It’s A Buyer’s Market in Kokomo, But…
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Yes, it’s a buyers market in Kokomo
BUT… You Must Be Realistic!
In the posting Top 4 Reasons It’s a Great Time to Buy in the Kokomo Area, I mentioned twice that you need to be realistic. Let’s talk about that…
First of all, be realistic about home prices. I can’t tell you how often I get calls from potential buyers wanting a house in the country on an acreage for less than $60,000. Now, we’ve had some houses out there that fit the price range, but… And actually, this is a big BUT…
Usually these houses need considerable work on them. Most are repossessions that have been used and abused, maybe even vandalized. I’ve seen some of these where the furnace or the light fixtures or even the entire kitchen has been removed! You will not get a move-in ready home on an acreage in the country for less than $80,000! You may find one for under $100,000 – but you had better have an agent watching the market for you, so that you can jump on it the day it goes on the market! (Even then, you may miss out or end up in a bidding war!)
Another price related issue… Again, I get lots of calls from potential buyers wanting to buy a house for around $20,000 or $30,000. I always probe into what they are willing to do to make the house their home; because, as a general rule, the lower the price, the more work a house needs! Generally speaking, anything on the market in the Kokomo area for less than $30,000 needs major work – and I don’t mean just a little paint and new carpeting. The house may not even be habitable and chances are, it would be difficult if not impossible to get a home loan for the property. Investors are the ones most interested in these properties – and believe me, local investors snap-up the best of these within a matter of days.
One final note about pricing… When you find a house you really like, make a realistic offer. Don’t expect to offer half price for a house and expect to get it at that price. If you make a “low-ball” offer on a house, don’t be surprised if you don’t even get a response from the seller. Again, if you find a house you really like, make a realistic offer.
If you are actively looking for a home in Kokomo, you need to have a REALTOR® working for you. (And I don’t mean the agent who has the house listed for sale, they are already working for the seller.) You need to have your own REALTOR® who is looking out for your best interests, who knows your financial situation and who knows what you want and need in a home. Your REALTOR® can and should provide you with market data about any house you seriously consider. Data about similar houses that have sold recently. Then and only then, you can make a rational decision as to whether to make an offer on a house and what that offer should be.
Are you ready to find a home? Just give me a call at 765-513-0354 or shoot me an email and we will get you on the road to finding a new home.
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