Local Buying Tips

8 Tips for Local Buyers

Before you begin your search for a new home there are a few things that you should do and think about prior to making an offer and closing on your new home. Look at the following points and evaluate where you stand in your pursuit of buying a new home. 

  • Get Pre-approved – The first thing you should do before even perusing the local home market is to contact a strong lender and determine how much money you are eligible to borrow. This will give you the best insight into all the possibilities, as well as determine what you can and cannot afford. Believe me, there is no sense in touring million-dollar homes if you are only approved for 300k.  
  • Make a strong offer – You are going to want to be able to make the strongest offer you can, this may not be entirely monetary, this could be in the form of rent back, allowing the seller to stay in the home after selling it to you for a predetermined length of time. It could also be in the form of various concessions, such as agreeing to a lower offer in exchange for making certain repairs yourself. Talk to your Agent for more information about this. 
  • Collect a strong down payment – You are going to have to show the seller that you are serious about your offer, this is called earnest money and it is usually sent prior to closing. Earnest Money allows you to separate yourself from the other folks offering the same dollar amount. Keep in mind if you default on the offer for a reason that you have control over, that money may belong to the seller, so remember the old saying “Caveat Emptor” or Buyer Beware. 
  • Access your wants and needs – When you are getting ready to buy and you have gotten your financials all laid out, the next part is in determining what you want in a home. This could be as simple as saying “three bedrooms and two baths,” But you should really think about all the factors involved including the school districts, amenities, lot size, and local crime rate. Determine what you want and provide those details to a strong and professional realtor.  
  • Be prepared to move quickly – In a seller’s market, you must be prepared to make an offer as soon as possible. It is not uncommon for a well-priced home to sell in a matter of days, and you must be ready to make your move as soon as you decide on a home.  
  • Find a great agent – Find an agent that you trust, most times as a buyer you will not be paying your agent, that is generally done by the seller but that is no reason to just pick your cousin who just got their license last week. Ask as many questions of your realtor as you feel you need to. You are going into a business relationship with this person, and you want someone who will do everything possible for you, not just someone who is seeking out that first commission check. 
  • Be Flexible – Sometimes your dream home may be out of reach.... right now. This doesn’t mean that you won’t ever get that perfect forever home, just that you may not be able to find a house that perfectly resembles the home from the “Beverly Hillbillies”, painted black with pink trim, sometimes it may just need a coat of paint or to spend some more money on putting up a deck in the back yard and installing a jacuzzi after the sale. 
  • Don’t give up – If you keep looking and continue to improve your financial situation, maybe expand your search to other neighborhoods and towns, you will eventually find the home for you, it is just a matter of not giving up hope. With a strong realtor at your side you will be able to find a home that suits your needs, in fact the statistics that I have found are that most homeowners sell on average after 7 years, so if you can't find that home today but you do find one that will suffice for a few years, you can always buy this home and sell in a few years when you find the perfect home for you and your family.