- Get pre approved for a real estate loan. It is important to have a pre approval letter from a reputable mortgage company, preferably local, so you and your agent know your limitations.
- Determine if it’s a buyer’s market or a seller’s market. As of late it has been more of a seller’s market.
- You can search by town, zip codes, or outlined map area.
- List your “must haves” such as minimum number of bedrooms, bathrooms, square feet of living space and lot size as examples.
- List your “would likes” such as a fourth bedroom, over 2000 square feet of living space, a lot of over 10,000 square feet, vaulted ceilings, a remodeled kitchen, a three-car garage, a swimming pool, a one story home as examples.
- Online searches are great. Redfin and Zillow are popular sites and there are others. Click HOME SEARCH if you would like to access one I provide.
- Online searches are a good way to educate yourself to prices and neighborhoods. Utilize the street view to see surrounding homes in the neighborhood. Utilize the satellite view to see home positioning and it’s proximity to things such as busy roads.
- Share your search parameters with me or your agent. Allow some latitude to include homes that may be a bit outside your parameters. You may make an exception for a great property or price.
- When working with me, I will be searching as well. My focus is on your needs and wants, the location, neighborhood, future resale potential and potential risks.
Getting The Home
- Once a home is chosen, this is where your agent often proves more value. The goal is to get your offer accepted for the lowest price possible, with the best terms, and a possession date that works with the move from your existing residence.
- When competing against more than one buyer for the same property, the goal is to get your offer accepted without overpaying. Your financial qualifications will play a role. Your agent’s ability to know the number of competing offers will play a role. Your agent’s ability to gauge the best offering price and terms may be the most important factor of all.
- Getting an offer accepted before an offer date is another way to succeed, often referred to as a pre-emptive offer. Easier said than done, but with the right offer and an influential agent, this is doable.
- Strategy among agents will vary when it comes to multiple offers. My approach often varies from one transaction to the next because no two listing agents or sellers are exactly alike.
Inspections & Escrow
- Once an offer is accepted, it’s best to have an agent who is looking out for your best interest, and not rooting for the deal just to get paid. You may have chosen a great home, but sometimes things are not as they seem. You need to be made aware of potential repairs, and factors that may hurt resale value.