Jumping into the residential housing market can be scary for first-time home buyers as well as seasoned homeowners. Here in Worcester and across the nation, investors have made housing prices rise to unexpected levels and new development has been somewhat slow, creating fierce competition over the few residential properties currently available. While some people may be in a position to comfortably get into a new home, others may be on the fence over whether now is a good time to dive into the market.
Experts in the residential housing field recommend that buyers exercise some patience and wait out the rising home prices currently making the housing market an intimidating place. Noting that investors who are able to pay cash for properties are buying up many available homes, it is expected that more houses will become available for sale in the next year.
Though affordable, reasonably priced homes may show up on the market due to the circumstances of some sellers, experts believe that prices will remain high after investors move on to different markets though more homes will allow for less competition between interested buyers. Less competition may allow buyers to make more reasonable offers on homes that sellers are having more trouble to move.
While some buyers may want to keep alive their hopes of making residential real estate purchases and need to be prepared to see and make offers on properties as soon as those properties become available, other buyers will benefit from stepping back from the market, assessing their financial situations and waiting several months to a year until the market cools down. Waiting may help some buyers avoid getting in over their heads with expensive homes that they only purchased after heated bidding wars.
Whether buying now or waiting to purchase a home, legal real estate professionals are always available to assist prospective home buyers with reviewing purchase contract terms and negotiating contingencies in their purchase agreements. The housing market can be a frightening arena to maneuver, but with the help of professionals any home buyer can confidently get into the home of his dreams.
Source: Los Angeles Times, “Home shoppers advised to stay patient amid overheated housing market,” Lew Sichelman, August 9, 2013