If you are buying in 2013 here are some things that are happening now . So get your mind ready
1 If you are buying a foreclosure do not start ouot by thinking, "The bank should be happy to take..."
The Bank is not happy to take. In fact as 2012 progressed we saw an increased amount of multiple offer situations on foreclosures. Many going for more than asking. Are there still great deals? Yes. But you need to be realistic.
2 If your credit score is low or your income to debt ratio high you are not going to get a loan. It gets to be that simple today.When lenders are loaning under 4% they are going to be picky. So make it a point to get your scores up and your debt down
It is an incredibly great time to buy . Don't let it pass you by
If you are selling in 2013, get your mind ready.
Do not over price your home. Even if you find a buyer willing to pay you will fall down in the appraisals process. The numbers of deals that do not close where the buyer has 20 percent down and a good cr3edit score are staggering. While NAR has not broken down all the reasons, we all know that failure to appraise is a giant problem. So if you are selling be advised.
2 If you are selling make sure your home is in tip top shape. Do not think you can discount and let the buyer fix it. They do not want to.There are enough homes out there that they can buy that are move in ready that are priced well.
So as far as our mountain market is concerned I believe we wil see a big rebound in sales , a shortening of inventory and the subsequent rise in prices.