With the competitive spring market on the horizon, here are five tips to help homebuyers land their dream home.
Spring tends to bring out more buyers than other times of the year in almost every market. With more buyers, there will also be more sellers. However, the majority of buyers want homes that are priced fairly and have the most amount of updates and amenities. With the majority of buyers wanting the same thing, what is a qualified buyer to do? Here are the five most important things to do right now if you want to find a home this spring.
First, contact a professional lender and get your loan not only pre-qualified—which basically means you’re credit worthy and breathing—but also pre-approved. This means supplying your mortgage professional with your income and asset statements for an even stronger position and offer in the eyes of sellers. Just last month in a multiple offer situation, a buyer with that type of letter won out over another offer that had a better price.
Second, choose your agent wisely. As the buyer, it doesn’t theoretically cost you anything out of pocket to pay the majority of the commission, but it can cost you thousands and even hundreds of thousands of dollars if you hire the wrong agent when it comes to negotiating the best price, terms, and/or inspection issues.
Third, know what you want in advance. Do your homework and know which items you have to have and which might be nice. This is important because if or when you do find yourself in a multiple offer situation, you can act quickly and confidently because you’ll know whether or not this property is the one you really want and are willing to pay for.
“Know what you want so you can act quickly and confidently.“
Fourth, make sure you have the home thoroughly inspected. You are probably spending the most amount of money you have ever spent. Whole-house inspectors are nice and sometimes a little cheaper, but they’re jacks of all trades and masters of none. I’m not saying they’re bad—just stating a fact. It’s kind of like having heart pains and going to a general doctor or surgeon as opposed to employing a cardiologist specialist to find and fix your issues. The choice is up to you.
Fifth, prepare for the process. Finding the house, negotiating for it, inspecting it, and financing it can and probably will take more time than you initially imagine. Find yourself an agent that will assist you with all of the phases of the home buying process. You want someone with a great track record of successfully representing buyers so that when the rubber meets the road, you know you can trust their advice.
Lastly—although this isn’t a must—have a lot of fun! Buying a home can and should be a really great thing.
If you have any questions or you are in need of a professional to help you find and close the house of your dreams, give us a call or shoot us an email. We’d be glad to help.