The Summer of 2012 is here and the real estate market looks like it will be a challenge for buyers. Why? The inventory is extremely low and investors are still trying to grab the best deals for themselves.
Home Buyers have had a pretty good time in the last 3-4 years as we have seen prices dropping, more homes on the market and homebuyer’s credits from the government. But all that has changed as of the Spring of 2012. Prices are heading up in most cities of the Inland Empire. Inventory of homes for sale is shrinking and there are no more homebuyer’s credits.
So what should a buyer do? Well, with interest rates hovering around 3.75% which is amazing, I say buy if you can! First and most importantly, get approved for a loan. The interest rates are low but will your credit score allow you to get that good rate? Find out first and then when you have your approval letter in hand – find a Buyer’s agent! A Buyer’s agent will be working for you. If you see a sign and call on it then you will be dealing with the Seller’s agent. That agent has a signed contract with the Seller not with you – they represent the Seller. So why not have someone represent you?
Just like a Seller will interview several agents before choosing one, a Buyer should do the same. Go to Open Houses, ask friends and family, research online. Sit down and talk to Buyer’s Agents and ask questions. Find out if you are a good match – does the Buyer’s agent get you? It’s important that they do, after all you will be working with this agent for 2-6 months or more, so choose wisely. A good Buyer’s Agent is worth it!