Are you debating whether to take advantage of low home prices and big inventory this year? Before you jump into the property market, here are four tips to remember:
1. Be persistent. Though brokers say sellers are less desperate to move property than they were when the bubble burst, there are still distressed sellers out there and deals to be had.
"Because circumstances vary, you need to shop around and be aggressive," says Peter McCuen, head of New York and Miami brokerage Peter McCuen and Associates. "You never know who's in trouble."
2. Know when to buy. Long-term mortgage rates rose to 5.14% last week from 5.12% the week before, according to the National Association of Realtors, but are still lower than the 6.4% rate from this time last year. Existing home sales rose from 4.89 million units in June to 5.24 million units in July, outpacing the 4.99 million homes sold last July. It isn't a home bazaar anymore, and time and stats aren't on your side.
"Right now, they can get 10% to 15% off, but that's not enough for them," says Robert Dullnig, a broker with Kuper Sotheby's (Stock Quote: BID)