Real Estate Checklist - 6 Great Ideas To Help Seniors Purchase Real Estate
A real estate checklist can help prepare seniors for buying or selling their homes
. The real estate market in the United States is still a very large one. At over six trillion dollars, it is larger than all other industrialized nations. Nearly 70% of U.S. citizens live in their own homes, which is also a larger percentage than most countries.
One of the biggest reasons why so many Americans own their own homes is due to the mortgages granted to companies, such as Fannie Mae and Freddie Mac.
Fannie Mae and Freddie Mac have been responsible for providing government sponsored, low interest mortgages for mostly middle class families in the U.S. since the late sixties and early seventies, respectively. Both companies have acquired loans that were previously issued to banks and savings and loan companies. Their mortgage backed securities have made them favorites for home buyers for over 40 years.
A few years ago after the housing bubble collapsed, buying new real estate has been seen as increasingly risky, due to unexpected fluctuations of interest rates. Seniors, who are searching for properties can find some excellent deals, but it is much more difficult to sell houses under the current volatile market changes.
Real Estate Checklist - Some Tips for Seniors to Find Good Deals
Seniors can get good deals on real estate if they are patient. You need to have a plan in place before you start scanning the newspapers, or getting into a car and checking the local area for those "For Sale" signs.
Try these tips:
Find Desperate Buyers - Every checklist should include this tip. When people desperately need money, they are more likely to accept lower offers. One way to locate a desperate buyer is to find houses that have been listed for a long time. These owners are more likely to accept a slightly lower offer.
Look for Houses That Have Promise - When searching for a new home, you might find imperfections. In addition, the area might not be that great, but it seems to be improving, or the house needs some necessary repairs. You should look at these situations as possible opportunities to get some great deals.
Expect Some Rejection - Buying and selling a home is a business transaction. Not every deal goes down, and there is always negotiation involved with a new home. So, you should expect to have some buyers or sellers reject your offers. Persistence is sometime the key, and seniors need to be patient during these times, and it's better to have a good friend or family member to help you negotiate.
Great Time to Buy - As winter turns to spring; you can find some great bargains around the country, especially places that have extreme winters. Not many homes get sold during the winter months in these places, and as soon as the weather breaks and the grass turns green again, real estate signs can be found everywhere.
Christmas week and Christmas Day are also great times to buy a home. Most people are out shopping for gifts for their family, but that doesn't usually include a home. December home sales are usually the lowest out of any other month of the year. Hardly anyone is looking for homes during Christmas week until New Year's Day. You will also find many desperate sellers at this time.
Try Not to Use Listing Agents - Listing agents are hired to get the best possible deals for the seller. So, if you are looking to buy a new home, you are better off trying to deal directly with the owner.
List Prices are Not Final Prices - When you see any listed price, this is only the price that the owner hopes to receive. This is the starting price for bargaining, and you are buying a home and not a ticketed item from a department store.
Therefore, you should come down to a price that is much lower than the final price that you can afford, and hopefully, you can start dealing from there.
Real Estate Checklist - Conclusion
Purchasing a new home is usually a tedious process that takes time and patience. Seniors should use these real estate checklist ideas in this article to make the process much easier.
by: Carrie Roberts
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