Although the real estate market is known for being fickle and everchanging, there are certain constants in the home buying and selling process. Some things are not affected by the ebb and flow of the market, so there are some pieces of advice that will always be applicable. Here are 10 evergreen real estate tips you can count on, regardless of the current housing market.
1. Thoroughly Research the Current Market
Real estate values will fluctuate based on local supply and demand as well as broader national economic considerations. However, it is important to remember that properties always sell for no more or less than what the market will bear at the time. Research the market using a wide range of trusted sources so you can be confident in your list or offer price.
2. Buy Whenever You Can
While there is a wrong time to sell, there is never a wrong time to buy. Prices will go up and down, and buyers who are willing to hold onto what they have until the cycle benefits them come out on top. Buy when you can and wait until it is profitable to sell.
3. Get into the Rental Market Where It’s Profitable
Shelter is a life-long need. If you’re looking to get int the rental market, buy what you need in an area where the population is on a rising and sustainable course.
4. Don’t Forget the Fees
There are a lot of fees involved in purchasing a property. You’ll need to be prepared to pay the escrow company, the title company, the brokers, the lender, and so on.
5. Buy a Home to Secure Personal Rent Control
There are many benefits to buying a home, and one that many people overlook is that when you have a fixed-rate mortgage, you’ll always know what your house payment will be. The price of renting, in contrast, is not guaranteed to be stable by any means.
6. Invest Based on Location
Location, location, location is always going to be an important factor when it comes to investing in a property. Good locations with strong demand and access to transportation infrastructure will continue to perform well.
7. Find Trustworthy Partners in the Real Estate Process
The real estate industry is heavily commission-based, and there are those who prioritize their profit over all else. It is crucial to find and work with someone who is trustworthy, genuine, and who has your best interest at heart.
8. Don’t Be Afraid to Walk Away
If you’re uncertain of a deal, don’t be afraid to walk away. Be selective about your real estate purchases and use larger amounts of cash in transactions to protect yourself from the ebbs and flows of the market.
9. Find an Experienced Local Real Estate Agent
An experienced, local real estate agent will have insider knowledge that you won’t be able to find on your own. They will likely know things about the local neighborhoods, homes, and communities that you wouldn’t be able to turn up when researching online.
10. Remember that a Home’s True Value is Determined by the Buyer
No matter the conditions of the market, the true market value of a home is only equal to what a buyer is willing to pay. Just because a seller believes their home is worth a certain amount of money, it doesn’t mean that a buyer would be willing to offer that amount.
Look no further than Stonebridge Mortgage Group for mortgage services you can trust.
You can rely on Stonebridge Mortgage Group to help guide you through the home buying process. We help get you pre-approved for a mortgage and help with your real estate loans and other mortgage solutions, both residential and commercial. Stonebridge Mortgage Group serves the greater Portland area and are in Gresham, Oregon. Don’t wait to get experienced and sound advice when it comes to buying the home of your dreams.
Call us today at 503.661.5580