Patience is key in today’s market

 Tighter lending standards and general market slowdowns are changing the process of buying a home, but in ways that may surprise some buyers and sellers. 

 According to a Washington Post article (www.washingtonpost.com), lenders and appraisers are frequently determining home values higher than contract prices. Essentially, buyers are getting quite a deal on many of these homes, especially as properties sit unsold for a period, resulting in dropping prices. The valuation of a property is determined by comparable sales, comparable listings, statistical trends, special features, property locations, etc. For now, even as prices drop, the value of homes in many parts of the country remains steady.

 Everyone involved in the real estate market should remember that “more than half of the major housing markets in the country have yet to see prices drop,” according to a Money article (www.money.cnn.com). However, in slower markets patient buyers who are approved for a mortgage and have funds for a down payment may have their pick of available properties. There is less competition and better prices, generally, than during the recent housing boom. 

 The Money article also confirms that sellers need not despair. With some easy upgrades and a lot of patience, there is most likely a buyer out there for every property. Sellers may want to consider waiting to put their home on the market for a few months until the “panic phase of the mortgage crunch passes.” In the meantime, see http://blog.austinrealtypro.com/item/183868 for some great tips on making your home ready to sell in any market. 

The RealtyPro Team helps sellers, buyers, and investors with their residential real estate transactions all over the Greater Austin metropolitan area.  To search all currently available property listings, visit www.AustinRealtyPro.com/SearchAustinListings