The Real Estate market is picking up and so are prices.  If you are a Home Buyer, you worry about buying a home that once you move into becomes a money pit or nightmare of some sort.  Hopefully these tips will help you not make a bad decision!

Some facts from Trulia.com

• 75% of consumers say it’s better to buy a home now than it will be a year from now
• But only 1 in 3 consumers (32 percent) think it’s better to sell now than a year from now.

What do you get when you take this 2013 spring real estate recipe out of the oven? Housing inventory rates at a 12-year low, and a strong seller’s market.

1. Be Realistic and Aggressive.  The process of successfully buying a home on a market like today’s is laden with points at which every buyer must face the pain of some hard-to-swallow truths:
   • Truth: It might take longer to buy than you thought.
   • Truth: You’ll very possibly lose a few homes you love before you are successful.
   • Truth: Your home buying dollar might not afford you the mini-manse of your fantasies.
   • Truth: You might have to offer more than the asking price and compete with other buyers in order to make your home buying visions a reality.
2. Be Honest with Yourself.  Make sure the work that needs to be done is one you can complete or that you have the money set aside to hire a professional.  If you get caught up trying to do the work and you are not honestly “good” at it, it will come back to haunt you later.  Truthfully, if you do not do the work when you first buy the house you most likely won’t until you have to sell it.  You will get comfortable with the house and not want to deal with the construction mess.  Make sure you have the funds to fix it up or buy a home that is renovated.
3. Buy a Home That You Envision Living in for 5-10 Years.  Make sure you have enough room to grow a family or take-in an elderly parent.  A home is a long term investment so do not chose one based on what is perfect at the moment, but one that will be perfect for years.
4. Ask Questions.  Some homes have a Homeowner’s Association.  Try to attend one of these meetings before you buy a home in the neighborhood.  Also, read the contract!  Most people sign and never fully read the disclosures and addendums.  MAke sure to read them so that you know what questions to ask so that you get all of the information about the home and you are comfortable with the purchase.
5. Be Financially Prepared.  According to Trulia.com 18% of home Buyers wish they had put down a larger down payment on their home, and 16% wish they had been more financially secure before they bought a home.  So much of what we talk about in terms of financial preparations for home buying is about doing the bare minimum to qualify for the sort of home we want, in terms of saving up the minimum down payment that will allow us to afford to buy at our desired purchase price, getting our credit together and making sure we have all our documents lined up for a lender’s underwriter.  But none of these things actually solve for the regrets these former buyers express.  Keep a journal of your expenses and try to put the money aside each month that will equal your mortgage payment.  Don’t buy more than you can REALLY afford!

Hopefully these tips help!  If you are interested in receiving free emails that contain the newest home listings please contact me!  I am a licensed Realtor and Insurance Broker.