Great Home Buying Tips and Traps.
You will learn a lot here if you read my Great Virginia Beach Home Buying Tips and Traps.
Are you one of the thousands that have been putting off the promise to buy a new home? Well you could not find a better time to buy with the interest rate gettting ready to start to rise and the thousands of foreclosure Virginia Beach homes on the market.
I will now list a lot of traps that you might be exposed to as you travel thru the treacherous home buying process.
Watch close now, here we go:
One of the most common traps we fall into, is the fact that we are sometimes told that now is your last chance to buy.
No question about it, now is a good time to buy but if you don’t find your Virginia Beach dream home right away, there will be many other chances. So never fear Tom Chambers is here to save the day. You definitely should not let a fear that this is your last chance to buy to muddy up the water. However if you decide to move now, move as quickly as you feel comfortable, since as we know the higher the interest rate travels, the less amount of house you may qualify to purchase. But if you have cash, as the interest goes higher, it slows down the other buyers and makes a much better deal for the cash buyer. So higher interest is good for some and bad for others.
Another trap we sometimes fall into is waiting too long. Let’s say we keep waiting around to see what the market is going to do and years later we are still waiting… waiting… waiting… you tell yourself that self.. if I buy now I may pay too much so you keep coming up with reasons to wait and never really get around to buying at all.
So bottom line is not possible to time the Virginia Beach real estate market in regard to ups and downs, so its best to make a buying decision based on whether or not you can afford to buy or whether you can afford not to buy. If you keep saving your money, to get a better downpayment, may give the prices time to rise more than the amount you have saved for downpayment. So sometimes its best to bite the bullet and make the purchase now and gain the appreciation that will occur in upcoming years.
Keep in mind that owning a home is not a picnic, no longer can you call the landlord when the heat pump malfunctions and the taxes and insurance can no longer come out of the monthly payment. Do you have the time to do the upkeep on a home, as no longer does that mean just cutting the grass, now it includes replacing the roof and other expensive items. Be careful and do not get pulled into the interest only loan, just to be able to buy more home. Many folks have been caught with their pants down when home sales drop and you have no eqity in the property to cushion the sale.. Since with a intrest only loan you have absolutely zero equity unless the market value goes up during the time of home ownership. when homes are selling slowly, its almost impossible to refinance a interest only loan as the value may not be there. Contact Tom Chambers for additional information on any Virginia Beach real estate that you might be interested in purchasing.
Tags: Virginia Beach Foreclosures, Virginia Beach Real Estate