Buying A Home? Here Are 5 Tips To Help You
A common theme among home buyers today is the need to find a \”deal\” when buying a home. Almost every home buyer brings that up during our initial conversation. That desire is more apparent now than ever. That has to do with all of the pain in the current real estate market. There is pent up home buyer demand because many of them are afraid of buying today and having it worth less in the near future. Essentially, most or all home buyers are trying to buy at the bottom of the real estate market. Here are 5 tips to help you find a good value when making a home purchase:
1) Realism – Everyone wants to steal a home but it does not happen as much as you think. I watch the real estate market every day, all day and see only a few a year. However, I do see good value purchased frequently. If you are looking for an idiot or hard up seller to sell their for $500,000 for $400,000 then you will probably never buy. The real estate market is pretty efficient as all information is easily obtainable. However, you can expect to maybe buy that $500,000 home for $480,000.
2) Hire a Good Realtor – Buying a home could be your largest ever transaction so make sure you have experience and knowledge in your corner. Hiring a good Realtor will not cost you anything so make sure you do this. They can help you get educated on the real estate market by sending you what is for sale, what has sold and what homes have expired or failed to sell.
3) Know the market – How are you going to know what a good deal is if you don\’t know the real estate market? Before you can realize a great deal you need to know what things are selling for in your area. Have your Realtor send you what has recently sold in the area and neighborhoods that interest you. Become an expert in your neighborhoods. When something great comes on the market you will know it is great.
4) Preparation is needed – Get all of your ducks in a row ahead of time. You don\’t want to find a deal and then lose it because you are not prepared. For example, get your financing or cash arranged. Lending guidelines have changed so get pre-approved for a mortgage. Waiting to do this until after you find a good value might cause you to lose it. Ready – aim – fire, not fire – ready – aim.
5) Act Swiftly – Do not let paralysis of analysis get the better of you. If you are educated on the real estate market, have financing arranged, hired a knowledgeable Realtor and a great value comes on the market then act on it. Do not get into the \”there will always be a better deal out there\” syndrome.
Become educated on the real estate market, hire good help, prepare, accept market realities and act swiftly and you stand a strong chance of buying a great value.
Marc Rasmussen sells Homes For Sale in Sarasota, FL
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