Winter 2011 Utah Home buying great for buyers

Article by John Austin, Owner of UtahHome.Org and Agent of Re/max Associates, Utah. 801-455-6222

I love helping home buyers in winter.  We always seem to get great bargains and I think this winter of 2011 should prove to be the best time to buy.

The reasons most people talk about why this is a great time is how the interest rates are so low and inventory is high; sure this is true and good reasons on their own, but I see a bigger reason.  This year more than any I have seen in my 21 years in the business; the ratio of available great deals on the market to the number of buyers who are ready, willing and able to buy is way off proportions.

There will be a large supply of Bank Owned homes for sale this winter, that the banks are looking to move these homes quickly and there will be fewer buyers to compete for these great deals.  Most buyers wait until spring and summertime to buy.  At that time the bidding will be tougher and more intense.  That is going to be the big difference this winter.  Those who are able to buy now, should get ready to go get a steal, and actually be lucky enough to have the bank accept their offer because there won't be a lot of buyers making competing offers during the winter.

So here's what to do.

1. You want to be ready well in advance, start a month or so before you think you will be ready to start looking at homes. You need to have a good plan and be ready when the time is right.  Talk to a great Agent who is a Full-Time Professional who specializes in Short Sales and Foreclosures.  In Utah I would love it if you would call me, John Austin at 801-455-6222 (yes I text). I want to help you.

2.  You will want to get Pre-Approved (not just pre-qualified) with a good lender who will have you ready to close quickly when the right deal comes your way ( I have a couple I would highly recommend to give you great service and the best of rates).  Many Foreclosures will require a pre-Approval letter to be submitted with your offer or they will not even look at it, and you will lose the deal.  Also, banks will require a quick close and if you were to wait to get the qualifying completed, you would most likely not get the loan closed in the banks timeframe.

3.  You will want to research the local market, the neighborhoods and price ranges of homes in those areas.  It is also good to review what the prices have been in each area over the past 10 years and see trends, not just today’s values.  There are many ways to research homes and values, but I find the most effective ways are to do computer searches on high tech websites that offer Free MLS Data links to the entire MLS inventory. The recommended website will even give you a list of brand new Foreclosures and Short Sales that have just hit the market in the past 24 hours so you can see them before other buyers.  You will also want to get into some vacant foreclosures and compare what your money can buy in each neighborhood.  Call your agent (801-455-6222) and start seeing what your money will buy.  Go into many foreclosures and compare the asking price vs. the market value vs. what the bank accepts as the final bid.  Your agent will be able to help you will this information.

4.  Be patient and wait for the right home at the right price.  There will be many homes available and few buyers this winter, so be patient and get the right deal.  You should be able to get a dream home at a heck of a great price before spring arrives and all the buyers come back to house hunt again.

Written by John Austin, Owner of www.UtahHome.Org , and Utah Re/Max Associates Agent at 801-455-6222

Thanks and please call, text or email me anytime.  I want to help you.