Misc

House Hunting Tips from ME!

Well, here's the dealio. In the greater Montgomery area, we are experiencing a HIGH VOLUME of homes on the market. If your area also has a large number of inventory, or homes for sale, this advice can help you as well! Don't waste your time looking at homes you can't afford or won't buy because of location, condition or size.

GET PRE-APPROVED if you aren't already.

Choose a REALTOR who you like, and who either has experience, or has access to another REALTOR with experience. When you are just looking for a home, all you need is someone who can open the doors for you - but you also need a REALTOR who knows which doors to open!
When it comes time to writing an offer, you can ask to have your REALTOR's mentor present to make sure all facets are taken care of.

OK. On to home searching....

Decide your criteria. This is a time when you can be ULTRA-picky. How many floors, how large a lot, what kind of street, size of home, size of garage, fence or no fence, pool or no pool, gas or electric heating, etc. Think about ALL the details in a home that matter to you. Even construction - brick, wood, or stucco? After you list out the criteria for your next home, decide which are MUSTS and which are WANTS. Don't worry about price right now.

Go online to REALTOR.COM or your local MLS and do as detailed a search as you can to find the homes you want to see. OR have your REALTOR do a filtered search on the MLS to select only the homes that truly meet your specific criteria. This is when you will see what these homes are priced at. Depending on how many results you get, narrow your search to include homes priced as high as $25K over your pre-approved price. For your first viewing day, start with the homes below your pre-approved price range. Get the BEST deal by looking at the less expensive homes first. You will find it easier to increase your equity.

Based on the most recent sales of similar homes, determine what the "appropriate" sales price should be. Then look at all the homes with this price range in mind. You may discover that some sellers are asking too much for their homes, and when you find the right home, you just might be able to negotiate a price that you can afford!

Appropriate Sales Price is really what a buyer is willing to pay. You will decide what price YOU are willing to pay for these homes as you go through them. However, the Seller still must agree! So the price will be whatever the Buyer and Seller agree to! This is best determined by looking at SOLD similar homes in similar neighborhoods.

I do not recommend buying above your budget. It's always best if you can find a home that's well within your pre-approval amount. This way, when it comes time to move in and redecorate, you'll still have the extra money for dining out and movies, other entertainment. You don't want your new home to imprison you!

I hope my advice proves helpful. Please email or call me with your questions!