Mistakes Buyers Make in a Down Market

Mistakes Buyers Make in a Down Market

With plenty of homes on the market, prices falling and mortgage rates down, it appears to be a great time for house hunters.  But even in a buyer's market, buyers can, and often do, make expensive mistakes.

You need to do your homework.  Know your market!

While there are bargains to be had, it's not smart to buy on the cheap if prices in the area you're looking for are still falling.  For instance, now might not be the time to make a purchase in one given city where more price corrections may be on the way.  But buying a beach house now while sellers are looking to unload their properties before spring may be a good move.

For homeowners looking to sell their home, the forecast for the housing market is downright gloomy.  Sellers should expect to see double-digit drops in home prices in many markets (not all!) over the next three years, with an average decrease of 28%, according to a Fortune magazine report.

Don't find yourself three years from now saying to yourself… we should have bought three years ago when the market was ripe.  Or on the other side of the table… saying "we should have waited a while longer before we bought." 

To know for sure about the St. Louis real estate market, talk to us first.  We're here to help you NOT get burned when buying real estate.