Be Prepared To Buy, Even If You’re Not Prepared To Buy
Ready To Buy In a Seller’s Real Estate Market
Whether a first time home buyer, or a seasoned investor, one can never be too prepared to buy when the real estate market is a full blown seller’s market.
We know not everyone actively looking for homes for sale are serious and in a hurry.
In fact some have the time and patience to wait for the perfect home.
For example, someone that is shopping for a second home and already has a primary home.
Their motivation will not as high as someone who is transferring their from another region.
Still there are others who will contemplate a move if they happen to come across the right place at the right time.
Even if you are the low-pressure house hunter, knowing when it’s meant to be it will be, there are still basic truths that apply to every home buyer, no matter your level urgency. Remember, there will be a time when your dream home will hit the market. One thing we know about this market is if you like the house, there is a high likelihood that someone else will like the home just as much. Or maybe more. So you can find yourself in competition within no time at all. You probably weren’t the only buyer on the market waiting for that house. In fact, there are probably several people with your exact criteria, and they’re looking at the same houses!
What does all of this mean? Even if your motivation to buy is low, it is still a wise idea to be prepared to buy for when the time comes that you do become highly motivated to buy. Although it may seem more trouble than its worth, keep in mind most buyers in your same situation won’t go that extra mile. In other words, the moment you walk into the house that you know is “the one”, you’ll be fully prepared. Guess who will get the home, the one that’s prepared to buy, the one less prepared will be left crying in their soup.
What does fully prepared to buy look like?
Below are what the top three items to begin working on.
- Get your finances in order. Will you be a cash buyer? Or will you require a mortgage? If you have cash on hand. Congratulations! You can skip this step. However, most will be utilizing some form of financing. If you plan on financing you will certainly need a qualified mortgage lender on your real estate team. Remember, being pre-qualified is not the same as pre-approved. Getting a pre-approval is a much more rigorous process, and will be preferred by most home sellers. It should come as no surprise sellers lean toward a buyer that has taken the time to get their finances in order.
- Make a Budget. You have your pre-qualification in hand. That doesn’t necessarily mean it’s the best idea to max out your home buying budget. You want to buy a home that you can comfortably afford. After all, you want to still be able to afford that Happy Meal for you kid after you pay your monthly mortgage and escrow.
- Expand your horizons. In today’s market you can’t narrow your search down to exactly what you want. There has to be some compromise somewhere. We all want the house that is 100% of what we are looking for. But it is much more realistic to look for the house that offers 70 – 80% of what we’re looking for. Which means figuring out what you can and cannot live with or without. Keeping an open mind will give you the highest chance of finding your proverbial “needle in the haystack”.
Interest rates are still at record lows. Which is part of the reason so many first time home buyers are hitting the market these days. In many cased it’s cheaper to own than it is to rent. To discuss what these numbers will mean for you, or to talk about The Coral Springs real estate market give us at Miranda Executive Realty Real Estate Group a call. Even if you aren’t prepared to buy and just need guidance on where to start we have the resources needed to take you from “Just Looking” to “Just Sold”.
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