Buyers, get prepared or get left behind
Friday, May 16th, 2014
Issue 20, Volume 18.
Think of finding and purchasing a new home as a marathon. It’s not going to happen overnight and it’s not going to be easy. Just like a marathon, most of the preparation is achieving a mental attitude that you must have for the long run. Don’t give up, don’t look for shortcuts, be persistent and be consistent.
Looking for a deal or a home?
Many buyers will wear themselves out searching for "the right home" to fall in love with, only to lose their dream by insisting on submitting a low ball offer. What’s sad is that many buyers will repeat the process several times before they realize this may not be the best tactic if they want to move before school starts in the fall.
Smarter buyers with a local agent who is in tune with the market will know and understand the current market trends and know what homes are selling for in each specific neighborhood you are shopping in. Current market conditions do not support the notion that low-ball offers will gain any respect from this year’s sellers who are still hoping for a repeat of last year’s buying frenzy that saw multiple offers and a nearly 25 percent increase in value across the board.
Do yourself a favor and prepare reasonable fair market offers. Use current and reliable data to structure your offers and don’t rely on your need to negotiate the best deal.
If it’s meant to be, it’s meant to be
There will be homes that you really want. You’ve analyzed all of the data with your REALTOR®, you structure the cleanest best offer, and then you submit it. At this point, if you are going to maintain a healthy mental attitude, you have to let go of the outcome. If the home you are fighting for is supposed to be yours and have the right positive mental attitude then success will be that much sweeter and the loss much easier to deal with if you find yourself back on the street looking for that perfect home again!
Are your priorities in alignment with buying a home?
It’s a tough question. Trust your instinct of course! Then, when your agent notifies you that a home that meets every want and need on your list, is within budget, is in the desired neighborhood, do you drop what you were doing to go look at it? Or do you ask to schedule a showing for Saturday afternoon after Junior’s little league game?
Do you keep getting overbid because you are asking for a 60 day escrow? Maybe you want the seller to contribute 3 percent towards your closing costs plus pay for a home warranty…hmm, not in this market.
The truth is there are many variables to every offer and typically lots of competition when priced right. You need to be working with an agent whom you trust so that you can trust your agents’ advice and harness his/her expertise. Consider each setback and learn from the experience – don’t become a victim of repetition.
TV buyers are in fantasy land
If you ever watch any of the multiple television shows on the process of buying real estate you may be gaining some insight but trust me – this is not "The Real World."
First off, it is near impossible to look at three houses and one of them becomes perfect. It’s going to take much more than this.
Second, the couple who doesn’t know what they want really need to decide and not rely on their REALTOR® to figure it out for them. How many couples have you seen on TV where one wants to live in an urban environment and the other out in the country – all for $900 a month? Well, you need to work this out with your partner (or yourself) long before you ever cross your first threshold. Determine what you want, what you need, where you want to be and a realistic budget.
Open escrow – finish line in sight
Sure, you found the perfect home and have an accepted offer for a price within your budget, but it’s not yours yet. You still have a lot of work to get done if you are going to close on time…or at all (always remember, not every escrow closes).
Escrow can be anti-climactic, after all of the energy that went into finding your new abode but you can’t slow down now – stay focused and do what needs to be done. This includes showing up for all of the necessary inspections, work closely with your lender, providing all of the necessary documentation (yes, there will be hoops to jump through), and remain flexible because there will be unforeseen things that will happen that will require your prompt attention.
No one wants to see all of yours and your agents’ hard work and the thought of losing your dream home slip between the cracks.
Stay focused on the end game. Be ready to jump through hoops as they mysteriously appear and give your home finding/buying experience the highest priority. Provided you can stay the course, odds are definitely in your favor of being settled into your new home long before the kids return to school this fall.
Call us today and get the information you need to make the right decision. The information is free, call now at (951) 296-8887.
Questions regarding available inventory and/or other real estate matters contact Mike@GoTakeAction.com. Mike Mason, Broker/Owner of MASON Real Estate Cal. BRE: 01483044, Board of Director of your Southwest Riverside County Association of Realtors® (SRCAR), Traveling State Director, California Association of Realtors® (C.A.R.).
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