Susan McPherson's Blog
Ready to negotiate the purchase of a new home? Ultimately, employing a real estate agent may help you avoid the stress and anxiety that is commonly associated with a homebuying negotiation.
There are many reasons to hire a real estate agent to handle a homebuying negotiation, including:
1. A real estate agent understands the art of negotiation.
A negotiation is a high-pressure situation, one that may be difficult to navigate on your own. Fortunately, a real estate agent understands what it takes to help a homebuyer get the best price for a house – without exception.
With a real estate agent at your side, you can receive support from an experienced negotiator.
A real estate agent possesses extensive skills and know-how, particularly when it comes to homebuying negotiations. This housing market expert will be able to negotiate with a home seller and ensure all parties are satisfied with the end results.
Furthermore, a real estate agent will dedicate the necessary time and resources to complete a successful homebuying negotiation. He or she will go the extra mile to negotiate with a home seller to help you acquire a home that matches or exceeds your expectations.
2. A real estate agent will keep you up to date at all times.
If you employ a real estate agent, it is important to know that this housing market professional will keep you informed throughout a homebuying negotiation. Lucky for you, a real estate agent will provide updates as you try to acquire your dream residence at a price that matches your budget.
A real estate agent acts as a liaison between you and a home seller. He or she will keep you up to date at each stage of a homebuying negotiation and will require your approval on any homebuying decisions.
Also, a real estate agent will provide suggestions during a homebuying negotiation. As a homebuyer, you always have the option to accept or reject this housing market professional's suggestions.
3. A real estate agent is unafraid to be honest with you.
Although a real estate agent will do everything possible to help you streamline a homebuying negotiation, he or she will provide honest, unbiased recommendations as well.
For example, if you want a home seller to drastically lower the price of a home after a property inspection, a real estate agent will handle your request. And if a home seller rejects your proposal, this housing market professional will provide you with feedback and help you map out your next step accordingly.
A real estate agent will be able to respond to any concerns or questions that you have during a homebuying negotiation too. As such, he or she can provide a valuable resource and offer homebuying insights that you may struggle to obtain elsewhere.
Don't let the complexities of a homebuying negotiation overwhelm you. Instead, collaborate with a real estate agent, and you can speed up the process of purchasing your ideal residence.
Shopping for a new house can seem like an overwhelming experience because there are so many factors to consider.
The top priorities for the majority of house hunters include the quality of the school district, the number of bedrooms and bathrooms, and the overall condition of the house. Price is also a major consideration, as is square footage, commuting distance, and the character of the neighborhood.
In many cases, house hunters have specific requirements in mind, ranging from privacy to the layout of the rooms.
Although your search will be much more efficient if you know exactly what you want, the process of looking at houses will help you clarify your preferences, needs, and design ideas for your next home. Touring houses online and browsing home decorating websites can give you a lot of useful ideas, but nothing compares to actually visiting houses and taking a close look at everything the property has to offer.
Working with an experienced real estate agent is often the best way to find a home that checks off most of your priority items and meets your expectations. Searching the real estate market on your own is like going on a self-guided tour of a large historical site or tourist attraction. Without expert guidance, you could easily overlook some of the best aspects of the property, and you could also miss some "red flags" and negotiating opportunities that only a trained real estate professional could recognize.
Other than price, location, size, and property condition, what are other key features you might want to keep your eye out for? Everyone has different priorities and "wish lists," but when you know what you want, you'll be a lot more likely to be satisfied with the outcome! While there is no shortage of house hunting checklists online, here's a quick overview of some of the features and property characteristics you'll want to keep in mind.
Although you'll generally want to have a home inspector take a close look at any home you've made an offer on, there are a few key things you can notice before you even get to that stage. The condition of interior walls, the roof, and basement are three areas worth paying close attention to. Wet basements are not uncommon, but they can cause damage to your foundation and many things you might want to store there. Wet basements are also breeding grounds for mold spores, so a chronically wet basement can potentially be hazardous to your health, too -- especially if you or your family is prone to allergies, asthma, and other respiratory conditions. The Environmental Protection Agency is a good source of information on indoor air quality issues.
There are literally dozens of other details you'll want to pay attention to in prospective homes, including amount of storage space, the size of the back yard, privacy -- or the lack, thereof -- the house's distance from the street and other houses, the neighborhood noise level, the amount of street traffic, the reputation of nearby schools, and convenience to shopping centers, medical facilities, transportation, recreation, and entertainment. Other desirable features include a nice patio or deck, a garage, a fully functional HVAC system, updates to bathrooms and the kitchen, and enough room in the house for your growing family, overnight guests, and the occasional holiday party.
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.
A home showing represents a valuable opportunity for a property buyer. However, there may be instances in which a buyer is unsure about whether to attend a house showing. Lucky for you, we're here to help you weigh the pros and cons of scheduling a home showing.
Now, let's take a look at three questions to consider before you attend a house showing.
1. Is a home the right size for me?
Take a look at a home listing and find out the square footage and number of rooms in a house. That way, you'll be able to determine whether a house is the right size for you without setting foot inside the residence itself.
Of course, you should consider your immediate and long-term plans as you evaluate a home's size. If you plan to start a family soon, for example, you may want to search for a home that offers sufficient space for you, your spouse and your children. Or, if you intend to retire in the foreseeable future, you may want to pursue a small home that requires minimal maintenance.
2. Is a home located in one of my preferred cities and towns?
Think about where you want to reside. Oftentimes, it helps to make a list of preferred cities and towns and narrow your home search to these areas. And if you find a home you want to check out in one of these cities or towns, you then can schedule a property showing.
In addition, it is important to remember that a big city home may prove to be more expensive than a comparable residence in a small town. If you decide to pursue a house in a big city, you may face increased competition for city homes in comparison to small town residences too.
3. Could a home be my dream residence?
Ultimately, if there is even a small chance that a home could be your dream residence, it may be beneficial to set up a showing. If you attend a showing and find a residence is your ideal house, you can submit an offer to purchase this home. On the other hand, if you attend a showing and find a residence falls short of your expectations, you can simply continue your pursuit of your dream house.
As you conduct your search for your ideal residence, it generally is a good idea to hire a real estate agent. This housing market professional will set up home showings, keep you informed about new residences that become available in your preferred cities and towns and much more. Plus, if you ever have concerns or questions during the homebuying journey, a real estate agent is ready to respond to them.
Consider the aforementioned questions before you schedule a home showing – you will be glad you did. And if you decide to attend a house showing, you will be better equipped than ever before to determine whether a particular home is right for you.
Believe it or not, even a first-time homebuyer can become a property buying expert. If you plan ahead for the homebuying journey, you can quickly and easily navigate the path from homebuyer to homeowner.
Now, let's take a look at three tips to help you master the homebuying journey.
1. Create Homebuying Criteria
If you know you want to buy a home in the foreseeable future, it generally is a good idea to create property buying criteria. That way, you'll know what you want to find in your dream residence and can map out your home search accordingly.
For instance, if you prefer big city life, you may want to hone your house search to a select group of cities. On the other hand, if you want to own a house that offers a large backyard and an in-ground swimming pool, you may want to search for homes that fall in line with your expectations.
2. Get Home Financing
As a homebuyer, you likely will need to secure a mortgage so you can acquire your dream residence. Fortunately, there is no shortage of banks and credit unions across the United States that are happy to help you obtain home financing.
Take a look at the mortgage options available from a variety of banks and credit unions – you'll be happy you did. By conducting an in-depth evaluation of your home financing options, you can make an informed mortgage selection.
Of course, home financing can be complicated. And if you have any concerns or questions, don't hesitate to ask a bank or credit union for assistance. Banks and credit unions employ friendly, knowledgeable home financing specialists, and these professionals can provide mortgage insights you may struggle to obtain elsewhere.
3. Hire a Real Estate Agent
If you're unsure how you'll navigate the homebuying journey, there is no need to worry. Dozens of real estate agents are available in cities and towns nationwide, and these housing market professionals can offer comprehensive homebuying insights.
For those who want to master the homebuying journey, it often is beneficial to hire a real estate agent. This housing market professional can teach you about different aspects of the homebuying journey. Plus, he or she is ready to provide homebuying recommendations and suggestions as you search for your ideal residence.
In addition, a real estate agent offers extensive assistance at each stage of the homebuying journey. From the moment you start your home search to the moment you finalize your home purchase agreement, a real estate agent is available to help. Best of all, a real estate agent will help you alleviate stress as you consider houses and ensure you can make the best-possible home purchase decision.
As you get set to enter the real estate market, you should strive to become a homebuying expert. Thanks to the aforementioned tips, you can master the homebuying journey and discover and buy your dream residence in no time at all.