In an upscale community, you'll have more prestige, better security and better services, such as trash pickup. In popular areas, home values may retreat temporarily. Yet over time, they will inevitably appreciate, he says. Given that location is the key factor determining a property's value, you may wish to compromise on size or features in order to gain a stake in a quality community, says Debra Neiman, a certified financial planner who has logged 14 years in the field. Seek a better price by limiting the conditions on your offer.
Some homes are so desirable that sellers are able to pick and choose among competing offers.
Nevertheless, it is sometimes possible to outdo another bidder who is offering a slightly higher price by stripping your contract proposal of conditions that could complicate matters for the seller, Neiman says. Rearrange your finances to make you a better qualified buyer. Reordering your spending priorities could be the key to buying into the neighborhood of your choice. One way to gain a better grasp of your cash-flow situation is to engage an accountant or financial planner to help you better deploy your capital. A hybrid mortgage could enhance your buying power enough to give you a slight edge in qualifying for a home, says Howe, who lives in Andover.