Buyers: Be prepared or be left behind
Friday, August 8th, 2014
Issue 32, Volume 18.
Sure, youíve been getting your financial affairs in order and youíve been up at night searching the Internet and browsing again first thing each morning at all of the available homes for saleÖbut are you really ready to jump in and do what it takes?
Think of finding and purchasing a new home as a marathon. Itís not going to happen over-night and itís not going to be easy. Just like in a 26.2 mile marathon most of the preparation must be achieving a mental attitude that you are in it for the long run. Donít give up and donít 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. Whatís 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 whoís 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 yearís sellers who are still hoping for a repeat of last yearís buying frenzy that saw multiple offers and a nearly 25 percent increase in value.
Do yourself a favor and prepare reasonable fair market offers. Use current and reliable data to structure your offers and donít rely on your need to negotiate the best deal.
If itís meant to beÖItís meant to be
There will be homes that you really want. Youíve 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 you have this type of positive mental attitude then the 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?
Itís a tough question; your instinct is, "of course!" If thatís the case, when your agent notifies you that a home that meets every want and need on your list and is within budget in the desired neighborhood, did you drop what you were doing to go look at it or did you ask to schedule a showing for Saturday afternoon after Juniors little league game?
Do you keep getting overbid because you are asking for a 60 day escrow? Maybe you want the seller tocontribute three percent towards your closing costs plus pay for a home warranty.
The truth is there are many variables to every offer and typically lots of competition. You need to be working with an agent you trust so that you can trust your agentsí advice and harness his expertise. Consider each setback and learn from the experience ‚Äď donít 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 ‚Äď this is not real.
First off, it is near impossible to look at three houses and one of them becomes perfect. Itís going to take much more than this.
Second, the couple who doesnít 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 ‚Äď 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 ‚Äď finish line in sight
Sure, you found the perfect home and have an accepted offer for a price you like, but itís not yours yet and you still have a lot of work to get done if you are going to close on timeÖor 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 canít slow down now ‚Äď stay focused and do what needs to be done.
This includes showing up for all of the inspections, when they are scheduled. Be sure to work closely with your lender, providing all of the necessary documentation (yes there will be hoops to jump through) they need when then ask for it. Remain flexible because there will be unforeseen things that will happen that will require your prompt attention and you better be prepared to give it.
No one wants to see all of your and your agentsí hard work go to waste. The thought of having your dream home slip through the cracks is not a pleasant one.
If you and everyone around you can stay focused on the end game and give your home hunting experience the highest priority in your life, the 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 info is free, call now! (951)-296-8887.
For questions regarding available inventory and/or other real estate matters please 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¬ģ (SRCAR), Traveling State Director, California Association of Realtors¬ģ (C.A.R.).
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