRI, NRBA, CLHMS, CDPE
RE/MAX Central Realty
www.HeatherTheRealtor.com (407) 810-6304
Specializing in First Time Home Buyers, Short Sales, Bank Owned Real Estate, REO & Foreclosure Properties
Servicing Real Estate Needs in: Lake Mary, Longwood, Winter Springs, Sanford, Altamonte Springs, Oviedo, Orlando, Downtown Orlando, Thornton Park, College Park, Winter Park, Maitland, Windermere, UCF, Lake Nona, Baldwin Park, Apopka, Ocoee & Winter Garden
Hi Heather !
I just had some first time buyers change their minds from looking at single family homes to now looking for condos or townhouses, because while viewing SFHs, they realized how much work the landscaping, snow removal, plantings and trimming etc would be ! They dont mind paying for the condo maintenance fee, they just hadnt realized how much work owning a single family home would take. A condo type home fits their lifestyle much better than they originally thought.
Luckily it sunk in before they bought a SFH and regretted it later.
Great points, I will certainly keep them in mind when talking to my first time buyers...
Cheers !
It's true what you say. . . Some buyers do want more for less. (Champagne taste on a beer budget!) Even though it is a buyer's market, there are limits. It's not always possible to find a house in the best condition for the lowest price. I agree buyers should look at a potential home as something they will be living with for awhile. I love your saying "you can't change the lot, location or the layout." But cosmetics, such as carpet and paint can be changed rather easily. In my experience, it the houses that look "fresh" that first-time homebuyers want.
Sheldon - I agree a lot of first time home buyers jump right into thinking they should have a home because that's what people tell them, glad they figured that out before purchasing.
Pamela- I agree most buyers go for the fresh look and sometimes sacrifice what they really want just because it looks pretty.
Heather,
Happy New Year. I'm still "pre hitting oil," just like the Clampetts! LOL
Mike in Tucson
Hi Heather:
Working with three...first time homebuyers. They are expecting a palace for under $250K...
Great post. We have a lot of that problem on our Real Estate side. I don't think as much as Florida though. Have a great 2009.
Terry Miller
Excellent ideas. I wish there was an easy way to inform buyers, especially first-time homebuyers, that even though it is a buyers market, there are enough buyers out there that making ridiculous, low-ball offers isn't going to get you a steal, but rather, cause you to lose the deal. Good luck to you in 2009!
Jessica - I agree but I hope through blogging and education it will help educate people out there.
Good post, with the current market it seems we all are running into the buyer who wants the world at .50 cents on the dollar!! With the press you really cant blame them so educating them on our part is defiantly a good step in addressing the problem. I enjoyed the read! Good luck in the new year!