Buyer's Market - You Were Ready, Set, Now Go

The tide has turned. The years of the seller having the upper hand in the "for sale" market place is over. No longer the scant inventory that has driven buyers into a desperate competition with one another; my drives through New Jersey provide evidence that the stockpile of homes continues to grow.

Buyers again have a choice. But no matter who appears to be in control, it's important that buyer's protect themselves. Having a good agent is step number one. Your agent will certainly advise you of the following:

• Prepare - If you're a serious buyer you should be pre-approved for a mortgage. Being pre-qualified doesn't carry the same weight.
• Protection - If you haven't been pre-approved for a mortgage, you need a mortgage contingency in your contract. It states that you can opt out of the contract if you are unable to secure a mortgage. You also need an inspection contingency, which states that you can opt out of the contract if the inspections find significant flaws with the property.
• Don't Wear Your Heart on Your Sleeve - You love the house, you've always admired it, your friends/relatives live nearby, you think it's underpriced or similar such admissions of adoration have no place in conversations prior to the turning over of the keys.
• Homework - Your agent is legally unable to provide you with information regarding neighborhood - community ethnicity, religious makeup, age of residents, number of children on street, etc. You must conduct your own survey, if you are interested in such things.

It's a great time to buy a home. The interest rates continue to be low, the choices are greater than we have seen in a long time, and negotiating ability is high. Don't miss the opportunity.