December 12, 2007

Mistakes Buyers Make in a Down Market

Mistakes Buyers Make in a Down Market

With plenty of homes on the market, prices falling and mortgage rates down, it appears to be a great time for house hunters. But even in a buyer's market, buyers can, and often do, make expensive mistakes.

You need to do your homework. Know your market!

While there are bargains to be had, it's not smart to buy on the cheap if prices in the area you're looking for are still falling. For instance, now might not be the time to make a purchase in one given city where more price corrections may be on the way. But buying a beach house now while sellers are looking to unload their properties before spring may be a good move.

For homeowners looking to sell their home, the forecast for the housing market is downright gloomy. Sellers should expect to see double-digit drops in home prices in many markets (not all!) over the next three years, with an average decrease of 28%, according to a Fortune magazine report.

Don't find yourself three years from now saying to yourself… we should have bought three years ago when the market was ripe. Or on the other side of the table… saying "we should have waited a while longer before we bought."

To know for sure about the Philadelphia real estate market, talk to us first. We're here to help you NOT get burned when buying real estate.

Remember, Philadelphia real estate is our specialty. If you're looking for real estate anywhere in the Philadelphia, PA area, including: Center City, Art Museum, Bella Vista, Northern Liberties, Old City, Queen Village, Society Hill, South of South, Washington Square West, Chestnut Hill, East Falls, Fishtown, Manayunk, East Mt. Airy, West Mt. Airy, Overbrook Farms, Roxborough, Spruce Hill, University City or one of the many other areas we serve, we'd love to help you find the home of your dreams. If you'd like to search for Philadelphia real estate now, just click the "Search for Philadelphia Real Estate" link at the top or bottom of this page.