It's Still a Great Time to Buy a Home
January 6, 2014
By John Sullivan, Vice President and Associate Broker with Buyer's Edge
So you may have missed what I believe is the best time to buy a home, the week between Christmas and New Year’s Day; where does that leave you?
Well, some of the same reasons I cited in a December 9th article in the www.BuyersAgent.com blog post still apply:
1. Houses still on the market after the holidays will still have motivated sellers and many of them are still offering or will grant closing cost assistance to the buyer;
2. Some sellers are still offering an incentive to the buyer’s agent which will benefit you for using a Buyer’s Edge agent because we pass on any incentive on to the buyer when the incentive is above what our buyer agency agreement calls for us to receive. For example if our agreement with you calls for a 3% commission and the listing agent is offering 3% plus a $3,000 bonus to the agent bring a buyer, that $3,000 bonus goes to our buyer client at settlement. We believe Buyer’s Edge Co., Inc. is the only real estate agency in the region to have that written into our Buyer Agency Agreement.
3. There are many government and employers offer closing cost assistance in the form of grants or low interest loans that may be forgiven for staying in the home for a stated number of years. For example in Baltimore City most buyers could qualify for a $5,000 grant for buying in the city and Johns Hopkins and several other Baltimore employers offer an incentive for buying near where you work in an effort to improve their communities and to satisfy buyer’s demands for more walkable communities and shorter commutes.
4. Because interest rates will rise in 2014, your buying power will either decrease or your mortgage payment will increase. A ½% rate increase adds a $100 month or more for the same loan amount.
So, “Just Do It NOW” still applies. Give us a call today to get you started on taking advantage of the opportunities available to home buyers with the Buyer’s Edge Co., Inc. 301-873-8975