Tips For Mortgage Season

The spring and summer are the hot seasons for buying or selling a home. Although many people are still hesitant to jump into a mortgage in such a battered market, there are still plenty of people who need to sell and some that are looking to buy. The key is knowing what to look for and how to secure the best deal, regardless of which side of the table you are on.

The Seller

Anyone selling their home this season is more than likely in need of selling, rather than selling because they want to upgrade their home. With all the recent foreclosure trouble and difficulty securing loan modifications, many families have turned to selling their homes before hardship strikes. Even though there are plenty of cheaper homes on the market it doesn’t mean you, as the seller, will have to give your home away.

The most important part of the selling process is patience. Remember that the buyer pool isn’t what it once was and you are more than likely appealing to a very specific demographic. In addition to listing your home with a real estate agent, try some of your own marketing techniques by placing signs around the neighborhood or holding your own open house. Buyers often like to ask questions and may find it helpful to meet the sellers during a tour.

The Buyer

Buyers have more of the advantage in this type of market. Although you, as the buyer, may find that the choices are endless, you may also find that half the homes on the  list aren’t up to your standards.  The most important trait in a buyer today is flexibility. You probably aren’t going to get everything you want in a home and being willing to compromise can help you find a great deal. Don’t overlook short sales, as there can be a diamond in the rough to be found just around the corner. You may also want to consider a fixer-upper as these homes are flooding the market and just need a little TLC to bring them up to speed.