Spring is in our rear view mirror, and Summer is almost done; so is the peak home buying season. If you’ve been looking for a home long, you’ve likely seen multiple offers on some of the homes you’ve liked. And, you may have even lost a few. If you’re tired of making offers and are ready to become home owners, here are some insider home buying tips that will enhance your chances of becoming successful.
Get Your Game Face
On It’s a competitive market out there. To be successful you must be prepared to fight for the house you really want. Other people will probably see the value in the same house you do and usually how badly a person wants something determines their degree of success.
Be Pre-Approved and Prove It
Have a genuine, written loan approval in hand from a reputable lender. Ask your lender to write a letter stating that you are approved for the loan you stipulate in your offer. Be sure it states that your employment, income, credit history and score has been verified and substantiated. Most sellers are very concerned about their sale falling through because the buyer was not really qualified. Give the seller to peace of mind that you are ready, willing and financially able to buy.
Invest the Largest Down Payment Possible
Lenders being so cautious about who they give loans to these days, the more you can put down – the less money you’ll have to ask for – the better off you’ll be! And, the seller will look at you as a more qualified buyer. Need a great mortgage broker recommendation? Call me!
Buy for the Long Term
A home is a long term asset; it is not a “flipper.” Buy with the intention of holding the property for at least five years. Few people make a profit in the short term as the in-and-out costs of buying and selling are too large. Give the market a chance to catch up with your investment. It takes time to make money in real estate, not timing.
Location, Location, Location
It is trite but true. Buy the very best location you can confidently and comfortably afford. Before making a final decision on a home, ask yourself: How easy will it be to sell this home when I’m ready? Carefully choosing the school district, neighborhood and community can help maximize your future potential resale value.
Schools Add Value
Even if you do not have school-age children or do not intend to have children, you should pay serious attention to the quality of the local school system. When you sell the property, most of your potential buyers will have concerns and make decisions based on the performance of the school system. Many people will pay a premium price for a home served by a superior school system.
Bonus Tip: Hire A Buyer’s Real Estate Representative Who Knows the Market
A good Real Estate Representative like myself will protect your money as if it were my own and I will ensure you don’t overpay for the property, even in this rising market. You hire me but I am paid by the seller, so you pay nothing additional other than what you agree to pay the seller for their home. I will help you evaluate the investment, recommend professionals who can evaluate the property’s condition and educate you on the market so you can make successful offers. Give me a call or email me. I would love to hear from you!