We offer the following tips to buyers to aid in a successful real estate transaction. If you have any other questions, or would like additional advice and information, please feel free to contact us.
1. Become a Pre-Approved Buyer. Starting the loan process early is the best thing you can do to un-complicate the home buying process. Later you’ll be focused on your future home so use this time to understand the type of loan you are getting, determining a monthly payment that you are comfortable with and getting any questions you have answered by your Loan Originator. After you’ve become pre-approved – you’ll have a clear understanding of your budget during your home search as well as what you are and are not comfortable offering when you find the right home. Your pre-approval will give you better leverage when it comes to negotiating with the seller; showing them that you are a serious buyer.
2. Research Market Trends. Familiarizing yourself with the area that you are interested in will help you get a better idea of what homes are selling for as well as how long they are typically on the market. Be sure to investigate price ranges for the type of home you want. Understanding how the market is behaving will enable you to approach your home search, writing an offer and expectations with a good approach.
3. Wants VS Needs and Setting Expectations. The fact is that most people have a budget in their home search. That being said – your budget will determine what house you get. The goal is to get everything on your ‘need’ list and as much as your ‘want’ list as possible. Take a peek at home’s in your budget in your desired area and check to ensure your expectations are within reach. Everyone will choose a $600,000 house over a $300,000 house if they paid the same price. Point being – decide on your budget and stick to it! If you view homes above your budget – the homes that are within your range will no longer boast the appeal they once did.
4. Beat Your Competition to the Best Listings. Like any other home buyer, you want the best home at the best price possible. Of course, these are the homes that never stick around for too long so you’ll need to make every effort to keep yourself aware of the latest and best listings. This happens by working with an excellent real estate agent that will help you stay well-informed and updated on a regular basis. If you are going to do your own, separate searching – use an accurate MLS search engine such as the one found on this website. It’s directly integrated with our local MLS system and provides current and accurate listings.
5. Don’t Settle Too Fast & Don’t Hesitate When You Find ‘The One’. Buying a home might be one of the largest investments of your lifetime. Because of this, your primary goal should be to make sure that you get the best deal possible for the home you are interested in. A Buyer Specialist can help you make a sound decision when it comes to making an offer. Once you have began viewing home in your price range that meets criteria – you’ll gain a good understanding of what you can get for your money as well as what you like. Then – when you walk into the right home; you’ll know it.
6. Keep Your Offer Simple. The purchase contract should be kept simple and without any unnecessary conditions. A seller will be more interested in an offer that is not going to cause a sale to be slowed down or delayed. Keeping the offer simple creates clear expectations for all parties involved and leads to a smoother transaction once under contract. Most transactions encounter a bump in the road at some point. Your agent is there to help you overcome that hurdle or assist you in exiting the contract if no resolution can be reached.
7. Don’t Do It Alone. With an ever changing market, today’s home buyers will find it very difficult to go through the buying process on their own. But the question is – why try when you don’t have too? Most often, an agent will work for you, the buyer, at no cost. This is because they are compensated from the listing company on nearly every home listed for sale. Find an agent that is responsive and educated – someone who will walk you through the process and assist in evaluating options. Having an experienced Buyer’s Agent who can keep your best interests in mind makes a significant impact when buying a home and maximizing your investment.