There are plenty of people out there looking to buy a home or are waiting for what they perceive as the bottom of the real estate market to make a home purchase. Many of them are looking for a "deal." I am a Realtor and speak with buyers frequently. Almost all of them mention the need to find a great value or a steal. Here are five tips to help you find a good value:
1) Realism - Everyone wants to steal a home but it does not happen as much as you think. I watch the real estate market every day, all day and see only a few a year. However, I do see good value purchased frequently. If you are looking for an idiot or hard up seller to sell their for $500,000 for $400,000 then you will probably never buy. The real estate market is pretty efficient as all information is easily obtainable. However, you can expect to maybe buy that $500,000 home for $480,000.
2) Find a Good Realtor - Buying a home might be your largest transaction ever. Surround yourself with good people who know more than you do. A good Realtor can provide you with valuable information on the real estate market such as what is for sale, what has sold, what has expired etc. Real estate agents will not cost anything so hire a good one.
3) Become a real estate expert - How will you know what a good deal is if you don't know the real estate market? You could be presented with a fabulous deal but if you know nothing about the market then you won't know what is considered a good opportunity. Have your real estate agent email you what has recently sold, what is for sale and what failed to sell in the neighborhoods you like. It pays to be educated on the areas that interest you.
4) Preparation is crucial - Do not wait until the last minute to be prepared. Have your financing or cash arranged prior to finding a good value. I see some buyers find a deal and then start working on how to buy it. Make sure you can buy it before the deal shows up. Lending guidelines have changed over the last few years. You may be looking at $500,000 homes when you can really only afford $400,000 homes. Don't find this out later, do it first.
5) Act Swiftly - Do not let paralysis of analysis get the better of you. If you are educated on the real estate market, have financing arranged, hired a knowledgeable Realtor and a great value comes on the market then act on it. Do not get into the "there will always be a better deal out there" syndrome.
These 5 tips will help you buy a good value. Be an educated, well prepared, knowledgeable home buyer who hired a good Realtor and you stand a good chance of finding that great home value.
1) Realism - Everyone wants to steal a home but it does not happen as much as you think. I watch the real estate market every day, all day and see only a few a year. However, I do see good value purchased frequently. If you are looking for an idiot or hard up seller to sell their for $500,000 for $400,000 then you will probably never buy. The real estate market is pretty efficient as all information is easily obtainable. However, you can expect to maybe buy that $500,000 home for $480,000.
2) Find a Good Realtor - Buying a home might be your largest transaction ever. Surround yourself with good people who know more than you do. A good Realtor can provide you with valuable information on the real estate market such as what is for sale, what has sold, what has expired etc. Real estate agents will not cost anything so hire a good one.
3) Become a real estate expert - How will you know what a good deal is if you don't know the real estate market? You could be presented with a fabulous deal but if you know nothing about the market then you won't know what is considered a good opportunity. Have your real estate agent email you what has recently sold, what is for sale and what failed to sell in the neighborhoods you like. It pays to be educated on the areas that interest you.
4) Preparation is crucial - Do not wait until the last minute to be prepared. Have your financing or cash arranged prior to finding a good value. I see some buyers find a deal and then start working on how to buy it. Make sure you can buy it before the deal shows up. Lending guidelines have changed over the last few years. You may be looking at $500,000 homes when you can really only afford $400,000 homes. Don't find this out later, do it first.
5) Act Swiftly - Do not let paralysis of analysis get the better of you. If you are educated on the real estate market, have financing arranged, hired a knowledgeable Realtor and a great value comes on the market then act on it. Do not get into the "there will always be a better deal out there" syndrome.
These 5 tips will help you buy a good value. Be an educated, well prepared, knowledgeable home buyer who hired a good Realtor and you stand a good chance of finding that great home value.
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