Have you ever wondered what a savvy home buyer is? Or is not? I may ruffle a few feathers here, warning those who like to pooh-pooh on everything.
You Don’t Know Everything!
Wise, savvy buyers know what they don’t know. They will then expend the energy to learn or get factual, qualified advice from those who do know. Notice I did not say get an opinion? You can ask 50 people for their opinion, read 50 articles, or view 50 social media feeds; cumulatively, you will most likely get 150 opinions!
Be Real—This Market Isn’t Hard
David Greenspan wrote, “It’s hard because too many people are operating with false expectations, and not enough honest conversations are happening to fix it. Buyers are chasing homes they can’t afford, and sellers are living in the past, stuck on 2021 prices.”
Trying To Time The Market.
Timing the real estate market to sell or buy a house or a condo is a guessing game. If anybody tells you differently, run!
The market doesn’t care when we want to sell or buy, which is why so many quality and well-located homes end up on the market longer, or, heaven forbid, unsold! I learned a long time ago that there are things I can control and cannot, and the market is not in your or my control. You are the market.
Not Understanding The Process
Winging it is going to cost you. Buying and selling real estate is a process, not an event. Yes, it can be exciting, fearful, dreadful, hopeful, exhilarating, greedy, bountiful, forgiving, and scary simultaneously. Ok, I’m exaggerating. All within 24 hours! Or two weeks, or for a long time.
Be aware that Realtors have a process mandated for handling a purchase and sale, timelines, and a fiduciary duty to their clients. Your lender, lawyer, a home inspector, or a condo management company also has a process mandated for handling a purchase and sale.
Meet with all who may be involved BEFORE you start looking at properties. If you do that, I guarantee you will be a savvy home buyer with a huge advantage over other buyers.
We can all go through phases of temporary amnesia, try not to when buying a property!
Be Boring
Yes, speaking with the professionals takes time and is not as much fun as driving all over the place looking at properties. Boring is similar to the story of the turtle and the hare. The turtle’s pace is slow, boring, and plodding; however, the price is right.
Your time and effort will be rewarded exponentially, equivalent to the time it takes you to understand the process. Spend the time now and be rewarded later. Boring, I know, it’s your choice.
When you feel the timing is right to start the buying process, you’ll likely view several homes on the market that match your criteria. Below are the usual run-of-the-mill ideas.
Duh?
Bring a notepad. Take notes on the home’s characteristics and how you feel. Can you imagine yourself happily relaxing in this place or entertaining family and friends?
Bring a measuring tape. Do you know if the furniture you plan to bring fits? Exercise equipment or a couch? Will anything, such as windows, appliances, or flooring, need to be replaced soon?
Check out the area. Do other homeowners take good care of their properties? This shows pride in ownership. What is the noise level? Is there a playground or another area feature nearby?
Make a list of compromises. For example, is the kitchen doable or a deal breaker? Two bathrooms instead of three, and if so, can you live with that? Four bedrooms instead of three? Garage/ no garage?
Make a list of likes/dislikes. What features does the home have that are not necessary but would be nice to have? For example, a dining room, a fenced backyard, exposure to the sun or shade?
Remember your budget. Is the price within your range and allows some wiggle room for updates or repairs? The savvier you are when viewing properties on the market, the more likely you will be to find the right home for you.
Well, there you go, and oh, a little self-promotion.