Residential Realities September 2012
September 27, 2012: Game Changers--An Essential Group of Players Takes the Field
What I Did on My Summer Vacation
With the real estate market overheating, this summer was more about work than play. The urgency of now ruled, with sellers choosing from multiple bids and buyers losing out, just like the old days. Not surprisingly, it didn't take long for all the bad habits of the last decade to show up. With low inventory artificially hyping up the market, buyers are being forced to make large economic decisions in haste. No matter how devastating the consequences of the real estate crash might have been (and still are for many holding real estate they can't sell), the co-op and condo feeding frenzy seems to be well under way.
Into this mix, we find the first time home buyer. With interest rates at historic levels, the lower end of the market is finally shaking off the recession. I am finding new buyers to be better informed through Internet research, but still lacking in knowledge of the basics. As simple as a home purchase might be, most first time buyers don't know what to expect once the offer is accepted.
The Process in Ten Steps
I have put together an eBook entitled “From Contract to Closing”, as a transaction road map, intended to assist the first time buyer on the journey from accepted offer to the closing table. Transactions are rarely trouble free these days, but at the very least, the first time buyer will know what to expect and have a better chance of avoiding problems. Remember, stay ready, so you don't have to get ready...