Friday, November 13, 2009

Tips For Buying in Today's Market

If you are a frustrated buyer who is getting outbid and losing out on homes in your price range, I offer these tips to increase your chances of getting the home you desire instead of losing out.

1.  Get prequalified for a mortgage!  Sellers will not consider your offer without one.  You need to know how much you qualify for.

2.  Be one your toes!  You need to stay in close contact with me.  I will set up an automatic search so you recieve an email as soon as a new property comes on the market.  If it is something you are interested in, don't wait to call me.  Let me know immediately so we can get out and take a look before it is gone.

3.  Keep your eyes open!  You may be on your way to the grocery store and you see a new sign in the neighborhood.  Jot down the number on the sign and call me.  This could be a brand new listing that hasn't been entered into the system or a home for sale by owner.  You will not hurt my feelings, just call me and I will get all the information about the property.

4.  Be competitive!  When you do find a home and submit an offer if it is a good deal at list price don't try to lowball.  At the same time, there are times when you do not want to submit your highest initially.  It will depend on the property and the circumstances.  But you must submit a competitive bid.

5.  Be Ready!  It is well worth doing your homework in advance of actually finding the home.  Research the neighborhood, schools, current market trends in advance.  That way when you find the home you think is for you, you will be ready to act.  Indecisiveness has cost many buyers the homes of their dreams.

6.  Terms can be key!  You know that price is a huge factor determining if you will get the home but there are other terms that can sweeten or sour a deal.  Length of escrow, type of loan, contingency timeframes, selling a current home are all things to be considered when selling a home.

7.  Sell First!  If you have a current home to sell before you can buy it is important to sell that home first.  I am not suggesting you be homeless while you search for a new home but your current home should at least be on the market and at best in escrow.  When you list your home with me I put in place contingencies to protect you.  Asking a seller to accept your offer on a new home when you haven't even started the process of selling the current home is not going to get you very far.

8.  Due Diligence!  Do not get yourself so caught up in getting an offer accepted that you get careless.  Don't buy something you are not going to be happy with, and make sure you do your inspections!

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