Needless to say, buyers in any market ought to apply intelligent habits in order to become healthy and effective purchasers. In the case of home buying, these facts are self-evident. As a Valley real estate agent with years and years of experience in the business, I can honestly say that more often than not buyers do not come to market with effective game plans. Many of them are just feeling out the process, and this is understandable because homebuying is not something many people do more than a few times in their lives.
(Of course home buyers are competing with investors for many of these properties. And investors are particularly savvy. Savvy investors have consistently applied good habits that help them effectively map out a plan and find the home that interests them.)
Here are four effective habits that an individual can consider when entering the buying market:
Getting prequalified is a brilliant way to start the process. This is not something that a lot of first-time home buyers want to do. Many people do not like the fact that there actually is a third-party obstacle (the bank) that truly determines what priced home you can and can not get into. The fact is that very few homebuyers that sort of cash to purchase homes outright. As a result we have managed to broker a deal between a bank and buy and find the price level that satisfies both parties.
In many cases home buyers actually assume they will qualify for less than they actually do. Even in these very tightly regulated markets where banks are vetting homebuyers thoroughly, many homebuyers that I am introducing to lenders are finding that they actually qualify for more than they imagined.
The fact is that when we enter a buying market we are going to be working with selling agents and home sellers who are going to do their best to lure homebuyers to the homes in order to spike demand for the property. The last thing we want to do as a homebuying team is to enter the marketplace without definition. Our goals should be defined. If we casually enter a marketplace in search of homes at random, chances are the skills of home sellers and listing agents may attract homebuyers to homes that they are not going to be happy with in the long term.
Beyond the aesthetics or layout of the property, the home needs to function and provide basic necessities. If an individual or couple is looking for a home that requires an office for each to do their work since both individuals work from home (this is becoming the case more and more often), and we casually begin searching and find a beautiful home that is everything they want except for the two offices, we are going to put ourselves in a situation where this couple may begin to question the defined goals. This is cause for concern as an agent.
Plenty of new homebuyers imagine that if a search and search and search that they will find a steal. This is probably due to some of the better cable programming that showcase just how some of these investors are able to drum up amazing deals. Yet the fact is amazing deals do not land on the market all too often. And entering the market with realistic goals will better position the home buyer for satisfaction.
I stress this idea because the process can be very stressful. When an individual or couple enter the home purchase process, they are about to embark on a financial deal with exponentially larger consequences than any other financial deal they have likely managed on their respective lives. One would like to imagine that being cool calm and collect a time like this is easy. It is not. But one measurable way to fight the stress that comes with these very significant decisions is to enter the process with a sense of enjoyment. You ought to have fun searching out at home so it helps you build not only financial stability, but also emotional stability in life. A home really is a place where we can hang our hats and take refuge.
All things considered, approach the process positively and everything will likely end up just fine.