Buying a home is typically the biggest financial investment that people ever make, so it is important to consider this purchase very carefully. While it can be a difficult and stressful process, there are ways to minimize your frustration and find the most ideal home for you and your family. Here are some home buying secrets and tips that can help you along the way.
Before you begin searching for a new home, it is wise to get pre-approved for a loan. This is much different than being simply pre-qualified for a loan. If you have this pre-approval, it means that a loan officer or lender has looked over your finances carefully and determined exactly how much they will lend you. This not only helps make the whole home buying process easier, it also gives you leverage when you make an offer. A seller with multiple offers tends to choose the buyers that are pre-approved because they know that their home is far more likely to sell and more quickly.
Once that task is out of the way, you need to give some serious thought to what you really need out of this purchase. You also need to think in practical terms, knowing that you probably won't get every single item on your wish list. Finding a great home is not impossible, of course, but you shouldn't expect to fall head over heels in love with a property. Generally, over-enthusiasm for a specific home makes you somewhat blind to its flaws and reduces your power of negotiation. No matter how perfect a home may seem, you need to be aware of problems that it might have and never fall in love with a home simply based on ascetics. You can always redecorate but you cannot move it to a better location and you cannot make the yard bigge,r and often you cannot make the home bigger if you need more space.
When you are ready to make an offer on a home, there are many items to take into consideration before you decide on a purchase amount. You need take into consideration the comps in the area, as well as the location and condition of the home. Comps are important, but they aren't always showing the whole picture. For example, perhaps the home you like has a much better view than the other comps or maybe this home is completely upgraded and move-in ready. On the other hand, maybe the house you want needs some major updating while the competition includes mainly updated homes. Either way, you can certainly always ask less than the asking price, and you shouldn't feel shy about asking for less. Obviously a ridiculously low number would be insulting, but there is no harm in asking for less.
Be prepared to walk away from a home. You might really love it, but perhaps the owners will counter with an offer that is just too costly or perhaps the inspections will reveal issues that you simply don't wish to handle. Sometimes a seller will cave and give you the price you want, even if you have to wait a week for the result. Sometimes, they'll even offer to fix problems or put money in an escrow account for repairs. If not, then that's ok too, always remember that there are other homes on the market and simply keep looking.
If you are searching for Walnut Creek homes for sale, Danville homes for sale, Orinda real estate, Lafayette real estate, Moraga homes for sale or a home anywhere else in the East Bay area, let the experts at 1stInSite.com help you through the home buying process. They have years of experience in helping buyers in this area purchase and sell homes, and they can help you find your California dream home.
Before you begin searching for a new home, it is wise to get pre-approved for a loan. This is much different than being simply pre-qualified for a loan. If you have this pre-approval, it means that a loan officer or lender has looked over your finances carefully and determined exactly how much they will lend you. This not only helps make the whole home buying process easier, it also gives you leverage when you make an offer. A seller with multiple offers tends to choose the buyers that are pre-approved because they know that their home is far more likely to sell and more quickly.
Once that task is out of the way, you need to give some serious thought to what you really need out of this purchase. You also need to think in practical terms, knowing that you probably won't get every single item on your wish list. Finding a great home is not impossible, of course, but you shouldn't expect to fall head over heels in love with a property. Generally, over-enthusiasm for a specific home makes you somewhat blind to its flaws and reduces your power of negotiation. No matter how perfect a home may seem, you need to be aware of problems that it might have and never fall in love with a home simply based on ascetics. You can always redecorate but you cannot move it to a better location and you cannot make the yard bigge,r and often you cannot make the home bigger if you need more space.
When you are ready to make an offer on a home, there are many items to take into consideration before you decide on a purchase amount. You need take into consideration the comps in the area, as well as the location and condition of the home. Comps are important, but they aren't always showing the whole picture. For example, perhaps the home you like has a much better view than the other comps or maybe this home is completely upgraded and move-in ready. On the other hand, maybe the house you want needs some major updating while the competition includes mainly updated homes. Either way, you can certainly always ask less than the asking price, and you shouldn't feel shy about asking for less. Obviously a ridiculously low number would be insulting, but there is no harm in asking for less.
Be prepared to walk away from a home. You might really love it, but perhaps the owners will counter with an offer that is just too costly or perhaps the inspections will reveal issues that you simply don't wish to handle. Sometimes a seller will cave and give you the price you want, even if you have to wait a week for the result. Sometimes, they'll even offer to fix problems or put money in an escrow account for repairs. If not, then that's ok too, always remember that there are other homes on the market and simply keep looking.
If you are searching for Walnut Creek homes for sale, Danville homes for sale, Orinda real estate, Lafayette real estate, Moraga homes for sale or a home anywhere else in the East Bay area, let the experts at 1stInSite.com help you through the home buying process. They have years of experience in helping buyers in this area purchase and sell homes, and they can help you find your California dream home.
About the Author:
Madeleine Glazier loves writing about the real estate industry. If you are searching for Alamo real estate agents, or to find Alamo homes for sale, please check out the 1stInsite.com website today.
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