Timing Is Everything When It Comes To Buying Homes

The old adage that "timing is everything" especiallyto invest in. If you're passionate about an upscale
applies to buying a new home. And trying to be atarea - and on a budget - prepare to buy a
the right house at the right time and get it for thefixer-upper and invest some money in renovation.
right price can be tricky. Here are some guidelines toConversely, beware of buying a beautiful home in a
assist you:marginal area. You may not get your money back
- Turn to the real estate section of your Sundaywhen you sell.
newspaper. Monitor the market and tract home- Keep close watch on the fluctuating mortgage
prices. Expect to spend 90 days watching the realinterest rates. Low interest rates are the most
estate market through advertisements. Question andinspiring reason to buy property. Watch the rate of
investigate homes that are advertised month afterUnited States Treasury Bills. According to Sonny
month. Hard-to-sell properties could either be aBlock, well-known talk show hose and real estate
warning sign or simply overpriced for the value.author. T-bills are a sure way of predicting the rise
- When a real estate agent provides you withand fall of mortgage rates.
descriptions of homes currently on the market from- Also watch the national Discount Rate, the rate at
the Multiple Listing Service (MLS), ask for a list ofwhich banks can borrow money from the
homes that were on the market within the last sixgovernment. When the Discount Rate drops, banks
months or year in the same neighborhood. Comparepay less for borrowing the money and in turn reduce
asking prices to actual sales prices for the same typemortgage rates to the borrower.
homes.Predicting when a market is ripe for home buying is
- In addition to monitoring housing prices, learn tonot an exact science - even for real estate experts.
identify hot, up-and-coming neighborhoods byHowever, by following these simple tips - and staying
tracking selling prices from week to week. If oneon top of real estate trends, sales patterns and
neighborhood experiences price booms while otherinterest fluctuations, you are sure to get the best
house prices are sluggish, its' clear which communityhouse for your buck.