José July 17, 2008 Real Estate , Info-Buyers Views: 445 View Comments Print this post Send this post Copyright Jose Ramirez

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We are in a buyers market. This means that there is a housing inventory exceeds demand there is to it. Not only that, we are facing a housing and credit crisis that marks a very special way this buyers' market. First, the real property has lost value in an expedited manner and on the other, the criteria for grant funding have been tightened and interest rates have risen. Thus, while there is excess inventory, second, there are not many qualified buyers. This situation places the qualified buyer in a privileged position. Here are eight tips that will help you make the best decision when purchasing a home.

Decide how and where

1. Determine your budget. This is the time to sit down and see how much money accounts to pay your monthly mortgage. Be honest with you and set an amount you can comfortably pay each month. It also determines how much accounts for closing costs, for choice and improvement. With this you've established your monthly payment, your total initial contribution.

Then visit your banker and ask him to qualify. Based on your income and debts it will provide an estimate indicating the maximum amount that can fund and the monthly payment you have to do. However, I warn you: if under the standards of the bank determines that you can make a larger payment than you were given NO TE Be guided by the qualification. Calls for a second set to default payment for you, thus fund a reasonable amount for you and not to the bank, you will have money for options and you can also easily make the improvements you want.

2. Decide where you want to live. You know how much financing you can now choose which areas you like and where properties are the price you can afford. Do not let it be only the selling price of your determining factor. It is important to take into consideration other factors. Think about your lifestyle, on your needs and your desires. Makes it clear to you what is needed and why this is desirable.

An example:

I really love plants and nature but recognize that I have the time or the necessary willingness to care for a garden. I prefer to spend free time watching movies, hanging out with my family and share with friends. I decided to live in an apartment and have never regretted. For my work and I saved time and that means freedom for me is very important. We also decided to live in an urban area close to services, shops, schools, hospitals and public and private transportation. Do not depend on a car to live and that is important for me but, do not have to be for you. Everyone should evaluate your priorities before choosing a home.

You've determined a price you can afford, the type of home and neighborhood you want, you just have to select a home.

Take it easy but not forever

3. Take your time. Visit properties that meet the criteria you've established. Like I said this is a buyer's market, so you should expect good prices and wide selection. If you have a pre-qualification and have determined what you want, do not worry about losing a home that you like, real estate sales are slow and you're taking a very important decision under conditions that favor you.

Make a list of your favorite with its advantages and disadvantages, take it with you when you visit and keep updated properties.

4. Do not expect perfect house. The reality is that this does not exist, create it home residents. Back to your list, choose those that are closest to what you want and remove them so you do not like. Surely be very well similar to what I always wanted. Determines the cost of them as you like but do not try to charge the value of the improvements to the seller. The properties are usually sold "as is".

5. Decide and make an offer. Please make a selection from the three that you like and mold to your budget. Decide what is best for you and make an offer based on recent sales in the area. If the owner really wants to sell the Accepted, if you make a reasonable counteroffer Think of it. If you agree an offer to the second on your list and if you succeed with this is not the third. If your offers are reasonable (based on recent sales of similar properties in the area) must reach an agreement, but perhaps you're offering too little.

Analízate

6. If you find what you want is priced higher than you can comfortably pay review your budget or your priorities, but not get carried away by emotion and bind you to a monthly payment too high for you. There is nothing worse than buying guidance by emotion, only to realize after each payment is a punishment and that do not have no money to paint.

7. Meet the property market in the area that interests you. Compare sale prices with market values, I mean recently sold properties, these are the only true guide, the already sold.

8. Learn everything you can about real estate, financing, your neighborhood ... eliminates doubts as much as possible and your expectations of perfection ...