Home Buyinghome inspectionshome loan pre-appovalmultiple offersreal estate September 11, 2020

How to buy a home in a sellers market

home buying in a competitive market

 

The real estate market today is busier than ever and home buying in a competitive market has its challenges. As a result of  limited inventory, sellers are often presented with multiple offers over asking price. Consequently, the competition for a single home can leave buyers feeling frustrated and often times rushed into making big decisions including pushing their  budget comfort level.  A home purchase is a huge financial commitment, therefore the decision to buy should never be made in haste. Patience, a well planned approach, and a keen eye are key to home buying success in a sellers market.  So, here are some tips on how to buy a home in a sellers market.

Loan pre-approval

In a sellers market, obtaining loan pre-approval is an essential first step. A pre-approval sends a message to the  seller that the buyer is well qualified and a serious buyer. A loan officer can help guide the buyer through the details of the loan process, educate them on down payments, and if needed advise on credit repair. Most importantly, the first step in a crazy real estate market is setting up a meeting with a trusted mortgage broker.

Find the perfect real estate agent

Just like finding the right home, finding the right real estate agent will make the home buying experience less stressful.  As a result, working with an experienced agent who has a good sense of  current market trends and the ability to educate the buyer through the process is key.  Having an agent who is a savvy negotiator doesn’t hurt either.

 

The home search

Getting pre-approved, finding a trusted real estate agent, and the examination of long and short term goals are the first steps in the home buying process. Therefore, once these things are in place, it’s time to have some fun and search for a home!  Current market conditions coupled with low inventory and historically low interests rates means multiple buyers are competing for the same home. As a result of increased competition, it is not uncommon for buyers to waive inspection or for the buyer to order a pre-inspection.  Knowing as much as possible about a home will make the purchase less risky. Here are some helpful tips (not a complete list) on things to look for when viewing a home.

 

What to look for in a home

  1. From the street, visually inspect the roof. Does it appear clean and in good repair? Find out how old it is and if there is a warranty. Replacing a roof can be quite costly. If it is on the older side a roof is something a buyer should budget for.
  2. Inspect the electrical panel.  Although, many homes may have cosmetic updates  it is still important to know if the home’s electrical system has been updated.  Some older homes may have something called Knob and Tube wiring while not unsafe it might need to be updated for insurance purposes.
  3.  Look for misaligned doors, sloping floors and cracks in the dry wall. These things might signal foundation issues.
  4. Is the home clean and tidy? A messy home might indicate that care has not been maintained in other parts of the home.
  5. Check the age and condition HVAC system. An older system might need to be replaced soon especially if not maintained.
  6. Check for leaks around windows and walls.
  7. Examine the siding. Is it in good repair with no noticeable soft spots or decay?
  8. Check the drainage. Does the water disperse away from the home?

For more info on home inspections visit:

https://www.homeinspector.org/Buyers-And-Owners/Homebuyers-Guide

How to buy a home in a a sellers market

Issues found through quick visual inspections by buyers however, should not replace an inspection by a qualified home inspector.  In addition, it should also not dissuade a buyer from making an offer on a home. Many variables factor into choosing the right home and each buyer has unique needs. Location, size, floor plan,  style and price are a few. Is it move in ready? Does it need updating? Does it meet current and long term goals? In conclusion, buying a home in a competitive market doesn’t have to be trying. But, with the right team in place to assist and a little diligence, a multiple offer situation can turn into a winning offer for a happy buyer.

Check out our buyer book for more information about the buying process:

https://rhondaandrondie.com/files/2020/06/Rhonda-and-Rondies-Buyer-Book.pdf

 

Written by Rondie Martin

Realtor® ABR® e-PRO SRES®

Windermere Senior Transition Specialist

Home Buyingreal estatesellingUncategorizedupsizing June 15, 2020

Should you upsize your home?

 

Should you upsize your home? A question almost all homeowners have at some point. When it comes to housing, each stage of life brings a variety of needs and some wants too. Todays homebuyers looking to upsize are no longer just the young family needing more room. A surprising trend, is among those who would normally be looking to downsize are in fact upsizing. Upsizing your home has many benefits in whatever stage of life you are in. Here are some benefits and tips on upsizing and finding the perfect home.

The benefits

Consider these benefits to owning a larger home for a growing family or creating space for multi-generational living.

  1. More space to spread out, creating more opportunities to entertain and host family gatherings.
  2. The additional square footage might allow you to start that business or hobby you have always dreamed of.
  3. The ease at which to care for and spend more time with an aging parent.
  4. Multiple generations could share living expenses which would benefit everyone.
  5. Sometimes, it’s just a matter of being able to finally afford the home you have  always wanted.

The downside

There are some things to consider before making that final leap of buying a bigger home.

  1. Owning a larger home comes with larger bills such as higher utility bills, a larger mortgage and tax payments.
  2. A larger home may require more maintenance and more furniture to fill the space.

 

Finding the perfect upsized home

  1. Find a home that not only meets your immediate needs but also future needs.  For some that might be a master on the main floor or a mother in law apartment that can also be used as rental income. To make room for a growing family a 4 bedroom might be a better choice than a 3 bedroom.
  2. Consider location. Do you desire  a home close to parks or trails for an active lifestyle? A home near a golf course? Or, do you prefer a home close to shops and dining.  Whatever your lifestyle, finding a home close to things you like to do is always a plus.
  3. Consider the long term maintenance required on the home. Is the home a project or is it move in ready? What do you have the time and resources for? These things could be the deciding factor.
  4. Pick a real estate agent who gets you. Someone who listens and takes the time to understand your needs and wants.  An experienced real estate agent can counsel you on the right time to sell your home, and if you should sell before you buy. They will help you navigate the process smoothly and efficiently.

 

Should you upsize your home? The move to a bigger home can be scary and exciting at the same time. The possibilities are endless in creating a living space that is larger than your current one. Once you are aware of the pros and cons you can move forward knowing that your decision is a good one. To get started on your search, checkout our current office listings http://windermeremillcreek.com/listings/office-s-listing

 

 

Written by Rondie Martin

Reator® ABR® e-PRO SRES®

Windermere Senior Transition Specialist

 

 

Home Buying February 15, 2020

Top Tips For Searching For A Home Online

Hunting for a new home online is a great place to start your search, but it should not be your end all be all. Good listing agents are excellent at highlighting the best features of the home, but keep in mind there may be more than meets the eye. To make the most of your time and efforts and gather a well-rounded picture of home listings online, keep the following three things in mind.

Stay up to date

When you start your search, make sure you find a site that pulls up-to-date listings directly from the multiple listing service (MLS) where real estate agents actively post their most current homes for sale. Many online resources update less often or fail to remove listings that are off the market, making it more difficult to sort through the clutter.

Pictures can be deceiving.

Real estate photographers are experts at showing a home in the best possible light. Many use tools and strategies to boost appeal, such as a fisheye lens to make areas look larger and creative editing to make colors and textures really pop. But, often listings will not contain photos of unappealing parts of the home, like small closets or outdated bathrooms.

See it to believe it.

Once you find what appears to be your dream home online, call up your real estate agent and schedule a showing. You want to take the opportunity to vet the home in person and explore every part of it before beginning the offer process. Your real estate agent will help you cover all your bases and will ask questions you may not have thought of.

Be sure to check out our other articles on home improvement and interior design by visiting our blog.

Search for properties online https://www.windermere.com/