With the increasing competition in today’s real estate market it’s a prudent time to go over a few tips to help you find the right starter home. While there are many important factors to consider, we have compiled a few to point you in the right direction.
- Be realistic.
In todays market climate sellers have a distinct advantage. With low inventory and more buyers than available properties, prices are continuing to rise despite buyers wishes. Rising prices and a large pool of buyers to available properties ratio it creates fierce competition. Many buyers are finding themselves sidelined, not wanting to compete against others for their would-be future home. Keep in mind that a starter home isn’t likely to have everything you ever desired in a home. You may have to temporarily forgo the granite counters and stainless appliances. After all, this starter home is likely to be a stepping stone on your ascent to the home of your dreams.
- Evaluate your list of wants and needs.
While nearly everyone wants the larger home with high-end appliances, updated and upgraded bathrooms and kitchens, an in-ground pool and all the latest technology, these things aren’t always achievable on a starter home budget. As much as we desire these things, rarely are they something we can’t live without for a while. Instead try to look for homes that offer a solid investment, well established neighborhoods and the “Classic Starter-home” which may not have all the amenities may be more in-line with a starter’s budget. Typically, resale homes offer some cost savings over brand new construction homes and can give the well equipped “do-it-yourselfer” the ability to leverage their sweat-equity into something that can offer big returns over time.
- Hire the right Real Estate Agent
Few things can be as beneficial as working with the right Realtor. When you are up against stiff competition, working with an experienced full time real estate agent who knows the local market is key. Look for an agent who shines when it comes to strategy and negotiating. A good agent can suggest certain strategies to make your offer float to the top of the stack. This can be especially important in multiple offer situations. Ask friends and relatives to recommend agents they have worked with personally and were happy with their performance. Talk to them about how you prefer to be contacted (cell, email, text) and how often. Finally, don’t be afraid to research agents online and see what past clients have to say about working with them.
- Be prepared to make a strong offer.
Ever heard the term “Hurry up and wait”? That can apply her with good results. Being prepared to strike as soon as the new property comes onto the market may give you the edge you are looking for. This means having a preapproval letter from a reliable lender, having your finances in order to show proof of funds and having that aforementioned relationship with a good Realtor who has a good understanding of your personal situation and things that are the most important to you as a buyer.
While all of these things may not sound like the fairy tale dream of home ownership, these are solid tips to help you prepare both mentally and practically for the home buying process. Dedicated Realtors are there day-in and day-out to help make your dreams of owning a reality. Whether you are working with us or your favorite real estate agent, we are here to help and want to see your aspirations come to reality.
Warren Bullock is the Listing Manager of the Chari Bullock Real Estate Team and American Homes And Land Real Estate in Paradise. EMAIL; Warren@ChariBullock.com 530-413-0041