A Note To Prospective Buyers

Are you a prospective buyer in the market right now? If so, then this post is for you. We pre-qualify people everyday who are looking to get in the market. I am amazed at the uncertainty and hesitancy of many buyers today! The hot question is, "Is it a good time to buy?" While we have no idea when we will hit an absolute bottom, I wanted to point a couple items out. Columbia and the Mid-Missouri area is going through a tough time, but it is not as dire as many other areas. We did not see the high times of crazy appreciation, therefore we are not seeing the depreciation that you see in areas like Florida or California . There are deals to be found out there, you just need to set your expectations a bit. Aside from foreclosures, the last time I checked homes are selling very near their asking price in this area. It IS a great time to buy now in this area. Just do your homework to make sure you are not overpaying. As long as you do this and work with a reputable realtor you will be in good shape.
One other item that really doesn't help are the abundance of "Flip This House" concept shows on the air today. These profile investors or families negotiating a great price, completing some renovations, and then either selling the home for a nice profit or moving in themselves to enjoy the nice deal they just took advantage of. These are great and I can't stress enough how these types of opportunities are more plentiful in other parts of the country. I have actually had some success and some failure with these types of deals right here in Columbia. It can work, but these shows get people excited and I feel really offsets someones expectations. You simply cannot expect to walk in and negotiate a deal in Columbia that has a $50,000 sales price reduction, fix it up, and expect to sell it for a huge profit. Like I said there are some isolated opportunities out there, but they are hardly ever for the average joe looking to buy their primary residence. So if you are shopping for a bargain deal for your own home, just set your expectations and start shopping. It is a good time to buy and Columbia has alot to offer. While loan guidelines and pricing criteria have tightened, loans are still readily available. So happy hunting. If you are an investor, please be careful and do your homework as well. Make sure you get accurate estimates so your budget doesn't get out of whack! I am telling you now, in flipping there will be surprises and you better be ready for them!

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