Making the Most of a Buyer’s Markethouse ranch style 
We’ve all heard that we are currently in a “Buyer’s Market”, but what does that mean and how can you leverage the current market to get the best deal on a home?
The definition of a buyer’s market is a market which has more sellers than buyers.  Low prices result from this excess of supply over demand. 
Here are a couple of quick tips for getting the best deal on a home in a buyer’s market:
1 – Get preapproved for your home loan.  Having a firm loan approval only makes your negotiating position with a seller that much stronger. 
2 – Do the math… Assuming you are approved for an $1,145.00 montly payment (PITI):
At an interest rate of 4.5% you can purchase a $150,000 home 
At an interest rate of 5% you can purchase a $141,500 home
So, as interest rates rise, your buying power is reduced.  Don’t wait to see when the market will hit “rock bottom” before you start your home search because if prices don’t drop as fast as interest rates rise, you could be losing out on the best deals!
3 – Look for homes with a motivated seller and make an offer!  Homes that have been on the market for an exceptionally long timeframe and homes that have been reduced are great candidates for negotiation. 
4 – Ask for incentives!  Do you want some of the furniture to stay, do you want the seller to replace the carpet?  Now is the time to ask for anything and everything. 
If you want more information on finding a great deal in this market, let me know. 
(Financing examples provided above assume:  20% down payment, 30 year conventional loan, $4900/year taxes and $1500/year insurance)
Making the Most of a Buyer’s Markethouse ranch style 
We’ve all heard that we are currently in a “Buyer’s Market”, but what does that mean and how can you leverage the current market to get the best deal on a home?
The definition of a buyer’s market is a market which has more sellers than buyers.  Low prices result from this excess of supply over demand. 
Here are a couple of quick tips for getting the best deal on a home in a buyer’s market:
1 – Get preapproved for your home loan.  Having a firm loan approval only makes your negotiating position with a seller that much stronger. 
2 – Do the math… Assuming you are approved for an $1,145.00 montly payment (PITI):
At an interest rate of 4.5% you can purchase a $150,000 home 
At an interest rate of 5% you can purchase a $141,500 home
So, as interest rates rise, your buying power is reduced.  Don’t wait to see when the market will hit “rock bottom” before you start your home search because if prices don’t drop as fast as interest rates rise, you could be losing out on the best deals!
3 – Look for homes with a motivated seller and make an offer!  Homes that have been on the market for an exceptionally long timeframe and homes that have been reduced are great candidates for negotiation. 
4 – Ask for incentives!  Do you want some of the furniture to stay, do you want the seller to replace the carpet?  Now is the time to ask for anything and everything. 
If you want more information on finding a great deal in this market, let me know. 
(Financing examples provided above assume:  20% down payment, 30 year conventional loan, $4900/year taxes and $1500/year insurance)
Have you ever walked into a home in that perfect neighborhood only to find that it needs more work than you can afford on the inside?  Or maybe you’ve been looking at foreclosure after foreclosure and just can’t decide how you would make all of the repairs that one of these types of fixer-uppers require. 
FHA offers a program that essentially allows buyers ot roll in the cost of the repairs and updates for their new home into their mortgage. 
The FHA 203K Rehabilitation loan program. 
is an excellent way to turn a fixer-upper into the home of your dreams!
Of course, conditions apply and the maximum loan amount under this program is subject to the FHA loan limit of $271,050, but if this sounds like something you would be interested in, don’t hesitate to give me a call.  I can put you in touch with a loan officer that specializes in this type of program and show you homes that will qualify.   
Heather Guild, Realtor
RE/MAX Urban
214.999.0808
A special thanks to www.uglyhousephotos.com for supplying the above photo. 

What’s the hottest real estate in Dallas this weekend?  My guess is The Pumpkin Village at The Dallas Arboretum.  Have you been?  I recently took our son, who is really too young to be intrigued by the wonders of the village(he was much more interested in the stem of the pumpkin and whether or not he could get said stem into his mouth without me noticing).  He may not have been impressed, but I was!  And it made me wonder, how have I, a person who constantly expounds on Dallas’ many attributes, never been to the Arboretum?  I’ve come up with several different explanations (Dallas Blooms is always during my busiest selling season, I wasn’t really sure where to park, the concerts sound fun…but finding a Thursday night where both my husband and I can attend is almost impossible), but none of those explanations really justify neglecting this fabulous property for the past 8 years!  So, if you are looking for a fun fall event this weekend (kids or no kids), check it out:  Pumpkin Village at the Dallas Arboretum  and while you are there, take some time to tour and drool a little bit over the fabulous DeGolyer Estate.
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