The Realtor's Corner

Whether you are a first time homebuyer or a seasoned one, the best time to buy is when there is an abundance of listings. The spring season usually provides many properties to chose from. The seller's know how competitive the market is and may be more willing to negotiate a sale price that is acceptible to both parties, however, this is not always the case. When a prime property comes on the market, you are competing with many others buyers, especially in the price range from $500,000 to $850,000. You need to be prepared in many different ways. Emotionally, mentally, and most of all...financially.

This is an emotional transaction for many and you need to put your emotions into prospective. If you bid on a property and you lose, what will your response be? Mentally, you need to be prepared. If this is the house of your dreams, don't take the chance of someone else taking it with a higher bid. Don't assume anything! Your realtor does not have a crystal ball, nor will they tell you what to bid. We can guide you, but the ultimate offer must be yours. If you bid your highest and best, and you win, don't feel like you overpaid. It just means someone else couldn't bid as high. Same thing if you bid and you lose the property, you need to be content that your highest was what you can afford or your comfort zone. NO MATTER WHAT, you need to move forward. There is another beautiful home for you. Be patient.

Financially, you need to be ready to "be in the game". Find a realtor you trust. One you feel comfortable with, knowing you will be spending a lot of time together. Be prepared to move quickly. Ask for referrals of local mortgage brokers to help you facilitate a pre-approval letter before you start looking. This will give you your purchase "price point" based on your income, credit scores, amount you intend to put down, and mortgage payments within a few hours. A pre-approval letter will accompany your offer and give the prospective seller your ability to afford their home. It may be beneficial to ask the mortgage broker what documents would be necessary when you find a home. It is a significant amount of financial information (approximately 2 years worth) which wouldn't hurt to have ready when moving forward with a purchase.

Being prepared mentally and financially will make you a solid buyer. Save your emotions for the day you move into your new home!!