{"id":10103,"date":"2009-10-19T17:31:00","date_gmt":"2009-10-20T00:31:00","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=10103"},"modified":"2009-10-16T08:31:46","modified_gmt":"2009-10-16T15:31:46","slug":"7-things-every-home-buyer-should-know-part-1","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10103\/7-things-every-home-buyer-should-know-part-1\/","title":{"rendered":"7 Things Every Home Buyer Should Know &#8211; Part 1"},"content":{"rendered":"<p>Here&#8217;s what I wrote about item #1 on the list last time:<i><\/p>\n<p><strong>6 months ago is ancient history.<\/strong> What your neighbor sold his house for 6 months ago doesn&#8217;t matter.&nbsp;&nbsp; What the seller was asking for the house 6 months ago doesn&#8217;t matter.&nbsp;&nbsp; What matters is what the market will support today.<\/i><\/p>\n<p>So, how are things the same and how are they different?&nbsp;&nbsp; A couple of things that need to be discussed:<\/p>\n<p>How are things the same?<\/p>\n<ul>\n<li>What happened 6 months ago is still ancient history.&nbsp;&nbsp; Since I wrote the first piece, Fannie, Freddie and FHA have tightened up their appraisal guidelines and they will no longer allow an appraiser to use a sale that is more than 90 days old <b>unless they have no other comparables and can write a 5 page essay of why they need to use that one.<\/b><\/li>\n<li>I can&#8217;t tell you how many times over the last 12 months, I&#8217;ve heard people say, &#8220;3 years ago, the seller bought the house for $100,000 more than what I&#8217;m paying the bank for it.&nbsp;&nbsp; I&#8217;m getting an awesome deal!&#8221;&nbsp;&nbsp;&nbsp; My first response is, &#8220;Maybe.&#8221;&nbsp;&nbsp; Maybe you are getting a deal.&nbsp;&nbsp; But maybe the seller bought it at the peak of a bubble in the market and paid way too much and now things are just adjusting down to the market.&nbsp;&nbsp;&nbsp; Maybe it&#8217;s not down to what the market will really absorb for the house and if you tried to sell it next year, you&#8217;d end up selling it for less than you paid for it.<\/li>\n<li>&#8220;They just dropped the price by $50,000!&#8221;&nbsp;&nbsp; This is a great deal!&nbsp;&nbsp;&nbsp; Maybe, but then again, I can put my house on the market for $650,000 and then offer to give you $100,000 off the asking price.&nbsp;&nbsp; Is that a good deal for my house?&nbsp; (Hint &#8211; my house is still WAY overpriced at $550,000 &#8211; but I&#8217;ll sell it to you for that.)<\/li>\n<\/ul>\n<p>So what is different?&nbsp;&nbsp; A couple of things are a bit different from last year:<\/p>\n<ul>\n<li>The First Time Home Buyer Tax Credit\/Buyer Frenzy &#8211; If you are any where near the radio\/newspaper\/any mortgage lender or Realtor, you&#8217;re <a href=\"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10103\/7-things-every-home-buyer-should-know-part-1\/#more-10103\" class=\"more-link\">Read more<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Here&#8217;s what I wrote about item #1 on the list last time: 6 months ago is ancient history. What your neighbor sold his house for 6 months ago doesn&#8217;t matter.&nbsp;&nbsp; What the seller was asking for the house 6 months ago doesn&#8217;t matter.&nbsp;&nbsp; What matters is what the market will support today. So, how are [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[29],"tags":[407,406],"class_list":{"0":"post-10103","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-group-therapy","7":"tag-ancient-history","8":"tag-house-prices","10":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3466,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3466\/the-top-7-things-every-home-buyer-should-know\/","url_meta":{"origin":10103,"position":0},"title":"The Top 7 Things Every Home Buyer Should Know&#8230;..","author":"Tom Vanderwell","date":"July 23, 2008","format":false,"excerpt":"Okay, yesterday, I dealt with the theoretical and philosphical in our discussion of moral hazard.\u00a0\u00a0 Almost more of a topic for a college class than a blog about the mortgage world, don\u2019t you think? Well, today we\u2019re going to get more into the every day nitty gritty with the Top\u2026","rel":"","context":"In &quot;General&quot;","block_context":{"text":"General","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/general\/"},"img":{"alt_text":"","src":"https:\/\/straighttalkaboutmortgages.files.wordpress.com\/2008\/07\/30-year-fixed-historical-rate-trend.jpg?w=350&h=200&crop=1","width":350,"height":200},"classes":[]},{"id":15553,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/15553\/update-from-1-year-ago-page-32-of-g-till-now\/","url_meta":{"origin":10103,"position":1},"title":"Update from 1 year ago.  Page 32 of G till now.","author":"Robert Worthington","date":"January 13, 2012","format":false,"excerpt":"For those of my friends on here, who remember. In 2010 I relocated my small real estate business to South Florida from Wisconsin. Everything was fine and dandy until I remembered that my position in Google will be starting over from page 1 to page 32. It is nearly one\u2026","rel":"","context":"In &quot;Group Therapy&quot;","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10159,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10159\/7-things-every-home-buyer-should-know-part-2-dont-worry\/","url_meta":{"origin":10103,"position":2},"title":"7 Things Every Home Buyer Should Know &ndash; Part 2 &ndash; Don&rsquo;t Worry","author":"Tom Vanderwell","date":"October 26, 2009","format":false,"excerpt":"Time to take a look at the second installment in the 7 things series.\u00a0\u00a0 If you recall, last time, we looked at the fact that, in a rapidly changing market like we are, 6 months ago is ancient history.\u00a0\u00a0\u00a0 What someone paid 6 months ago\u2026\u2026 Well, just read about that\u2026","rel":"","context":"In &quot;Group Therapy&quot;","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":224,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/224\/realty-reality-my-friend-andy-is-a-student-a-landlord-and-an-american-hero\/","url_meta":{"origin":10103,"position":3},"title":"Realty reality: My friend Andy is a student, a landlord &#8212; and an American hero . . .","author":"Greg Swann","date":"August 19, 2006","format":false,"excerpt":"I've known Andy since he was a teenager, and Cathy has known his mother, Sally, since before Andy was a gleam in anyone's eye. I've always liked him, and it's not always easy for me to like teenage boys. But Andy has been an earnest young man for as long\u2026","rel":"","context":"In &quot;Marketing&quot;","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3040,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3040\/oh-canada-your-zestimates-are-baking-zillowca-is-in-the-oven\/","url_meta":{"origin":10103,"position":4},"title":"Oh, Canada! Your Zestimates are baking: Zillow.ca is in the oven","author":"Greg Swann","date":"May 1, 2008","format":false,"excerpt":"So: My belief would be that, regardless of Trulia.com's nofollow policy on the listings it solicits from Realtors, brokers and brokerage chains, if you're building things right at home, you should be able to beat any out-of-town infiltrators on your own listings. So I looked up \"718 West Moreland Street\",\u2026","rel":"","context":"In &quot;Disintermediation&quot;","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12043,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/12043\/everything-the-ancient-greeks-warned-us-about-democracy-has-come-true-in-modern-greece-and-right-here-in-river-city-as-well\/","url_meta":{"origin":10103,"position":5},"title":"Everything the ancient Greeks warned us about democracy has come true in modern Greece &#8212; and right here in River City as well","author":"Greg Swann","date":"May 22, 2010","format":false,"excerpt":"Mark Steyn in Macleans:Traditionally, a bank is a means by which old people with capital lend to young people with ideas. But the advanced democracies with their mountains of sovereign debt are in effect old people who\u2019ve blown through their capital and are all out of ideas looking for young\u2026","rel":"","context":"In &quot;Big Mother&quot;","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/10103","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=10103"}],"version-history":[{"count":1,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/10103\/revisions"}],"predecessor-version":[{"id":10104,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/10103\/revisions\/10104"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=10103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=10103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=10103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}