Buying a home is not a decision to be made lightly in today’s market. Successfully buying the right home takes planning and fast reflexes. In today’s market there are more people looking to buy than houses that are available for sale so the market dynamics are uncomfortable for many. In order to move at the pace needed to successfully buy follow these 5 steps.
- Know what you need. This should not be a vague list, establish a black and white list of the things that you must have. Things like one story, 4 bathrooms, pool or no-pool. These are your non-negotiable items. Narrow your focus and only look at homes that meet your needs.
- Know what you want. These are not needs, they are wants. These are the things that make the home a 10. Examples of wants are hardwood floors, granite counters, double ovens, a gas dryer or a fenced yard. Because this list can be very long once you have created your wants list rank your wants by order of importance. Look for homes that have at least your top 3 wants and start looking. If a house only has your tenth need I am certain it will not be contender so don’t waste your time looking. Don’t forget that there is no such thing as a perfect home!
- Have a pre-approval letter from a reputable lender before you start looking. In today’s market a pre-qualification letter is worthless. It simply means that the lender has run a credit report and believes everything else that you’ve told them. A pre-approval letter means that the lender has run your credit report, verified employment, and looked at your tax returns and everything else that is needed to guarantee that you are qualified to buy at a certain price point. In a multiple offer situation contracts accompanied with pre-qualification letters hardly get a second look.
- Move quickly, with a shortage of homes you can be sure that other buyers and their agents are stalking MLS looking for the right house. When that house appears there will be multiple buyers looking at it. When you see the house, ensure it meets all of your needs, as many wants as possible and make an offer as soon as possible.
- Your first offer should be your best offer. This market is not negotiation friendly. These days many Sellers receive multiple offers and many are over list price. If you’re serious, find out what terms the sellers will favorably consider and write an offer that is appealing to the seller in price and with as terms that appeal to the seller as possible.
RE/MAX Landmark agents are equipped to help you in successfully finding the right house for you and helping you win in this crazy sellers’ market.
Terry Roberts, Broker/Owner