I counsel buyers that come from all types of strategies in purchasing a home. There are first time home buyers, second home buyers, move up buyers, relocation buyers, investor buyers, and empty nester buyers. All have their own agenda in purchasing a home that is currently on the market.
The best advice to start in the process is to go to your bank and see how much you would like to pay monthly for your new home. I think that it is important for you to be realistic in what you feel comfortable paying each month. Just because the bank says you can afford it, does not mean that you can. You as the buyer know what you spend your money on each month and with utilities and other obligations, you don't want to be one paycheck from disaster. It is so important for you to have a price range in mind when you start looking in your price range. Then there will be no fear in making an offer on your dream home!
The second piece of advice is to make sure that you are honest with your REALTOR® with your expectations about the process. Your selected REALTOR® should give every decision maker a questionnaire where you can give your thoughts about your needs and wants for your new home. It will narrow your search to very specific terms and you will be guaranteed to see only the homes that meet your exact criteria. You can start with these and then you can compromise if you do not find the perfect one.
Don't be afraid to make a decision! Whether you have seen 3 homes, 5 homes, or 20 homes, you will know it when you see it! Just remember that you have seen hundreds of homes that you ruled out online. Don't miss out on a chance to have your perfect home.
Finally, when you make an offer on your dream home, be realistic! Every market is different and although the media might tell you that it is a buyer's market, there are different degrees to it depending on the price range. There are still homes in every price range that sell to the first buyer that sees them, or receive multiple offers. Your REALTOR® should show you the current competition, the absorption rates, the current sold properties, and most importantly, the days on the market for your dream home. Why is this important? Very simple, the sellers' motivation is very important when considering your opening offer.
You should make an offer with the best terms possible so that the sellers will accept your offer with little negotiation. When you make an offer, be patient. The sellers have three options when they receive your offer. They can accept it, reject it, or they can counter offer to you. Most sellers will counter offer to better the price or the terms to meet their specific needs, such as a better closing date based on their time table. The closer that you offer to their asking price, the less negotiating you will need to endure.
A great REALTOR® makes all the difference when you are negotiating on your home! Whether you are purchasing your first home or relocating to the area, all REALTORS® are different. Please do your research to find someone that will represent your best interests! Thanks for stopping by and feel free to ask any questions that you may have about the home buying process.
Keep smiling,
Karen