Yes, interest rates for mortgages are still as low as they could possible get. Plus, although they are rising, home prices are still affordable. This does not, however, mean that any home is bargain waiting to be snapped up. Yes, we are currently in a buyer’s market. However, don’t buy without exerting due diligence. There are various red flags that will tell you not to buy a property. Some problems can be fixed, of course, but sometimes you should just move on. Two things are of particular importance in terms of red flags.
The first thing is that you must get to know the neighborhood. This is one of the most important things you will do. Look into whether the community is growing and thriving, or whether it is declining. Signs of decline include numerous boarded up businesses and foreclosed homes. Do also come back to the neighborhood on different days and at different times. This will also give you an idea of what traffic is like at different points. Do also come at least once at night, so you can see whether the streets are safe and quiet at night or not. Contact the police as well and ask them for crime statistics on the local area.
The second key factor to look into is for you to figure out whether you are looking at a foreclosure or short sale property. Of course, these properties are the cheapest, but they are also often in a bad condition and could be a sign of the community.
At the end of the day, you should never purchase a property that you haven’t had inspected professionally. With the information above, you should be able to find out whether you should walk away, or whether hiring an inspector is a good idea. If the property does have problems, you can decide to walk away from it, or you can demand a substantial discount in order to pay for the repairs. Do also consider the opinion of your home inspector. The goal of professional home inspectors is to make sure that you can truly get your dream home, and not some sort of money pit disaster.