Five Easy Steps to Becoming a Shrewd Buyer in Today’s Real Estate Market
Thinking of Buying a Home??Are you considering buying a home in todays realestate market? Here are five easy steps to helpyou become a shrewd buyer!
Step 1 Do in-depth needs analysis ofyourself and familyWrite down your needs, wants and desires at minimum. Othersfactors to consider are your goals, timelines, lifestyle etc. Thiswill help you be more focused and if you’re working with anagent, share this analysis with them to help them stay focusedon your objectives also.
Step 2 Consider Rent vs. BuyDecide if the benefits of home ownership are great enough foryou to buy at this time. This means to look at your desiredlifestyle, your goals and your timelines to make an informeddecision. Using a T-Chart where you write the advantages onone side and disadvantages on the other may be useful in yourdecision making.
Step 3 Home Loan Pre-approvalGet pre-approved for a home loan prior to shopping. Any toppreforming real estate agent will ask for one prior to showingyou homes. Having a pre-approval will save everyone involvedboth time and money. This will help you focus on a price rangeand area in which to look for homes. In addition when you writean offer, your pre-approval will make your offer look better tothe seller than an offer that doesn’t have one..
Step 3 ContinuedAsk your agent to show you how to calculate the monthlypayment. Generally there are four parts, Principle and interest,Home Owner’s Insurance, Real Estate Taxes and PMI (PrivateMortgage Insurance). Condos will have a fifth factor which is amonthly condo fee. Total these amounts to get an estimatedmonthly payment required for your new home
Step 4 Be ObjectiveWhen searching for a home, look at the market objectively. Viewavailable listings with an open mind and keep in mind that you’llfind only about 80-85% of the features you’re looking for in ahome. This is where having a feature priority sheet for yourdesired home will be very useful. Experience shows that evenbuying a new home, buyers find themselves wishing they wouldhave added more features to their new home.
Step 5 Using a Real Estate Agent vs.Do It YourselfA professional real estate agent knows the market, how to findthe best deals, help you find a lender, negotiate the offer anddeal with the paperwork and deadlines involved. If you do buy ahome by yourself, you must know how to do all these things andmore expertly for yourself.
In ConclusionThis presentation was written to provide an overview of how tobe a shrewd homebuyer in todays real estate market. Pleasewatch for more real estate buyer and seller information comingto this site soon!
Written by :By Bob Weibrecht, Realtor314-852-9566 / 636-461-2000Coldwell Banker Gundaker1925 Richardson Rd, Arnold, MO 63010www.HeyBobStL.comFYI - The goal of this presentation is to provide general information related to thebuying and selling of residential real estate. The reader is highly encouraged toconsult the services of a professional real estate agent during the transaction. Thispresentation is not a substitute for any type of professional assistance which maybe required.