8 Simple Secrets to Avoid Costly Mistakes Buying Your Dream Home
So you’ve finally decided to buy your next home. Problem is while you were making up your mind, other fence sitters jumped into the home market too. Now you may be facing some competition for the best properties. What to do? Just because there are other buyers in the market doesn’t mean you can’t come away with your dream house. But to be a successful buyer in today’s real estate market you’re going to need help.
Your first best move is to know a few inside tricks. As experienced real estate professionals we have many more than eight ways to increase your chances of landing a prize property despite heavy competition. The following tested tips will increase your market savvy and sharpen your competitive position. Then you’ll be ready to act quickly the minute you see that perfect house.
Step 1: Get Pre-Approved
To be pre-approved for a mortgage loan is your first step. You will go through what amounts to a mini-application process (paperwork, credit check, etc.) prior to shopping for a house. Pre-approval is more effective than pre-qualification, which only gives you a rough idea of the amount a lender will lend you—assuming no hang-ups in the credit and income checking process. When you are pre-approved, it’s like carrying around a suitcase full of money. In the eyes of the seller, pre-approval makes you a very desirable “cash” buyer. That’s a real advantage over another buyer whose financing is uncertain.
Beat the Competition to the Newest Listings
Once you know your specific price range, your real estate agent can regularly do a computerized market sweep for new listings. You should receive a hot list of attractive properties as they come on the market. This will give you a head start on other buyers because you will get the listings before they are advertised. Timing can be a vital part of your home buying experience.
Do Your Research
Make yourself a “value expert” by investigating local properties to get an idea of price points, listing-to-sale-price ratios, hottest areas, and best places for a bargain. Once you know what your money will buy, your real estate agent can add up-to-the-minute knowledge of what comparable properties sell for in specific neighbourhoods and what impact specific features have on price. Working with a good agent will guarantee you the best price and terms.
Have your Agent Present the Offer in Person
Nobody wants their offer lingering on a fax machine in the listing agent’s office while other buyers are putting offers on the seller’s kitchen table. When the situation calls for that personal touch, you’ll gain an advantage by having your agent present your offer in person. He or she may pick up critical intelligence on any competing offers by being on the scene.
Prove you Mean Business
An excellent way of showing the seller you are serious about buying the house is to include a good faith deposit along with the offer you make. This deposit could be as much as 5% of the bid price and surely will attract the seller’s attention.
Stay Cool
When deciding on your dream home you do not have to over pay to get it. Sure, you may have to offer something other than the asking price, such as paying some or all points, inspections, closing costs, or offering a settlement date that fits the seller’s timetable. If you over pay now and have to sell your house in the future it will be harder for you to get back equal value.
Keep It Simple And Clean
You want to make sure that your contract isn’t sloppy or cluttered with contingencies such as repairs. Keep contingencies to a minimum. Even better, offer to be helpful, take care of repairs, order an inspection in 48 hours, or be willing to take care of any required local certificates such as smoke detectors and water safety. Be open and flexible to try to help accommodate the needs of the seller.
Don’t be a Lone Wolf
What you need most in today’s market is experienced professional guidance. As your neighbourhood real estate specialists we can help you get pre-approved, find a prize property, and negotiate the best deal on your next home no matter how heated the competition. Call us today. We’ll help you be a cool customer.
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$179,9003 beds, 2 full baths1,316 sqft lot 7,492 sqftWalk Score® 33Listed with Ann Milton RealtyMLS 2362064
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3 beds, 2 full, 1 half baths2,093 sqftWalk Score® 59Listed with Allen Tate/Raleigh-Falls NeuseMLS 2362058
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$219,9004 beds, 2 full baths1,737 sqft lot 11,326 sqftWalk Score® 4Listed with Re/Max Signature RealtyMLS 2362056
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$250,0002 beds, 2 full, 2 half baths1,904 sqft lot 1,742 sqftWalk Score® 19Listed with KW Realty PlatinumMLS 2362045
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3 beds, 3 full baths2,116 sqftWalk Score® 60Listed with Toll Brothers, Inc.MLS 2362044
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$312,0023 beds, 2 full, 1 half baths2,275 sqft lot 20,909 sqftWalk Score® 0Listed with Gray Wolf HomesMLS 2362043
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$307,2763 beds, 2 full, 1 half baths2,509 sqft lot 20,473 sqftWalk Score® 0Listed with Gray Wolf HomesMLS 2362042
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$297,5074 beds, 3 full baths2,386 sqft lot 20,909 sqftWalk Score® 0Listed with Gray Wolf HomesMLS 2362041
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$293,9793 beds, 2 full, 1 half baths1,971 sqft lot 21,344 sqftWalk Score® 0Listed with Gray Wolf HomesMLS 2362040
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$313,8473 beds, 2 full, 1 half baths2,480 sqft lot 20,038 sqftWalk Score® 0Listed with Gray Wolf HomesMLS 2362039
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$280,8873 beds, 2 full baths1,809 sqft lot 20,038 sqftWalk Score® 0Listed with Gray Wolf HomesMLS 2362038
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4 beds, 2 full, 1 half baths2,600 sqft lot 10,019 sqftWalk Score® 1Listed with Gala RealtyMLS 2362037
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$298,1173 beds, 2 full, 1 half baths2,202 sqft lot 20,473 sqftWalk Score® 0Listed with Gray Wolf HomesMLS 2362036
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4 beds, 3 full, 1 half baths3,486 sqft lot 15,682 sqftWalk Score® 0Listed with Fonville Morisey & Barefoot/Hasentree/Mungo HomesMLS 2362032
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$365,0002 beds, 2 full baths1,440 sqftWalk Score® 21Listed with Broker/ REALTOR Group, Inc.MLS 2362031
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$350,0003 beds, 1 full, 1 half baths1,622 sqft lot 13,939 sqftWalk Score® 53Listed with Fonville Morisey/Durham Sales OfficeMLS 2362030
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$310,0003 beds, 2 full baths1,802 sqft lot 1.25 acWalk Score® 24Listed with Dallas Pearce RealtyMLS 2362026
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$230,0004 beds, 2 full baths2,372 sqft lot 10.73 acWalk Score® 1Listed with Chatham Homes RealtyMLS 2362024
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2 beds, 2 full baths1,216 sqftWalk Score® 25Listed with Re/Max PerformanceMLS 2362019
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$1,925,0004 beds, 4 full, 1 half baths6,828 sqft lot 2.60 acWalk Score® 0Listed with EXP RealtyMLS 2362013
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4 beds, 3 full baths2,910 sqft lot 4,792 sqftWalk Score® 4Listed with SM North Carolina BrokerageMLS 2362012
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$210,0002 beds, 2 full, 1 half baths1,441 sqft lot 1,742 sqftWalk Score® 9Listed with Allen Tate/Raleigh-Falls NeuseMLS 2362011
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1 bed, 1 full, 1 half baths792 sqft lot 436 sqftWalk Score® 22Listed with Weichert REALTORS-TriangleMLS 2362003
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3 beds, 2 full, 1 half baths3,141 sqft lot 5,227 sqftWalk Score® 12Listed with SM North Carolina BrokerageMLS 2362008
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$340,0004 beds, 2 full, 1 half baths2,284 sqft lot 19,994 sqftWalk Score® 8Listed with Nest Realty of the TriangleMLS 2362006
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$127,5003 beds, 1 full bath960 sqft lot 13,504 sqftWalk Score® 22Listed with Parrish Realty Company of KnigMLS 2362002
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$279,8904 beds, 2 full, 1 half baths2,164 sqft lot 32,452 sqftWalk Score® 0Listed with D.R. Horton, Inc.MLS 2361997
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$549,5003 beds, 3 full, 1 half baths4,741 sqft lot 35,284 sqftWalk Score® 0Listed with Fathom Realty NC, LLCMLS 2361993
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$325,0003 beds, 2 full baths1,610 sqft lot 1.04 acWalk Score® 0Listed with Berkshire Hathaway HomeServiceMLS 2361988
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$625,0004 beds, 3 full, 1 half baths3,433 sqft lot 36,590 sqftWalk Score® 0Listed with Governors Club Realty, LLCMLS 2361987
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Listings marked with an icon are provided courtesy of the Triangle MLS, Inc. of North Carolina, Internet Data Exchange Database.
Closed (sold) listings may have been listed and/or sold by a real estate firm other than the firm(s) featured on this website. Closed data is not available until the sale of the property is recorded in the MLS. Home sale data is not an appraisal, CMA, competitive or comparative market analysis, or home valuation of any property
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Data last updated: 1/16/21 6:58 PM PST.
