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April 16th, 2010

Quick Tips for Buying and Selling in Today’s Market

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Yesterday we wrote a post that warned homebuyers not to make the mistake of rushing their buying decision just because the homebuyer tax credit is about to expire. The current housing market is boasting low interest rates and cheap real estate. Allow factors like those to drive your decision; tax breaks are merely an added bonus.

Personal finance expert Ilyce Glink recently shared the three biggest mistakes both buyers and sellers make in today’s market with CBS’ MoneyWatch.com. We wanted to expand upon yesterday’s topic by sharing Ilyce’s advice with all of you. Here are just a few words of warning from Ilyce:

Buyer Mistakes

Affordability: If you truly think that you can’t afford to buy a home, “don’t even bother,” says Glink. Take the time to improve your credit score and build up your finances before you decide to buy.

Don’t Balk: Buyers out there who are waiting for mortgage rates to fall even lower than they are right now are wasting their time. If you’re not financing or refinancing via today’s low mortgage rates then you’re missing out. If you think today’s rates are still too high, “save more money and buy a less-expensive property,” advises Glink.

Seller Mistakes

Staging: You have to stage your home these days, says Glink. Buyers are expecting it.

Just yesterday, Broderick Perkins of Realty Times wrote the “Top 10 Tips for Staging a Home.” Perkins writes that sprucing up the outside of your home is just as important as updating the inside:

First impressions rule. Spruce up curb appeal by maintaining a clean yard, adding plants for a splash of color and applying a fresh coat of paint to the front door.

Cure bathroom blues. Older vanities and dreadful wallpaper will make any bathroom feel outdated. Apply a fresh coat of neutral-hued paint and new hardware to modernize and brighten.

Be Realistic: Glink goes on to urge sellers that they have to be realistic on price, especially if your neighborhood has experienced some foreclosures. Her tough but tested advice is, you’re not going to sell your house for what you could have in 2005, “suck it up, live with it and sell your house.”

Share Your Own Tips

We want to hear from buyers and sellers: what advice do you have for those entering today’s tough real estate market?

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One Response to “Quick Tips for Buying and Selling in Today’s Market”

  1. Claire Says: April 16th, 2010 at 4:21 pm

    You can buy Ilyce’s new book at Amazon.com. Here’s the link, http://www.amazon.com/Buy-Close-Move-Estate-Safely-Profitably/dp/0061944874.

    Also, her website has a ton of great stuff and is updated daily with her columns, radio shows and other blogs. Check it out at http://www.thinkglink.com/

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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