Lisa Scungio's Blog
A homebuyer who considers the seller's perspective may be better equipped than others to enjoy a successful property buying experience. In fact, this buyer should have no trouble submitting a competitive offer to purchase – something that may lead to a fast home purchase.
Now, let's take a look at three tips to help you analyze the seller's perspective.
1. Review a Home Listing
A home listing provides a great opportunity to learn about a house. It also enables you to analyze how long a house has been available, a residence's features and other factors that may dictate your decision to pursue a residence.
Assess a home listing closely. If you believe your expectations fall in line with a seller's after reviewing a listing, you may want to consider setting up an in-person showing. Or, if you believe a home does not match expectations, you may want to continue to look for your dream house.
2. Check Out a House In-Person
If you find a home you may want to buy, it generally is a good idea to set up an in-person showing. At this point, you can see how a seller has maintained a house and determine if a home is right for you.
Typically, a real estate agent is ready to respond to a buyer's concerns and questions during a showing. This housing market professional may be able to provide insights into why a seller has listed his or her residence. And as a result, you can use these insights to make an informed decision about how to proceed with a house.
3. Understand the Local Housing Market
The local housing market fluctuates, and it may favor buyers or sellers. If you study the local real estate sector, you can differentiate a buyer's market from a seller's market – or vice-versa.
In a buyer's market, there may be an abundance of quality houses available at budget-friendly prices. On the other hand, in a seller's market, there may be a shortage of first-rate houses, and those that are available may be in high demand among buyers.
Keep in mind how a seller's perspective may vary based on the current housing market's conditions as well. If a buyer's market is in place, a seller may be ready to accept a competitive offer to purchase his or her residence. Conversely, in a seller's market, a seller may be reluctant to accept an offer to purchase that falls below his or her initial home asking price.
Lastly, as you get set to embark on the homebuying journey, you may want to hire a real estate agent. This housing market professional can teach you everything you need to know about buying a house. He or she can help you analyze the seller's perspective and make an informed home purchase too.
Ready to navigate the homebuying journey? Use the aforementioned tips, and you can assess the seller's perspective and boost the likelihood of enjoying a successful homebuying experience.
Buying a home should be a problem-free experience. Yet issues may arise that make it tough to acquire the perfect house at an affordable price.
Common problems that come up during the homebuying journey include:
1. Lack of Home Financing
Before you search for a home, it generally is a good idea to get pre-approved for a mortgage. That way, you can kick off a house search with a budget in hand.
To get pre-approved for a mortgage, you should meet with banks and credit unions. These financial institutions can teach you about a variety of mortgage options and help you get approved for home financing in no time at all.
Of course, if you have questions as you pursue a mortgage, don't hesitate to ask a lender for assistance. Lenders employ courteous, knowledgeable mortgage specialists who are happy to respond to your queries without delay.
2. Temptation to Submit a Lowball Offer to Purchase
Once you find your ideal residence, you may be tempted to submit an offer to purchase at or below a house seller's initial asking price. But doing so may be problematic, particularly for a homebuyer who wants to acquire his or her dream residence as quickly as possible.
If you submit a lowball offer to purchase a house, a seller likely will reject the proposal. Worst of all, a rival homebuyer may swoop in with a competitive offer to purchase this residence – something that may cause you to miss out on the opportunity to buy your ideal home.
Ultimately, it is beneficial to submit a competitive homebuying proposal. If you allocate time and resources to learn about a home's condition and how a residence stacks up against comparable houses in the same city or town, you can craft a competitive offer to purchase. And as a result, a competitive offer to purchase may receive an instant "Yes" from a home seller, leading to a fast, successful homebuying experience.
3. Failure to Identify Problems During a Home Inspection
A home inspection is paramount because it gives you the opportunity to walk through a residence with a property expert and learn about any underlying house issues. Then, if you discover major problems with a house, you can ask a seller to complete property repairs, reduce your initial offer to purchase or walk away from a residence altogether.
Hire a home inspector who possesses comprehensive expertise – you'll be glad you did. With the right house inspector at your side, you can get the help you need to identify problems during a property inspection.
Lastly, as you get ready to search for a house, you may want to hire a real estate agent as well. This housing market professional can provide extensive guidance throughout the property buying journey and ensure you can mitigate homebuying problems before they escalate.
Reach out to a real estate agent today, and you can receive plenty of support as you navigate the homebuying journey.
If you intend to buy a house in the foreseeable future, it pays to prepare. That way, you can enter the real estate market as an "extraordinary" homebuyer, i.e. someone who knows exactly what it takes to find a great house at an outstanding price.
Now, let's take a look at three tips to help any homebuyer go from ordinary to extraordinary.
1. Learn the Ins and Outs of the Housing Sector
The real estate market is complex, particularly for someone who is pursuing a house for the first time. Fortunately, plenty of housing market data is available that can help you gain the insights that you need to make an informed home purchase.
Take a look at homes that are currently available in your city or town. By doing so, you can better understand the prices of houses that match your expectations. Then, you can tailor your home search accordingly.
Furthermore, don't forget to assess the prices of recently sold residences in your area. This housing market data will help you determine whether you're about to enter a real estate market that favors buyers or sellers.
2. Get Your Finances in Order
Meet with banks and credit unions to learn about your mortgage options – you'll be glad you did. If you get pre-approved for a mortgage, you can begin your home search with a budget in hand, thereby reducing the temptation to spend too much on a house.
Lenders are happy to provide you with information about a broad range of mortgage options. Also, if you ever have mortgage questions, lenders employ friendly, professionally trained mortgage specialists who are ready to respond to your queries.
In addition, it usually is a good idea to evaluate your credit score prior to applying for a mortgage.
You can obtain a free annual copy of your credit report from each of the three credit reporting bureaus (Equifax, Experian and TransUnion). If you review your credit report closely, you can identify and resolve any potential credit problems and increase the likelihood that you can obtain a favorable mortgage.
3. Work with a Real Estate Agent
When it comes to becoming an extraordinary homebuyer, it is important to note that it can be difficult for even the most diligent homebuyer to succeed on his or her own. However, if you employ an expert real estate agent, you can streamline the process of acquiring your dream residence.
A real estate agent is committed to your homebuying success, and as such, will do everything possible to help you find the perfect residence.
Typically, a real estate agent will set up home showings, negotiate with a seller's agent on your behalf and provide honest, unbiased homebuying recommendations. This housing market professional will even help you alleviate homebuying stress and ensure that you can quickly go from homebuyer to homeowner.
Ready to embark on the homebuying journey? Use the aforementioned tips, and you can become an extraordinary homebuyer in no time at all.
Let's face it – all homebuyers want to enjoy a fast, successful property buying experience. Yet transforming this vision into a reality can be difficult for first-time and experienced property buyers alike. Lucky for you, we're here to help you streamline the homebuying journey.
Now, let's take a look at three tips to help you enjoy a seamless homebuying experience.
1. Understand the Challenges Associated with Pursuing a Home
Planning ahead for the homebuying journey generally is a good idea. That way, you can identify potential homebuying hurdles and resolve these issues before they escalate.
Oftentimes, it helps to craft a homebuying strategy. This plan enables you to map out each stage of the homebuying journey, and by doing so, prepare for any challenges that may come your way.
You also may want to create a list of homebuying criteria. This list will make it simple to narrow your house search, and as a result, ensure you can discover your ideal residence without delay.
2. Get Your Finances in Order
You know you want to purchase a house, but you still have no idea about how you will pay for a residence. Fortunately, if you get pre-approved for a mortgage, you can enter the real estate market with your finances in order.
To get pre-approved for a mortgage, you should meet with banks and credit unions. These financial institutions can explain the differences between fixed- and adjustable-rate mortgages and help you determine which mortgage option best suits your individual needs.
Furthermore, you should review all of your mortgage options closely. Because if you understand your mortgage options, you can make an informed mortgage selection that will serve you well for years to come.
3. Hire an Expert Real Estate Agent
If you want to simplify the homebuying journey, you should hire an expert real estate agent. In fact, with an expert real estate agent at your side, you can get the help you need to quickly and effortlessly make your homeownership dream come true.
A real estate agent is a homebuying professional who is happy to share his or her expertise with you. Therefore, if you have any concerns or questions during the homebuying journey, a real estate agent can respond to them immediately. And if you are uncertain about how to proceed at any point during the homebuying journey, a real estate agent can offer data-driven recommendations as well.
Let's not forget about the assistance that a real estate agent can provide when you decide to submit an offer to purchase a home too. At this time, a real estate agent will help you put together a competitive homebuying proposal. And if your offer is accepted, a real estate agent will help you finalize your house purchase. Or, if your proposal is rejected, a real estate agent will help you reenter the real estate market.
Take the guesswork out of acquiring your dream house – use the aforementioned tips, and you can boost the likelihood of enjoying a fast, successful property buying experience.
For those who embrace a sense of nostalgic charm, older homes have an undeniable allure. The yesteryear designs and attention to detail are often absent in new construction. As attractive as the idea of living in a glorious Victorian or period home may be, it’s also imperative that you take an extra-long look at older homes. While it’s true that many homes age like fine wine, some can turn to vinegar as well. Consider answering these three things before putting down 20 percent, securing a mortgage, and signing off at the closing.
1: Older Homes Enjoy Better Quality Construction, But . . .
There’s a funny thing about the word “but,” that should prompt potential homeowners to sharpen their focus. It’s generally true that many older homes were routinely constructed with sturdier materials that are now considered “high-end.” In fact, structures built from the 1860s to 1920 employed lumber that is both thicker, and stronger by the square inch. The reason is that older homes utilized “slow-growth” timbers. Today’s wood generally comes from “fast-growth” trees. The wood density is vastly stronger in slow-growth, which is one reason many have stood the test of time. Now here’s the “but.”
Your ability to find slow-growth lumber would take a Herculean effort. That’s why it’s essential to understand that you may not be able to restore an older home to its original glory, only emulate it.
2: Homeowners Insurance Can Be Tricky With Older Homes
Take a moment and think about how you plan to approach your homeowners insurance to satisfy the lending requirements. Most people want to secure the least expensive policy, as long as it covers total replacement costs in the event of a natural disaster or fire. Therein lies the rub, “total replacement costs.”
A substantial difference exists between current building costs, and the revenue required to build a new version of your period home. The lumber already mentioned may not exist, and its modern-equivalent is generally considered a high-end material. Now add in unique architectural attributes, and you likely have a structure with a replacement value that far exceeds the average new construction costs.
In terms of your homeowners policy, it’s up to you to secure a quote from a construction outfit that specializes in older homes. Using that measure, your premium is likely to uptick. But unless you get full coverage, the coverage is likely to fall far short.
3: Older Homes Are Less Usually Expensive
Whether you have a passion for older houses or just want to purchase the maximum affordable living space, there’s plenty of good news. It may seem almost counterintuitive to old-home lovers, but the market tends to devalue them, much like automobiles. That depreciation can be a substantial perk as long as the house remains structurally sound and relatively unblemished.
Most people come to the real estate market with a set spending budget. The older home can deliver increased living space as well as a robust ambiance for less than its new-home counterpart. For those who simply adore older homes, it’s a lot like buying a fine wine or rare painting at a discount. What’s of primary importance when purchasing an older home is to follow through with a determined inspection that identifies any potential issues and conduct thorough due diligence before closing.