Finding Your Dream Home
While we can offer you professional assistance every step of the way, only you can determine what is important to you when looking for your new home. Here are some tips to keep in mind as we begin your search:
Taking the Stress Out of Homebuying
Buying a home can be one of the most confusing and stressful times of your life, but it doesn’t have to be. In addition to letting your Realtor take care of the stressful, tedious, or technical parts, here are some tips to help you get the most out of buying a home and be happy throughout the whole process.
Find a real estate agent that you can connect with. Buying a home is not only a big financial commitment, but also an emotional one. It’s important that the Realtor you choose is both highly skilled and a good fit with your personality.
There is no “right” time to buy, just as there is no perfect time to sell. If you find a home you love now, don’t try to second-guess interest rates or the housing market by waiting longer – you risk losing out on the home of your dreams. The housing market usually doesn’t change fast enough to make that much of a difference in price over a reasonable time frame, and a good home won’t be on the market for very long.
Don’t try to be an unmovable negotiator. While negotiation is an integral part of the home buying process, trying to “win” by getting an extra-low price or refusing to budge on your offer might cost you the home you love. Negotiation is both give and take. Remember the balance from above.
Accept that no house is perfect. If it’s in the right location, the kitchen might not be what you had hoped. The yard might be perfect, but the roof needs repair. Only you can decide what your priorities are when it comes to buying a home, and you should strive to strike the best balance that you can.
Get to know a bit of the lingo. Look over the real estate glossary on this site. You don’t have to feel like you’re in over your head because people are using terms that you’re not familiar with.
Plan ahead. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a moving schedule. Presenting an offer that is dependent on a lot of unresolved factors will make your bid less attractive to a seller.
Factor in the costs that come after buying the home. There will always be costs after the initial purchase of the house, such as upgrades and repairs. Even if the home you buy is brand new, maintenance must still be taken into account. Planning ahead for this will benefit you greatly.
Accept buyer’s remorse as inevitable. Buying a home, especially for the first time, is a big financial commitment, but it also yields big benefits. Don’t lose sight of why you wanted to buy a home and what made you fall in love with the home you bought.
Maximize the Chances of Securing Your Offer
With multiple offers being commonplace, it is of great importance that you have the best chance of getting yours accepted. You can take the following steps to give yourself the best chance possible. Your Realtor will be able to help you do these quickly and easily, and he or she will help you make some of the decisions that are needed.
Get pre-qualified for your purchase. This takes very little time and is based on unverified information. This identifies the price range for which you qualify and which fits your lifestyle.
Get pre-approved for the purchase. This takes a bit more time but is of much greater value. This is based on verified information and credit approval.
Submit a competitive offer. Decide your offer as though there are many other people vying for the property you want. Chances are, there will be.
Include substantial earnest money deposit. Acceptance of an offer is sometimes determined by the amount of the deposit. A larger amount will probably signify a bigger commitment in the eyes of the seller.
Minimize or eliminate contingencies. The fewer contingencies, the stronger the offer.
Make a buyer profile available. Include time on the job, flexibility, reason for purchasing the seller’s home, etc.
Be prepared to preview a new property quickly. Homes can sometimes sell in hours. Be prepared to make decisions quickly and be able to change the terms instantly.