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Beyond the "Bubble"

Smart Home Buying (and Selling)
in an Age of Hype

Finally, don't you become the aforementioned fool who buys an overpriced trade-up.
"Some housing markets are over-inflated at the moment," Tyson says. "And many people who successfully sell an overpriced house assume that they can trade up in the same or an equally hot market and repeat their success in a few years. It ain't necessarily so. Suppose prices fall and you can't recoup your investment? You might be stuck with a house you can't afford to sell. Add a job loss or a new baby to the mix and you might end up with some serious buyer's regret."

The bottom line, of course, is to be sure that any house you buy – be it your first or your fifth – is priced at what it's really worth. Assemble an all-star real estate team and get a good Comparable Market Analysis (CMA) on any house you're considering buying so you'll know the fair market value. And don't just take your agent's word for it. Read up on the "value" subject yourself.

"An educated home buyer is a happy home buyer," Tyson says. "Do your own due diligence. I always say there are two areas you should never enter into uninformed: medical procedures and real estate. The former represents your health, the latter represents, in many ways, your wealth and your happiness. Do your homework, no pun intended. Bubble or no bubble, you'll be glad you did."