davies top 5 tips: how to buy real estate in a declining market

1
DAVIES TOP FIVE TIPS How to Buy Real Estate in a Declining Market: 1. Determine when and if it will be best for your tax situation for you to buy real estate. Talk with your CPA about your tax liability and how it can be changed with owning real estate. In our experience, only about 40% or less of potential property buyers do this before buying property. 2. If this is will be your home, visualize your upcoming move, and determine when the timing is best for your personal circumstances. Consider factors like your health and upcoming plans for the year. 3. Shop for your loan in advance. You will be more credible as a buyer if you have the means to buy in place before shopping. 4. Watch “sold” real estate activity in the community. This is important for buyers to do because it can give an indication of the expectation that sellers (and their agent) will have when reviewing your offer. 5. Resist the temptation to grieve yesterday’s lost deal. You can only buy the property that is available today, not yesterdays and not tomorrow’s. If it seems like a good deal, it probably will look like an opportunity to many other buyers. Trust yourself and your agent, and act on it! Better to be the buyer in 1 st position with back-up offers behind you, than competing in a pool of desperate multiple offers (yes, multiple offers happen in all market conditions). DAWNA DAVIES • Davies Company Real Estate • [email protected] www.DaviesCo.com

Upload: dawna-davies

Post on 14-Jul-2015

206 views

Category:

Real Estate


1 download

TRANSCRIPT

Page 1: Davies Top 5 Tips: How to Buy Real Estate in a Declining Market

DAVIES TOP FIVE TIPS How to Buy Real Estate in a Declining Market:

1. Determine when and if it will be best for your tax situation for you to buy real estate. Talk with your CPA about your tax liability and how it can be changed with owning real estate. In our experience, only about 40% or less of potential property buyers do this before buying property.

2. If this is will be your home, visualize your upcoming move, and determine when the timing is best for your personal circumstances. Consider factors like your health and upcoming plans for the year.

3. Shop for your loan in advance. You will be more credible as a buyer if you have the means to buy in place before shopping.

4. Watch “sold” real estate activity in the community. This is important for buyers to do because it can give an indication of the expectation that sellers (and their agent) will have when reviewing your offer.

5. Resist the temptation to grieve yesterday’s lost deal. You can only buy the property that is available today, not yesterdays and not tomorrow’s. If it seems like a good deal, it probably will look like an opportunity to many other buyers. Trust yourself and your agent, and act on it! Better to be the buyer in 1st position with back-up offers behind you, than competing in a pool of desperate multiple offers (yes, multiple offers happen in all market conditions).

DAWNA DAVIES • Davies Company Real Estate • [email protected] • www.DaviesCo.com