A “buyers’ market” is just what it implies - a market in which buyers have the advantage and exploit it.  It’s not a market that rewards foot-dragging, hesitation or indecision.

Unfortunately, all the factors that created the buyers’ market we have today have been reported so negatively and rampantly by various media outlets that buyers are themselves too spooked to even enter the fray.  Strangely, people were buying like crazy during the previous sellers’ market, when the advantage was actually all to the sellers.

That’s when buyers didn’t fear paying too much, and now that prices are so low and inventories so high, suddenly buyers DO fear paying too much!  However, it’s impossible to purposefully time the market to buy at the bottom and sell at the top. 

Once the market begins to settle and subsequently improve (and it will), the amazing buying opportunities we’ve been seeing will begin to disappear.  With decreased buying activity now, pent up demand for homes will explode when the market recovers, and buyers will once again be competing for the best homes. 

Don’t rely on luck in the marketplace - rely on planning.  Make a careful decision with a predictable outcome.  Has the market dropped enough, right now, to make such a purchase?  Absolutely!  Forget about the top and the bottom and enter your “safe zone” with confidence.

If you are in need of real estate guidance, please feel free to contact me.  I will be happy to share my knowledge with you at no cost or obligation.  If you prefer, email me at donkingsley@kingsleyrealestate.com.

For any number of reasons, more people than ever are downsizing these days.  Whether it’s reduction in income, reduction in family size, or just a desire for easier living, smaller homes are becoming more attractive.

There are challenges associated with downsizing, but experience has taught some valuable lessons that you may find useful.  Once you’ve decided to sell, start the moving process immediately.  Your home will even show better once you’ve begun packing things away.  As you decide what to keep, consider donating unwanted items or holding a yard sale.

Solicit family members for help, and see how many belongings might be passed along to family and friends.  After all, they say that charity begins at home, right?

You can also “digitize” paper records with a scanner, saving them on your computer, or using an online storage service for an added layer of security.  Just be sure electronic versions of certain records are legally acceptable.

If you’re still left with a lot of furniture and accessories, you should strongly consider including such items in the listing for your home.  First-time buyers may be particularly attracted to such an offering, saving them time and money on furnishing their home, and expediting the entire transaction.

These tips may help you downsize, but of course, any move presents its challenges.  Speak with an experienced professional today for more advice.

If you are in need of real estate guidance, please feel free to contact me.  I will be happy to share my knowledge with you at no cost or obligation.  If you prefer, email me at donkingsley@kingsleyrealestate.com.

Your REALTOR® may not write your home loan, but that’s who will probably be there when you begin discussing mortgage options.  Knowing some of the nuts and bolts before you start your home search can help you find the right loan.

Factors affecting your terms are the amount, the length of the loan, and the loan-to-value ratio (how much of the home’s value you are financing).  Larger loans carry more risk to the lender, so the interest rate may be higher.

Similarly, a smaller down payment represents more risk, possibly warranting a higher interest rate.  Get the best rate by putting down as close to 20% as possible.

The difference between a 15- and 30-year loan is also critical.  Payments for a shorter term will be larger, but you’ll build equity much faster, and enjoy a slightly lower interest rate.

Also understand the workings of an adjustable rate mortgage (ARM).  You need to be fully prepared for what may happen to your payments after the first adjustment.  However, something like a 5/1 ARM (a fixed rate for five years and an adjustment each year thereafter), could be a good idea if you’re buying your first home and don’t plan to stay longer than five years.

Discuss your hopes and objectives with your REALTOR®, who can help guide you down the road to homeownership.  He or she will be able to get you in touch with a mortgage consultant to assist in the purchase of your home.

If you are in need of real estate guidance, please feel free to contact me.  I will be happy to share my knowledge with you at no cost or obligation.  If you prefer, you can email me at donkingsley@kingsleyrealestate.com.