Tips for home buyers and home sellers | | globegazette.com
SAN JOSE, Calif. — These tips by realtor.com will guide everyone from house-hunting virgins to flipping fanatics through the market specifics this year, cutting through the clutter of real estate advice to highlight what is most important for buying or selling a home in 2016.
The current housing market is mainly a seller’s market, filled with strong home prices, relatively low inventory and competition between buyers, said Jonathan Smoke, chief economist for realtor.com.
TOP TIPS FOR HOME BUYERS INCLUDE:
Comparison shop for mortgages. Buyers planning to finance their purchase should put as much effort into getting the right mortgage as they do finding the right home. A lower interest rate can make the difference in qualifying for a home and save thousands over the life of the loan.
Consider a new home. The number of new homes on the market is expected to grow more rapidly, resulting in a 16 percent increase in new home sales year over year. Buyers should consider the new home options in their market; they are likely to have less competition and to enjoy a broad selection.
While new homes are typically higher in price, they are usually larger and offer performance advantages and warranties that could reduce operating and maintenance costs.