When youâre ready to buy your next property in todayâs hot real estate climate, there are a number of things you should know and things you can do to prepare!
Financing
Youâll hear us say this over and over again. The time to talk to your lender isnât when youâve found your dream home! If youâre flirting with shopping at all, donât wait! Reach out and just have the conversation early.
Your lender will be able to advise you on how best to position yourself when it comes time to make that offer. Youâre going to want to know EXACTLY how much home you can afford, whether there’s any credit issues you want to clean up and what youâll need for cash deposit and down payment and make your decisions from an informed place of confidence.
Walk away number
Whatâs your walk away number?
Knowing your ceiling price is VITAL before going into a competitive offer situation. Thereâs been a lot of conversation lately around âvalueâ. âThat home isnât worth âxyzââ – well the truth is, a property is worth what someone is willing to pay for it. Many of our buyers have had to lose a couple offer situations before finding the grit to push through and finally win one!
Deal Breakers
What are your deal breakers?
Knowing what you absolutely MUST HAVE in your next home vs nice icing on the cake is important to identify ahead of time. In a buyers’ market you’ll want to be ready to move quickly!
Same page?
Make sure youâre on the same page as your partner. When youâre competing with other buyers, in a heightened emotional situation, youâll want to ensure you and your partner are in agreement. Itâs best to have things worked out in advance. Maintaining your emotions is another important factor. Easier said than done we know, but if you can youâll make stronger decisions that wonât lead to Buyersâ Remorse.
Buyers remorse/FOMO
“What have we done?”
Buyers can get caught up in the excitement and the fear of missing out! There’s an emotional factor at play and our competitive natures of winning at all costs can come through. While we don’t recommend this strategy, it’s perfectly natural get swept away in the urgency. We’ll work with you to keep you calm and grounded and making the best decisions for you.
Good news!
We’ve had record low inventory the last couple years which has been driving the fierce competition but we’re happy to report that we’re seeing more and more listings hitting the market every day! We anticipate a very healthy SPRING MARKET and hopefully a return to a balanced market where we’ll all have a little more breathing room when we’re negotiating. Dave recorded a recent video talking about the Shift in the Market: https://youtu.be/Qj1E2_z-7mc
A good Realtor will help you navigate a tough negotiation and help keep emotions calm so we can make solid decisions that you won’t regret!
*If you’ve been flirting with making a move read When Should We Start Talking About Making A Move?
And as always, if you have any questions call or text Dave at 778-855-8510!
