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What to Prepare for as a Buyer in a Seller's Market.

By
Real Estate Agent with REMAX Professionals BR508964000

 

Searching for the home of your dreams can be a stressful experience, especially in today’s market.  With interest rates at historic lows, rising prices and a high demand, properties are selling incredibly fast. Buyers often get caught in “bidding wars”, and unless you’re a cash buyer your chances of getting your offer accepted are very slim.

When purchasing a home, it is very important that you are well prepared and well informed.  Get prequalified with a lender before beginning your search, that way when you find the perfect home you are able to submit an offer on the spot. Once you have chosen a residence that fits your life style and meets your financial criteria, it’s imperative to remain diligent andpatient during the lengthy, buying process.

Don’t let minor aesthetic differences cause the home of your dreams to escape you during this period. If the cabinets don’t match the counters or the light fixtures are a little out dated, be aware the most of these things can be easily modified. Instead, try focusing on potential, look at the big picture and the overall structure of the home.  Hiring an inspector is a great tactic; they will provide a detailed report on what in the home needs repairs, and a break down of costs. Inspection findings may also be used as legal leverage in the buying process, depending on what state you live in.

Remember that purchasing a home is a long term investment. Be sure to research and hire a realtor that knows how to seal the deal and make your transition as smooth as possible. It’s a tough market for buyers right now and with that in mind be sure to be patient, and keep an open mind. Don't let minor repairs and or a small difference in price hinder purchasing the home of your dreams.

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