Market Update
/It’s still a tough market out there for buyers but there are ways to make your house hunting and your purchase less stressful if you plan accordingly. Inventory is low and home prices are slightly higher than last year at this time but there are a few ways to beat the competition.
Hire a professional. The process of buying a home can be troublesome if you don’t know what you’re doing and have a seasoned real estate agent to help you through. First there’s the house hunting. With the market being so competitive, you’ll need someone who has a strong network to find potential homes the minute they are listed and even before they go on the market. Getting a jump on the competition is paramount.
Know what you want and where you want it but also be as flexible as possible. Typically we want a short commute and a specific style home like a ranch style or a two story. Consider some of the must haves versus the want to have items and try to be as flexible as possible. Being open to compromising on some of the things you don’t need to have will help widen the prospective home possibilities and give you more homes to choose from.
Be realistic. Writing the right offer is going to get you the leg up. Writing an offer the doesn’t stack up will lose you the home the minute it hits the listing agent’s desk. Homes are going for above asking price to pre-qualified buyers who can pay cash or who have conventional financing and can potentially cover an appraisal gap. And believe it or not, buyers are waiving the home inspection in order to make their offers more appealing to the sellers so consider whether or not you’re willing to do that. And lastly, you may want to purchase a home that needs cosmetic updating and may not have as many people competing for it. If the bones are good, you can put your own personal stamp on a new place by painting, changing out plumbing and light fixtures or putting in new flooring.
Be decisive. If you want to get just the right house, you’ll need to come to grip with the fact that you’ll probably need to choose whether or not you want to make an offer, right after you’ve seen the home. Gone are the days of sleeping on it so to speak. Homes are getting snatched up in less than 24 hours so you don’t have the luxury of thinking about it. It’s an important decision and you want your agent to help you understand the pros and cons of the house you like. Again, experience is essential.
The home buying process is different than it has ever been but it doesn’t have to be scary or painful. Have a good sit down with your agent and make sure you ask what you’ll need to do in advance of getting started. Ensure your agent understands exactly what you want and that they have been in the business for a while so they can tap into their network of agents and find out what’s hot on the market. And listen to your agent’s advice. They are an interested in helping you get the right home as you are and not only want your business but they want your repeat business and your referral therefore they have a vested interest in getting the sale done but to your satisfaction.
Want more information or looking for someone to help you buy a home, give me a call. Sallie Elliott at 402-630-5953 or take a look at my web site and set up an appointment at www.omahaprioritygroup.com.
