I think I'm ready to buy...where do I start?

The thought of starting the real estate process can be very daunting...both exciting and scary at the same time. The fact that you're even looking at this is a sign you are off to a good start, gathering information. People often begin by searching for online information, looking in real estate magazines and local newspapers and going to open houses to start getting a feel for the market.

Once the whole idea of buying or selling becomes more 'real' it's time to put together your team of professionals to help you through the process. The two key players essential from the beginning are your real estate agent and your loan officer.

1. Find a real estate agent who's simpatico. Homebuying is not only a big financial commitment, but also an emotional one. It's critical you choose someone who is both skilled and a good fit with you personally.
2. Find a loan officer who can advise...and deliver on time. While rates and fees are obvious places to start, don't overlook the importance of wise counsel and the assurance that the funds will be there to close on time.

Sounds easy enough, but how do you go about finding these professionals? It's critical you work with someone you can trust, so people often start by asking trusted friends and family for referrals...be sure to ask about their experience to see if it might be a good fit for you.

Here are some other ways people 'shop' for real estate agents or loan officers...

1. Visit with agents at open houses
2. Check out websites
3. Look in the newspaper or real estate magazines
4. Attend a seminar

You can start with either a real estate agent or a loan officer. Once you have found one you feel comfortable with, they can usually refer you to a trusted colleague to complete your team.

Questions? Good/bad experiences? Share your comments....

Window of Opportunity

An article from Realtor Magazine Online last week again reminded me of what a great time this is for people thinking about buying a home.

"Buyers, especially first-time buyers, with the combined benefits of seller flexibility and an unexpected drop in mortgage interest rates, have a window of opportunity. These conditions will persist in many areas until early spring when inventory supplies are likely to become more balanced."

Right now is a great time for buyers (I know, you've heard this one before!)...here's why. The winter season is usually the time of year with best values for buyers regardless of market conditions...fewer people are buying so sellers are more willing to negotiate and prices usually come down a bit. The flip side is that there are also usually fewer homes on the market so you don't have as many choices. Because of market conditions this year, not only are prices down but inventory is up so you also have the biggest selection in decades. The other surprise is interest rates...they unexpectedly dropped below 6% again. In December they have been down to 5.75% for a 30-year fixed mortgage (no interest rate increases for the life of the loan).

Interest rates historically low...inventory historically high...prices low...all mean the stars are aligned in favor of buyers right now. (And with our long winter nights we have even more time to see the stars!)

What makes this a real window of opportunity is the fact that prices are not expected to drop any more come spring...they're expected to rise again, albeit modestly. Interest rates are also expect to rise in 2007, forecast to reach 6.7% by year end...that's still historically pretty low, but also about 1% higher than it is right now.

All that said, if you're planning to buy this is a good time. But only you know if this is the right time for you...if it's not right time, it doesn't matter what the market conditions are. A doctor recently told me that our gut is our second brain, with the same weight of neurons as our brain. It's smarter than we realize...listen to it! If your gut tells you this is a good time for you to be buying, the current market conditions are opening a window to help you fulfill your dreams.

Read the whole article quoted above...
http://www.realtor.org/RMODaily.nsf/pages/News2006121101?OpenDocument

Starting my first blog...is this like buying your first home?

As I start this, my first blog, it gives me pause to think this must be something like people's first homebuying experience...so much to learn, I feel like I'm asking dumb questions, where do I start?! These feelings, and more, are what has prompted me to give blogging a try. I'll be learning about blogging, as you learn about buying a home.

I don't know about you, but I'm sick and tired of hype. My goal is to make this an honest, down-to-earth forum of information and inspiration for real people thinking about buying (or selling) a home...as well as sharing a little bit about me along the way. I hope we'll enjoy the ride!

By the way, I'm a Realtor living in Golden Valley, MN...helping people find their sense of place and fufill their dreams of home. My goal is always to help my clients figure out what is best for them at this particular time in their lives...which may or may not turn out to be buying or selling a home right now.

It's hard to believe this is the last weekend before Christmas. I had to insert a picture with snow, which is what we should be seeing...after all, we do live in Minnesota! Unfortunately, we are still snowless...I for one am ready for a good dose of the white, fluffy stuff!!