Ready to look at homes for sale in your area of choice? We have your back when it comes to negotiating a great deal, noticing those things most people don’t catch, handling all of the paperwork, & finding those properties you can’t easily find online.
Ready to look at homes for sale in your area of choice? We have your back when it comes to negotiating a great deal, noticing those things most people don’t catch, handling all of the paperwork, & finding those properties you can’t easily find online.
For home buyers, buying a home will probably rank as one of the biggest personal investments one can make. Being organized and in control will contribute significantly to getting the best home deal possible with the least amount of stress. It’s important to anticipate the steps required to successfully achieve your housing goal and to build a plan of action that gets you there.
Before you can build a plan of action, take the time to lay the groundwork for your decision-making process.
First, ask yourself how much you can afford to pay for a home. If you’re not sure about the price range, find a lender and get pre-qualified. Pre-qualification will let you know how much you can afford, allowing you to look for homes in your price range. Getting pre-approved also helps you to alleviate some of the anxieties that come with home buying. You know exactly what you qualify for and at what rate, you know how large your monthly mortgage payments will be, and you know how much you will have for a down payment. Once you are pre-approved, you avoid the frustration of finding homes that you think are perfect, but are not in your price range.
Second, ask yourself where you want to live and what the best location for you and/or your family is. Things to consider:
convenience for all family members
proximity to work, school
How many rooms, baths, and square footage? Do you need a yard? RV access?
local transportation
types of homes in the neighborhood, for example, condos, townhomes, co-ops, newly constructed homes, etc.
Remember to make a list of your needs, not just wants. We all want a move-in ready home overlooking the ocean, but we need to be realistic and stay within budget according to your qualifications. Cosmetic things can be addressed over time, let's find something that fits your needs and check off the boxes that matter. Any perks or frills are a bonus!
Finding the Right Seller
The best seller is one who is highly motivated. A highly motivated seller is more likely to sell at a price that is less than his or her house is actually worth. And it matters that you find out why. Learning the reason why can help you get the price you want and help the seller get what they want: a timely sale.
Why are they selling? The reason could be anything, such as a job change to a new location or financial problems. If you can solve their problem, whether it is cash related or time-related, do so. For example, if the sellers are highly motivated because they need to move quickly, give them a fast sale – and a lower price. If you can make an offer, even a low one, that gives them cash in a short time, they are more likely to accept.
There are also some sellers that you should avoid. Not every seller is as genuinely motivated as they make themselves out to be. Some sellers are just unwilling to negotiate and find that their property is better than the rest and no comp in the world will matter. It is impossible to find the perfect seller. But it is possible to find out which sellers are legitimately wanting to sell and which ones aren’t. Working with a good agent will help to determine what type of seller you are dealing with or should just walk away from.
Hot, Normal, and Cold Markets
Hot Market
This is an extremely competitive market and is advantageous to the seller. Sometimes, homes will sell as soon as they are listed or even before homes are listed. Typically, during a hot market, multiple offers will be made on each home and more often than not, homes will sell for more than the asking price. It is even more crucial to be prepared and to be ready as a buyer when the market is hot. It can be easy to get caught up in the bid for a home, but if you are prepared (pre-approved, solid in price range, realistic about your needs), it is easier to remain focused on your housing needs and price range.
Normal Market
In a normal market, there is a fairly large number of homes available and an average number of buyers. This market does not necessarily favor the buyer or the seller. A seller may not have as many offers on their home, but he or she may not be desperate to sell either. Again, it is the buyer’s responsibility to be prepared. During a normal market, the chances to negotiate are higher than in a hot market. As a buyer, you can expect to make offers at lower than the asking price and negotiate a price at least somewhat less than what the sellers are asking.
Cold Market
In a cold market, houses may be listed for more than a year and the prices of houses listed may drop considerably. This market is advantageous to the buyer. As a buyer, you have the time to make an offer that works in your best interest. It is not uncommon to low-ball and to find that sellers are accommodating to meet your needs. Keep in mind that even though this market is a great time for buyers, you do not want to lose your dream home by being unrealistic. Your goal is to get your dream home at the best possible price.
Importance of Inspection
As a buyer, you are entitled to know exactly what you are getting. Don’t take anything for granted, not even what you see or what the seller or listing agent tells you. A professional home inspection is something you MUST do, whether you are buying an existing home or a new one.
An inspection is an opportunity to have an expert look closely at the property you are considering purchasing and get both an oral and written opinion as to its condition.
Beforehand, make sure the report will be done by a professional. Not only should you never skip an inspection, but you also should be present with the inspector during the inspection. This gives you a chance to ask questions about the property and get answers that are not biased. In addition, the oral comments are typically more revealing and detailed than what you will find in the written report. Once the inspection is complete, review the inspection report carefully.
Use a Buyer’s Agent
It’s important that you choose an experienced agent who is there for you. Your agent should be actively finding you potential homes, keeping you informed of the entire process, negotiating furiously on your behalf, and answering all of your questions with competence and speed.
First, find an agent who represents you and not the seller. This is beneficial during the negotiation process. If you are working with a buyer’s agent, he or she is required not to tell the seller of your top choice. In addition, he or she is also focused on getting you the lowest asking price. Many people will go directly to the listing agent and think they can work a better deal, but more often than not, they don't get a single attention and one-sided negotiating they deserve. It takes a skilled agent to work both sides and it is possible, but highly recommended you choose your own agent to represent you.
Also, when you use a buyer’s agent, you will see more properties. Not only are they plugged into their Multiple Listing Service, but they are also actively finding homes that are listed as FSBO, or homes that sellers are thinking about listing.
Why You Should Not Make Any Major Credit Purchases
Don’t go on a spending spree using credit if you are thinking about buying a home, or in the process of buying a new home. Your mortgage pre-approval is subject to a final evaluation of your financial situation. Once you get pre-approved, you write an offer that gets accepted and you open escrow, you still are in the loan process. The last few weeks of escrow are "Loan Time". This is when all of the final conditions are met and the remaining paperwork is due, documents signed and final approval met. You are STILL in the process and still getting checked. So don't make frivolous spending decisions before consulting with your lender. It is also a good idea to pay things off to help pave your way.
Even if you have accumulated enough savings, you should consider not making any large purchases until after closing. The last thing you want is to know that you could have purchased a new home if had you curbed the urge to spend. So If you want to buy a home and it has been your goal and dream, sacrifice that vacation, cut out those daily $8 cups of coffee, lower your credit card limits, and or PAY CASH, and don't buy it if you can't afford it. :)
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Home Prices Aren’t Declining, But Headlines Might Make You Think They Are
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July 24, 2024•4 min read
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Housing Market Forecast: What’s Ahead for the 2nd Half of 2024
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For home buyers, buying a home will probably rank as one of the biggest personal investments one can make. Being organized and in control will contribute significantly to getting the best home deal possible with the least amount of stress. It’s important to anticipate the steps required to successfully achieve your housing goal and to build a plan of action that gets you there.
Before you can build a plan of action, take the time to lay the groundwork for your decision-making process.
First, ask yourself how much you can afford to pay for a home. If you’re not sure about the price range, find a lender and get pre-qualified. Pre-qualification will let you know how much you can afford, allowing you to look for homes in your price range. Getting pre-approved also helps you to alleviate some of the anxieties that come with home buying. You know exactly what you qualify for and at what rate, you know how large your monthly mortgage payments will be, and you know how much you will have for a down payment. Once you are pre-approved, you avoid the frustration of finding homes that you think are perfect, but are not in your price range.
Second, ask yourself where you want to live and what the best location for you and/or your family is. Things to consider:
convenience for all family members
proximity to work, school
How many rooms, baths, and square footage? Do you need a yard?
Types of homes in the neighborhood, for example, Single Family, New Construction or Re-Sale? Townhome? etc.
Remember to make a list of your needs, not just wants. We all want a move-in ready home overlooking the ocean, but we need to be realistic and stay within budget according to your qualifications. Cosmetic things can be addressed over time, let's find something that fits your needs and check off the boxes that matter. Any perks or frills are a bonus!
Finding the Right Seller
The best seller is one who is highly motivated. A highly motivated seller is more likely to sell at a price that is less than his or her house is actually worth. And it matters that you find out why. Learning the reason why can help you get the price you want and help the seller get what they want: a timely sale.
Why are they selling? The reason could be anything, such as a job change to a new location or financial problems. If you can solve their problem, whether it is cash related or time-related, do so. For example, if the sellers are highly motivated because they need to move quickly, give them a fast sale – and a lower price. If you can make an offer, even a low one, that gives them cash in a short time, they are more likely to accept.
There are also some sellers that you should avoid. Not every seller is as genuinely motivated as they make themselves out to be. Some sellers are just unwilling to negotiate and find that their property is better than the rest and no comp in the world will matter. It is impossible to find the perfect seller. But it is possible to find out which sellers are legitimately wanting to sell and which ones aren’t. Working with a good agent will help to determine what type of seller you are dealing with or should just walk away from.
Hot, Normal, and Cold Markets
Hot Market
This is an extremely competitive market and is advantageous to the seller. Sometimes, homes will sell as soon as they are listed or even before homes are listed. Typically, during a hot market, multiple offers will be made on each home and more often than not, homes will sell for more than the asking price. It is even more crucial to be prepared and to be ready as a buyer when the market is hot. It can be easy to get caught up in the bid for a home, but if you are prepared (pre-approved, solid in price range, realistic about your needs), it is easier to remain focused on your housing needs and price range.
Normal Market
In a normal market, there is a fairly large number of homes available and an average number of buyers. This market does not necessarily favor the buyer or the seller. A seller may not have as many offers on their home, but he or she may not be desperate to sell either. Again, it is the buyer’s responsibility to be prepared. During a normal market, the chances to negotiate are higher than in a hot market. As a buyer, you can expect to make offers at lower than the asking price and negotiate a price at least somewhat less than what the sellers are asking.
Cold Market
In a cold market, houses may be listed for more than a year and the prices of houses listed may drop considerably. This market is advantageous to the buyer. As a buyer, you have the time to make an offer that works in your best interest. It is not uncommon to low-ball and to find that sellers are accommodating to meet your needs. Keep in mind that even though this market is a great time for buyers, you do not want to lose your dream home by being unrealistic. Your goal is to get your dream home at the best possible price.
Importance of Inspection
As a buyer, you are entitled to know exactly what you are getting. Don’t take anything for granted, not even what you see or what the seller or listing agent tells you. A professional home inspection is something you MUST do, whether you are buying an existing home or a new one.
An inspection is an opportunity to have an expert look closely at the property you are considering purchasing and get both an oral and written opinion as to its condition.
Beforehand, make sure the report will be done by a professional. Not only should you never skip an inspection, but you also should be present with the inspector during the inspection. This gives you a chance to ask questions about the property and get answers that are not biased. In addition, the oral comments are typically more revealing and detailed than what you will find in the written report. Once the inspection is complete, review the inspection report carefully.
Use a Buyer’s Agent
It’s important that you choose an experienced agent who is there for you. Your agent should be actively finding you potential homes, keeping you informed of the entire process, negotiating furiously on your behalf, and answering all of your questions with competence and speed.
First, find an agent who represents you and not the seller. This is beneficial during the negotiation process. If you are working with a buyer’s agent, he or she is required not to tell the seller of your top choice. In addition, he or she is also focused on getting you the lowest asking price. Many people will go directly to the listing agent and think they can work a better deal, but more often than not, they don't get a single attention and one-sided negotiating they deserve. It takes a skilled agent to work both sides and it is possible, but highly recommended you choose your own agent to represent you.
Also, when you use a buyer’s agent, you will see more properties. Not only are they plugged into their Multiple Listing Service, but they are also actively finding homes that are listed as FSBO, or homes that sellers are thinking about listing.
Why You Should Not Make Any Major Credit Purchases
Don’t go on a spending spree using credit if you are thinking about buying a home, or in the process of buying a new home. Your mortgage pre-approval is subject to a final evaluation of your financial situation. Once you get pre-approved, you write an offer that gets accepted and you open escrow, you still are in the loan process. The last few weeks of escrow are "Loan Time". This is when all of the final conditions are met and the remaining paperwork is due, documents signed and final approval met. You are STILL in the process and still getting checked. So don't make frivolous spending decisions before consulting with your lender. It is also a good idea to pay things off to help pave your way.
Even if you have accumulated enough savings, you should consider not making any large purchases until after closing. The last thing you want is to know that you could have purchased a new home if had you curbed the urge to spend. So If you want to buy a home and it has been your goal and dream, sacrifice that vacation, cut out those daily $8 cups of coffee, lower your credit card limits, and or PAY CASH, and don't buy it if you can't afford it. :)
Quick Property Search
Do Elections Impact the Housing Market?
Wondering how the 2024 Presidential election will affect the housing market? Historically, there's a slight dip in November sales, but prices and mortgage rates remain stable. The impact is minimal an... ...more
Seller
July 25, 2024•3 min read
Home Prices Aren’t Declining, But Headlines Might Make You Think They Are
Headlines about price cuts can be misleading. Home prices are higher than last year and still rising, just more slowly. Sellers are adjusting to market realities. For buyers, this means fairer prices;... ...more
Buyer
July 24, 2024•4 min read
Why Your Asking Price Matters Even More Right Now
If you're selling your house, pricing it right is crucial. Even in a seller's market, you can't just pick any price. Higher mortgage rates are slowing price growth, and more homes are for sale, giving... ...more
Seller
July 23, 2024•3 min read
Housing Market Forecast: What’s Ahead for the 2nd Half of 2024
As we enter the second half of 2024, expect moderate home price increases due to low inventory. Mortgage rates may drop slightly, easing monthly payments and attracting more buyers. Home sales should ... ...more
Buyer
July 22, 2024•2 min read
The Shelley Stone Group 2024 © Copyright
Terms and Conditions | Privacy Policy
All information is provided by the licensed REALTOR®/Broker/Agent. This information is not verified for authenticity or accuracy and is not guaranteed. This website is not responsible or liable in any manner for any content posted herein or in connection with our services. Information is not guaranteed and must be confirmed by the end user. All information is provided by the licensed REALTOR®/Broker/Agent. This information is not verified for authenticity or accuracy and is not guaranteed. This website is not responsible or liable in any manner for any content posted herein or in connection with our services. Information is not guaranteed and must be confirmed by the end user.
The Shelley Stone Group 2024 © Copyright
Terms and Conditions | Privacy Policy
All information is provided by the licensed REALTOR®/Broker/Agent. This information is not verified for authenticity or accuracy and is not guaranteed. This website is not responsible or liable in any manner for any content posted herein or in connection with our services. Information is not guaranteed and must be confirmed by the end user. All information is provided by the licensed REALTOR®/Broker/Agent. This information is not verified for authenticity or accuracy and is not guaranteed. This website is not responsible or liable in any manner for any content posted herein or in connection with our services. Information is not guaranteed and must be confirmed by the end user.