 We are still in the thick of a Buyer's Market, where home prices continue to drop, and savvy buyers scoop up deals that were unimaginable just 2 years ago. So how do you take advantage of the Buyer's Market? We explore some practical tips that will provide insight as to how to maximize your real estate dollar if you're looking to buy...
1. Be flexible. There are almost always two different houses that will meet your needs in a market like this, and you don't want to get too attached to any one home, such that your willingness to walk away from a failed negotiation is not there. As much as I'd like to sell the first home I show a buyer, it's just not wise to not explore what's out there until you get a deal you feel the most comfortable with, as long as your expectations are reasonable.
2. Don't be distracted by easy upgrades such as newer appliances, fresh carpet or fresh paint. If you really want to get your BEST deal on a property, you'll want to identify the ones that have none of these things going for it. After all, those are the ones that will languish on the market the longest, experience the most price reductions, and yield the most motivated sellers, allowing you to snatch up a deal. You can always go in, and within a couple of weeks, repaint an entire house, replace all the carpet, and upgrade the kitchen appliances. If need be, get a rehab loan so you can finance those repair costs into the loan.
3. Get a market analysis of any home you are interested in submitting an offer on. Many times, buyers think that because it is a buyer's market, and the media has reported depressed real estate markets, that they should just offer a certain percentage lower than the asking price of a property. This is flawed reasoning because the price of the house may already be so low that it is priced to sell very quickly and could attract multiple offers. Trying to get it even cheaper than an already drastically reduced price is fine if you know you're not competing and have time and room to negotiate, but otherwise, it's just greed, and greed usually doesn't pay off. The other reason this is flawed reasoning is that the property might be significantly overpriced, and even shaving off a set percentage from the asking price doesn't put you in line with the bargain you should get. So at the end of the day, you need to obtain a professional assessment of value, to know what the best offer price is.
4. Be sure to insert an appraisal contingency in your contract. With new appraisal regulations being rolled out by the federal government, many properties are strictly appraised and can come in below offer price. An appraisal contingency will protect you from having to pay the difference in an under-appraisal situation.
5. Get a long-term mortgage product. The rates for these are competitive, if not in many cases better, than the interest rates on more exotic loan products such as interest only ARMs and the like. Remember that one of the culprits of the mortgage mess we're in right now is that people got exotic loans that would later adjust and become unaffordable, so buy a house that fits your budget, finance it in a way that plans to pay it off instead of just carrying it, and go for it.
Courtesy of Troy Williams
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 This beautifully decorated patio-level condo boasts 1360 square feet of living space. It has 3 generously sized bedrooms, and has just been upgraded to have 2 full baths. Enjoy efficient endless hot water thanks to the newly installed tankless hot water heater. Low condo fee and convenient location near Reisterstown Road. Why rent when you can own? Get more details about this property at http://www.410homes.com/30shetland/
Courtesy of Troy Williams
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 If you're planning to occupy the property after you do the fixes, and you have a minimum of $5000 of repairs to do, you'll want to ask your lender about an FHA203K loan. This loan allows you to get estimates on the needed repairs approved by an FHA appraiser, and then escrow that money to be drawn out as the repairs are completed.
Courtesy of Troy Williams
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 Let's face it. There are a million mortgage brokers, lenders, credit unions and banks out there. Each one has there promotional speak such as "Zero Closing Costs", "No Points", "Lowest Interest Rates". A prospective homebuyer can have quite a difficult time figuring out which metric to use in comparing mortgages. The government realized that
(in all their infinite wisdom) and came up with a unified, standard document for mortgage lenders to reveal the full terms of a loan offer to their customer (YOU!). This document, formalized under the Real Estate Settlement Procedures Act, is called a Good Faith Estimate, or GFE.
To effectively compare mortgage programs then, all you must do is request a GFE from the loan officer you're working with. If they cannot provide this document, that should be your first clue to not use that particular lender, as this is a legal requirement if requested by the customer within the context of a preliminary loan application. If the lender wants to
pull your credit report, know your income and assets, and existing debts, they should have all the information they need to give you a GFE.
Your GFE will break down Loan fees, Fees to be paid in advance, Reserves, Title charges, Government charges, and any Additional charges in a document similar to what you would receive at settlement if you were actually purchasing the house. So all you'll need to do is compare line-by-line to figure out which is the best deal!
Courtesy of Troy Williams
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 INGREDIENTS
◊ 1 (14 ounce) can sweetened condensed milk
◊ 1 (8 ounce) container strawberry yogurt
◊ 2 tablespoons lemon juice
◊ 1 (8 ounce) can crushed pineapple, undrained
◊ 1 medium ripe banana, sliced
◊ 1 cup halved fresh strawberries
◊ 1 cup crushed ice
DIRECTIONS
In batches, process the milk, yogurt, lemon juice and fruit in a blender or food processor until smooth. Add ice; cover and process until smooth. Pour into glasses; serve immediately.
Courtesy of http://allrecipes.com/Recipe/Sweet-Fruit-Smoothies/Detail.aspx
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 Recently, energy costs have skyrocketed, causing budgets to tighten. There's no indication that we'll be going back to yesterday's prices, and in fact costs are likely to only go up. Its time to fight back by reducing your energy footprint. Here are 7 things you can do to start reducing your energy footprint and saving a few dollars each month:
• Dirty air filters in a home's heating and cooling system can lead to higher costs and early equipment failure. Clean or change these filters monthly.
• Energy Star-qualified windows and doors can help reduce home energy bills up to 15 percent. Many manufacturers, such as Jeld-Wen Windows and Doors, offer a variety of attractive Energy Star-qualified products for significant energy cost savings.
• Air leaks can overwork a home's heating and cooling system. Seal air leaks in walls, ceilings, and around windows and doors, and add insulation to the attic or basement to improve the comfort and durability of your home.
• Replace the most frequently used light bulbs with compact fluorescent light bulbs. Look for the Energy Star logo. These use 75 percent less energy and last 10 times longer than normal bulbs. Changing just five can save more than $60 a year in energy costs.
• Make sure to turn off all lights and electronics when you leave a room, and don't keep the refrigerator door open any longer than needed.
• When buying heating and cooling devices, shop during the off-season to take advantage of many manufacturers' seasonal sales promotions and rebates.
• Planting a tree for shade can reduce cooling costs by up to 25 percent. For best results, plant leafy shade trees to the south and west and evergreens to the north. Trees also help to reduce the greenhouse effect, not to mention beautify a front or back yard.
Courtesy of http://www.energyefficienthomearticles.com
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