The Buyer- Driving Tips- Because you are Driving
If I show a client a house, I get a call from the Listing Agent ASAP. All the Sellers want the Buyers. So if you are Buying, be prepared and enjoy this moment in the sun. From the AZ
Republic (edited by me):
1. Get preapproved for your loan. Get your money in order so that when you low ball the Seller that's trying to make $100k in only 6 months, they will know your offer is solid and there will be no finance problems.
2. It is always something! Even though there are plenty of homes out there, the resale market rarely has that perfect house for you. Know what you can do without, and if your married, know what you can put up with that your sig other has to have.
3. Often, the neighborhood is just as important as the house. Decide on area A and then scan that area for your dream home. If it is not there, then go to area B and look. If you still can't find the home of your dreams, reference tip # 2 and be patient, something will come up. Nervous and in a hurry should not be in your vocabulary right now.
4. Hire an Agent!! and hire one that listens to you and tell them what you want!
5. Get to know the value of your neighborhood. Go back a few years and see what the prices were and figure 10% a year from when the home was built. Ignore May 04 to Sep 05.
6. Use strategy. Find out what you can about the seller and their situation. Definitely know what they paid for the home and know why they are moving. If they have two mortgages, they need to sell. Use the sellers desired closing date in your offer if you can.
7. Don't be afraid to low-ball!! Again, the seller is more than likely going to make money, just not a gazillion from little ole you. Make everything good for the seller: the close date, fair in closing costs, home warranty purchase but make the price yours!
8. You have to buy right and not expect more than 3-5% over the next few years. Look at history and realize that the spike of last summer will have to blend in with the overall graph of home prices. In 10 years, homes are going to be more expensive than they are now, but that is pure economics and inflation. Things have to catch up with where they are now. Do I think implosion, no but a person that bought 2 years ago is not going to be able to double his price now. Some have the savvy buyer will not let it happen with a proper offer.
Have fun and be prepared, patient and smart.
Republic (edited by me):
1. Get preapproved for your loan. Get your money in order so that when you low ball the Seller that's trying to make $100k in only 6 months, they will know your offer is solid and there will be no finance problems.
2. It is always something! Even though there are plenty of homes out there, the resale market rarely has that perfect house for you. Know what you can do without, and if your married, know what you can put up with that your sig other has to have.
3. Often, the neighborhood is just as important as the house. Decide on area A and then scan that area for your dream home. If it is not there, then go to area B and look. If you still can't find the home of your dreams, reference tip # 2 and be patient, something will come up. Nervous and in a hurry should not be in your vocabulary right now.
4. Hire an Agent!! and hire one that listens to you and tell them what you want!
5. Get to know the value of your neighborhood. Go back a few years and see what the prices were and figure 10% a year from when the home was built. Ignore May 04 to Sep 05.
6. Use strategy. Find out what you can about the seller and their situation. Definitely know what they paid for the home and know why they are moving. If they have two mortgages, they need to sell. Use the sellers desired closing date in your offer if you can.
7. Don't be afraid to low-ball!! Again, the seller is more than likely going to make money, just not a gazillion from little ole you. Make everything good for the seller: the close date, fair in closing costs, home warranty purchase but make the price yours!
8. You have to buy right and not expect more than 3-5% over the next few years. Look at history and realize that the spike of last summer will have to blend in with the overall graph of home prices. In 10 years, homes are going to be more expensive than they are now, but that is pure economics and inflation. Things have to catch up with where they are now. Do I think implosion, no but a person that bought 2 years ago is not going to be able to double his price now. Some have the savvy buyer will not let it happen with a proper offer.
Have fun and be prepared, patient and smart.
posted by Terry at 9:23 PM
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