Home Buyer Tips for 2014

The housing market is constantly changing. As a buyer it is tough to keep up with the trends and seizing the opportunity to buy when the time is right. In 2014 the buyers market has been competitive and appears to be continuing in that direction. It is important to be prepared before making the decision to buy a home. Here are some tips that can help you get ahead of other buyers in the process.

    • Do your research: Purchasing a home is one of the largest, if not the largest purchase, a person makes in their lifetime. Use resources available to you to be as knowledgeable as possible on the market and the process before jumping in.
    • Adjust your negotiating expectations: Nobody likes a bidding war. It can lead to you paying more money and getting fewer concessions, or possibly not getting the house at all. Buyers always want to see how low they can go with price, but in this current market a lowball offer could take you out of the running for that home completely.
    • Be credit ready:You may be told to get a pre-qualification letter from your lender, but you can take it one step further with a pre-approval. A pre-approval letter indicates to the seller that not only are you prepared, but you can close quickly on the home. This will also let you know exactly what price range you can afford.
    • Ask Questions: Sellers are not required to divulge a lot of information about their home. Don’t be afraid to ask the seller a lot of questions. If the seller doesn’t give an answer, it may be a red flag.

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Always remember that buying a home, especially your first home, is a major personal decision that you need to make independent of the housing market at the time. There are endless resources available to you to help you every step of the way, including your Realtor!

Happy house hunting!

 

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