6 things Home Buyers need to know to be successful: 1) What You Are Looking For You can’t find it without some idea of what you need and want. You’ll certainly waste precious time, and it’s tough in a market where inventory is limited and homes sell quickly. Think about features that are most important and beneficial to you, and what you are willing to sacrifice. There are always tradeoffs. This is especially important if there is more than one decision maker. Knowing what you are looking for relates to your budget so have a good sense of your financials. 2) Where You Are Looking Many buyers are seeking a particular community or neighborhood based on what’s important to them. To some extent this will be determined by budget. Be realistic about where you want to live, but have a good sense of what’s important and what is a rule out. And be as flexible as you can. The more narrow the search, say a couple of streets, the fewer opportunities. 3) How You Are Going to Pay For It It’s either cash or a loan, and you better have one or the other. If you don’t have enough cash (other than for the down payment and closing costs) you must get pre-approved from a lender willing to loan you the funds based on your credit, debts, assets and income. With all the documentation banks require, getting a loan is not all that easy. Find out BEFORE you start how much you really can afford, and what it will cost each month. And make sure you have a current pre-approval letter. Don’t forget to factor in your personal budget in terms of what you are going to spend. 4)Where to Get Answers The Internet can be a tremendous source of information, and that in itself complicates things. You are liable to find contradictory information, or things won’t make sense, and while the Internet may tell you what the market is doing, does it tell you how that impacts you?? And just because it’s on the ‘Net doesn’t mean it’s true. Your buyer agent can a terrific resource, with answers to all your questions but also direct you to places online and off to get information on crime, schools, demographics and other things you may be interested in. 5)What the Local Housing Market Conditions Are Understanding the market in your local area is key. You must know what’s selling and what’s not, how much inventory there is, and what all this means for you as a buyer in terms of timing and your offer strategy. Many areas have markets, or market segments, that favor sellers and this WILL impact how you search, how quickly you must decide, and what you should offer on a property that interests you. 6) Who’s Going to Represent Your Interests in Your Purchase Well, it won’t be the agent working for the seller that’s for sure. Who is going to ask the right questions, get the information you need, advise you on the offer amount and the terms and conditions, maintain confidentiality when appropriate, help you deal with problems when they arise, and look out for your best interests from start to finish. A savvy, educated, and prepared buyer will be successful in this market.
Posted on: Mon, 22 Jul 2013 18:42:44 +0000
Trending Topics
Recently Viewed Topics
© 2015