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Tips for Buying and Selling a Home in Today's Market

Posted Jul 29, 2009 08:00am EDT by Peter Gorenstein in Investing, Recession, Housing
Related: bac, wfc, tol, kbh, len, xhb, ^dji

More signs emerged this week the U.S. housing market is turning the corner.

So if you're in the market to buy or sell a house, here’s some advice from Dottie Herman, President and CEO of Prudential Douglas Elliman Real Estate - one of the country's largest and most well-known residential real estate companies.

Tips for Buyers:

  • Get moving. Especially if you're a first time buyer. The $8,000 ‘Home Buyer Tax Credit’ runs out at the end of November.
  • Do your homework.   Know the market before you make an offer. 
  • Make sure you qualify for a mortgage in advance.  Herman says, if you're a first time buyer look at FHA loans "because you can put as little as 5% down and your credit doesn’t have to be great."
  • Negotiate. And be sure to tell the seller about your positives.  For example, let it be known you have enough cash for a large down payment, which Herman says are often necessary these days to get a conventional loan.

Tips for Sellers:

  • Be prepared to bite the bullet. "If you want to sell you need to take your hit and be done with it and move on," Herman suggests.  Besides, it’s not all bad.  If you're looking to buy something or trade up you're likely to get a better deal on the other end.
  • Pay close attention to terms.
  • Get cash down.
  • Do a credit check on serious offers before going into contract.
  • Price it right. Herman says it’s possible that "if you price your home under the market today you might even have a bidding war."

 

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