Thursday, January 10, 2008

Buying a Home in Humboldt County

Whether you are a first time home buyer or a seasoned Real Estate investor, buying a home can be a stressful event. In 2008, one of the things you may be wondering is should I buy a house now? The answer is YES!

Buying in Humboldt County, California
1. Prices are falling.
On the whole prices are coming down from the previous years. Because homes are staying on the market longer and there is less competition to buy homes, Sellers must reduce their prices. also, gone are the days of buying a Home "AS-IS". Sellers are willing to negotiate on repairs.
2. Interest rates are low.
As of this posting (1/10/2008) Interest Rates for Buyers with good credit and full documentation on loans are BELOW 6%. The key is to have good credit and good income.
When money is cheap, it's a good time to buy!
3. Inventory is high.
Although, inventory isn't as high as it was a few months ago, it is still very high, so buyers have more homes to choose from. As prices fall, that house you want that was just out of your price range is liable to fall into your lap. but don't expect miracles, it's rare to find a house that will fall $100,000 in price, unless you're looking at high end real estate.
4. Fewer Buyers.
Fewer Buyers equals more competition to sell a home. These are favorable buying conditons that lead to...
5. Sellers that are willing to negotiate.
When there is more competion to sell homes, Sellers that are motivated will work with a Buyer, from the time the initial contract is signed to negotiation of repairs that are discovered during your inspection time frame (17 days, more to come on this in a later posting).
6. When the Investors are out that means its a good time to buy.
Blood is in the water, so to speak, and the Savvy buyers are coming out of the woodwork. These are experienced investors who were waiting around for these types of conditions. Investors are looking mainly at Houses priced in the 200K range. They may not be complete dumps
How many times have you heard "buy low and sell high"? That's what these investors are looking to do.
If you have any questions about the buying process call me at 707-616-3456.
Of course email works too: andy@azalearealty.com
If you'd like to browse the MLS for homes for sale click this link