Top 5 Things to Do When Buying a Home in Today’s LOW INVENTORY Market
By: Deborah Wilkinson, Principal Broker Premiere Property Group
1.Hire a good Realtor – A realtor who knows the market, has the ability to respond quickly to what comes to market and to you, and is someone you are comfortable working with. The realtor who has great follow-up and is pleasant is most likely to be liked with fellow Realtors and this can make the difference of getting a home or not in a market with little inventory.
2.Be ready to buy – Will this be “cash or charge?” If you are going to finance the new home do you have a mortgage broker that will put you into the best product available for your situation. Have you been pre-qualified for a loan so you know how much you are qualified to borrow and how much you are comfortable in paying each month or maybe your best option is a reverse mortgage for the purchase?
3.Have realistic expectations – Prices are steadily increasing and while “cash may be king” at the end of a transaction, a sale funded by cash is the same to the seller as a sale financed by a loan. Know also that if you are wanting to buy in a very desirable neighborhood you will be getting less for your dollar than in another location. And in a fast market, “low balling” may not work.
4.Communicate your needs and wants with your Realtor – Not only is it important to have a Realtor who listens but you also need to know and articulate what is important to you in finding your new home. How close do you want to be to your grandchildren, other family members, your church, friends, and the activities you do during the day? Do you want a yard to garden or absolutely no yard maintenance? What size? Master on the main or maybe one level only?
5.In this market be prepared to act fast when you find the right home – For the home that is well priced, time on the market can literally be hours or a few days. There are advantages to having an offer submitted first, but that along with much, is strategy that your Realtor can advise and manage.
Deborah Wilkinson, Principal Broker, Premiere Property Group and can be reached at (503) 453-3597 or email Deborah.firstname.lastname@example.org