Jena Khabazeh's Blog
A buyer's market typically is a dream come true for those who want to find a high-quality and affordable house. In fact, there are many things you can do to capitalize on a buyer's market to ensure you can purchase a house that you'll be able to enjoy for years to come.
Now, let's take a look at three tips to help you get the most out of a buyer's market.
1. Narrow Your Home Search
Consider where you want to live and what you want to find in your dream home – you'll be glad you did. If you hone your house search, you can avoid wasting time and resources on homes that fail to meet your expectations.
As you evaluate potential home destinations, think about your day-to-day activities. For example, if you work in the city, you may want to search for houses that are in or near the city itself. On the other hand, if you have kids, you may want to explore residences near parks and other family-friendly attractions.
In addition, it often helps to make a list of home must-haves. Once you know what features you want in your dream home, you can conduct an in-depth search to discover a house that will suit you perfectly.
2. Get a Mortgage
A mortgage is crucial, particularly for individuals who want to take advantage of a buyer's market. Because if you enter the real estate market with a mortgage in hand, you can map out your home search based on your budget.
Getting pre-approved for a mortgage generally won't take long. Banks and credit unions are happy to teach you everything you need to know about home financing and help you select the right mortgage. Furthermore, these financial institutions employ mortgage specialists who can respond to your home financing concerns and queries.
3. Collaborate with a Real Estate Agent
If you want to streamline your search for a home in a buyer's market, you should work with an expert real estate agent. That way, you can receive homebuying tips and recommendations you may struggle to receive elsewhere.
A real estate agent understands what it takes to complete a successful house search in a buyer's market. As such, he or she will work with you to make your homeownership dream come true.
For instance, if you want to purchase a top-notch house as quickly as possible, a real estate agent can help you do just that. Or, if you want to buy a house at a low price, a real estate agent can help you discover a terrific residence that matches your pricing expectations.
As you get set to enter a buyer's market, it helps to prepare as much as you can. Thanks to the aforementioned tips, you can simplify your home pursuit in a buyer's market. As a result, you can find a wonderful residence that is sure to serve you well both now and in the future.
Attending open houses is common for property buyers in cities and towns nationwide. However, there is no set number of open houses that a homebuyer will need to attend to discover his or her dream residence. In some instances, a buyer may find the ideal home after attending his or her first open house. Or, a buyer may attend dozens of open houses and fail to find a residence that matches his or her expectations.
As a homebuyer, it is important to do everything possible to make the most of an open house. Lucky for you, we're here to help you get ready for an open house and ensure that you can maximize the value of this event.
Now, let's take a look at three tips to help you get ready for an open house.
1. Create a List of Home Questions
You may have learned about a home from a listing. Yet a listing only offers a limited amount of information about a residence. And if you have additional questions about a residence, an open house provides you with a great opportunity to receive responses to your queries.
Craft a list of questions before you attend an open house – you'll be glad you did. With this list in hand, you can ask questions about a home and gain the insights you need to help you decide whether a residence is right for you.
2. Perform Research
Try to collect as much information as you can about a home prior to an open house. That way, you can have a good idea about what to expect when you attend this event.
Also, you may want to put together a game plan before an open house. This plan allows you to prioritize different areas of a residence that you want to check out. Plus, it may help you conduct an in-depth review of a residence.
3. Consult with a Real Estate Agent
A real estate agent is happy to help you plan ahead for any open house. If you employ a real estate agent today, you can receive comprehensive assistance as you conduct your house search.
Typically, a real estate agent will keep you up to date about open house events in your preferred cities and towns. This housing market professional can attend an open house with you and offer immediate feedback as well. In addition, if you want to submit an offer to purchase a residence after an open house, a real estate agent can help you do just that.
Let's not forget about the expert housing market insights that a real estate agent can provide, either. A real estate agent can offer insights into housing market patterns and trends. By doing so, a real estate agent can help you narrow your home search and ensure that you can find a great house at a budget-friendly price.
Ready to attend an open house? Use the aforementioned tips, and you can attend an open house and learn about all aspects of a residence.
As a homebuyer, you'll want to do everything possible to guarantee a quick, seamless homebuying journey. Because if you're not careful, you may be forced to deal with a nightmare homebuying experience.
Ultimately, there are many ways to ensure that you can avoid a nightmare homebuying experience, such as:
1. Narrow Your Home Search
Although you know that you want to buy a home, it pays to consider exactly what you'd like to find in your ideal residence. By doing so, you can narrow your home search and avoid the homebuying nightmare of pursuing residences that fail to meet your expectations.
Think about which features are must-haves for your new home, as well as which features you can afford to live without.
For example, if you require a home that is close to your office, you can search for houses near your workplace. On the other hand, if you want to live in a small town, you can remove city residences from your home search.
Establish priorities as you search for your dream house – you'll be glad you did. If you separate your home must-haves from your wants, you can simplify your home search and move one step closer to finding your ideal residence.
2. Get Your Finances in Order
How much can you afford to spend on a house? Create a homebuying budget, and you can avoid the risk of browsing available residences that fall outside your price range.
To determine how much money you have available for a home purchase, it often helps to meet with local banks and credit unions. These financial institutions can provide details about a variety of mortgage options and help you select a mortgage that corresponds to your finances.
Also, you should check your credit report before you buy a home. You are entitled to a free annual copy of your credit report from each of the three credit reporting bureaus (Equifax, Experian and TransUnion). Take advantage of this perk, and you can learn your credit score and take steps to improve it prior to purchasing a house.
3. Hire an Experienced Real Estate Agent
An experienced real estate agent understands both the homebuyer's and home seller's perspectives. As such, this housing market professional can help you analyze a home seller's point of view and negotiate the best price on any home, at any time.
Typically, an experienced real estate agent will meet with you and learn about your homebuying goals. This housing market professional then will map out a homebuying journey, one that helps you streamline the process of acquiring your ideal house.
Let's not forget about the assistance that an experienced real estate agent can deliver throughout the homebuying journey, either. A real estate agent can provide expert insights into the housing market and help you make informed decisions, thereby reducing the risk of a nightmare homebuying experience.
Take the guesswork out of buying a home – use the aforementioned tips, and you can minimize the risk of a nightmare homebuying experience.
An offer to purchase represents a key milestone in the homebuying journey. Ultimately, it helps to plan ahead to ensure you're ready to submit a homebuying proposal. Because if you know what it takes to put together a competitive offer to purchase a house, you can boost the likelihood that a home seller accepts your proposal.
Now, let's take a look at three tips to help you get ready to submit an offer to purchase.
1. Study the Housing Market
The housing market fluctuates frequently. As such, you may enter a real estate market that favors buyers but slowly shifts into sellers' favor, or vice-versa. But if you examine the real estate sector closely, you can differentiate a buyer's market from a seller's one and submit an offer to purchase that accounts for the current housing market's conditions.
If homes are selling quickly at or above their initial asking prices, you may be working in a seller's market. Comparatively, if houses linger on the real estate market for many weeks or months before they sell, you may be operating in a buyer's market. As you start to craft an offer to purchase a house, you should analyze the real estate market. By doing so, you can submit an offer to purchase that matches a seller's expectations.
2. Get Your Finances in Order
Entering the housing market with a budget in hand usually is beneficial. If you get pre-approved for a mortgage, you can narrow your house search and stick to a budget as you pursue your dream residence.
Banks and credit unions can teach you everything you need to know about fixed- and adjustable-rate mortgages. Perhaps best of all, lenders employ mortgage specialists who can respond to your mortgage concerns and questions. If you collaborate with a lender today, you can get the financing you need to buy a house. Also, you can conduct a search for homes that fall within your price range and reduce the risk of submitting an offer to purchase that surpasses your budget.
3. Avoid a "Lowball" Offer
Submitting a "lowball" offer to purchase a home may seem like a good idea at first. Yet submitting a homebuying proposal that falls short of a seller's expectations is unlikely to help you acquire your dream house.
In most instances, a seller will instantly reject a lowball offer to purchase. And if you receive an immediate "No" from a seller, you risk missing out on the opportunity to purchase your ideal residence.
Allocate time and resources to craft a competitive homebuying proposal – you'll be glad you did. Otherwise, you run the risk of putting together a lowball offer that will miss the mark with a seller and force you to look elsewhere to purchase a house.
Lastly, if you need extra assistance as you perform a house search, you may want to hire a real estate agent. By employing a real estate agent, you should have no trouble crafting a competitive offer to purchase any home, regardless of the housing market's conditions.
In the internet age, we’ve all seen dream homes on Google, Pinterest, or Instagram that seem to encompass everything we’ve ever wanted in a home.
Sometimes, obsessing over dream homes can be detrimental to us--making us feel bad about our own living situation or discouraged about ever being able to afford the home we truly want.
However, dream homes can serve a purpose when it comes to identifying what we really want out of a home.
In today’s post, we’re going to use the idea of a dream home “wish list” to help you narrow down what really matters to you and your family in your next home.
Step 1: Start by making a list of your dream homes
This is the easy part. If you’re like me, you probably have a Pinterest board or bookmark folder just for home inspiration.
Put all of the dream homes on your list. The order doesn’t matter, and you’ll find out why below.
Step 2: For each home, write down one or two of your favorite things
Is it the square footage? The location that’s perfect for your commute or for trips to your favorite places? Or, is it just the color scheme of the kitchen?
No aspect is too small for this list--it all depends on what you like, not what the price tag is.
Step 3: Go over your list and try to put the items in order of how much they matter to you.
An example would be:
A cheerful, bright colored kitchen
A cozy office to wok quietly in
A two-car garage
A playroom for the kids
A location that’s close to the water
Looking over these five things, there are only two items that can’t be found in most houses, a two-car garage and a location that’s near the water. And, this house-hunter didn’t even list those items as the most important.
So, what can we learn from this exercise? Oftentimes, the things we’re looking for the most in a home can be things that we can do later, like interior decorating or designating spare rooms to serve as an office or playroom.
Step 4: Use your top 3 when house hunting
Now that you have the top three things that you’d find in your dream home, take this list with you on your house hunt. Try to seek out a home that has a combination of these items and one that will be the most practical for your family.
You might find that these conveniences, such as being closer to your work for a shorter commute, will pay off in the long run, as they’ll let you spend more time with our family and make each day a little bit easier.