Real estate experts often refer to the impact and strategies of "motivated sellers," but the needs of motivated buyers are seldom addressed. New Jersey home buyers can have many motivations for wanting to buy quickly: a desire to take advantage of low interest rates, the need to address their housing situation before starting a new job or school, or to prepare for the arrival of a new family member. Whatever your individual reason, smart planning is the trick if you're in the position of buying on a tight schedule. Here's how to move the process along for your timetable.
1. Establish a Short List of Priorities
Every buyer has some vision of what they want in their next home. Buyers form a list (literal or subconscious) of the required elements and desired features that comprise their ideal house. Some items on that list may be seen as crucial; such as the number of bedrooms or size of the backyard. Other elements of that vision may be less essential but still highly sought after; such as hardwood floors or a two-car garage.
If you're trying to close quickly, identifying your core requirements is absolutely vital. Before you start the housing hunt, write out a list of features you need and want in a home. Rank them from most important to least important, and separate them into "necessities" and "wants." The least critical items on your list (particularly if in a "wants/desires" category) should be those on which you are most willing to compromise.
2. Do Online Research
There is no substitute for touring homes in-person or getting to know neighborhoods firsthand (either on your own or with your Mercer County Realtor - me). But home showings are typically limited to certain hours, and visits are time-consuming. If you are in a hurry or time-challenged, prolonged in-person home tours should be reserved for only those homes most likely to meet your needs.
Online home searches are the perfect way to fast-track the home search process. The easy-to use property search tools on my website allow you to browse through thousands of homes, establishing your own filters. Searching within the Google map view allows you to quickly compare the available homes on the market in different neighborhoods of Mercer County.
For individual listings, online photo galleries, virtual tours, and videos give you a peek inside each property from the comfort of your own home. Registering for a free account gives you the ability to save individual favorites (which can then be organized and rated) or entire property searches. Email updates allow you to stay up to date on individual properties or particular saved searches. Many of these search tools are also now available on your web-enabled mobile device, allowing you to find and save homes while on the go. Don't underrate those tailored searches, where you have to register - they will save you time.
3. Get pre-approved for your home loan (not just pre-qualified)
Even highly-motivated buyers should still make sure to secure financing before plunging into house hunting. Obtaining loan preapproval gives you the flexibility to make a qualified offer as soon as you find a home in which you're interested. The preapproval process involves the lender verifying your income, assets, debts, and credit history before issuing you a letter stating that you are approved for a mortgage up to a specific amount within a certain timeframe. Remember that prequalification and preapproval are not synonymous. Prequalification can serve as a good indication to sellers of your overall creditworthiness, but is nonbinding to the lender. Contact me for referrals to experienced, trusted, local lenders.
4. Find Motivated Sellers
Here is where I can really save you time. I'll know immediately which listings in Mercer County and surrounding areas have been reduced in price, which are short sales, which are bank-owned, which are vacant, and how long a home has been on the market (and its price history).
5. Use a Realtor
There just is no substitute for the services I can provide you as a local Realtor. The buyer doesn't pay for my services, so why not have a professional representing YOU and only YOU during this process. Call or email me to set up your personalized home search and introduce you to a lender, so you can concentrate on finding your new home.
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