One of my favorite lines from the TV series "24" is, "I know this is difficult, but you've got to focus right now." That normally comes when someone is about to defuse a bomb, make a life or death decision or jump off of a roof, etc. It never comes when they are deciding on what to order for lunch.
This advice could be useful when working with some buyers. I've had buyers who had trouble focusing. Today is no different. Our market actually has too many homes on it. The high volume of properties can give buyers a lot of options, maybe too many options, and that can cause buyers to have difficulty focusing.
So, I have a list of questions I try to use with my buyers to help them focus. I kind of look at them as the "do I cut the blue wire or the red wire first" kind of questions.
- What is your price range? Simple enough, right? There is no sense in looking at houses $100K over your price range. You might even be able to drop that to $25K - $10K over your price range and it might be too much. Knowing what you can afford plus or minus a little is best.
- What do you absolutely have to have in order to buy a home? Number of bedrooms, baths, garage, basement, etc.
- What amenities would like to have but you can live without? Jacuzzi, finished basement, two car garage, fenced yard, proximity to work, etc.
- If you had to give up something on your "must have" list, what would it be? Powder room, would a single car garage rather than a 2 car garage work, etc.
- If you found a home that was 20 minutes from work rather than 10 minutes, would you consider it?
- What is too far from town? We have wonderful homes that 10-30 minutes from town but they are still in Frederick County.
- If you had to pay a little more, do you have the capacity to do that?
- Is it possible to secure a different type of loan than the one you're planning to use? If a home needed minor renovation, would you be able to get a renovation loan over, say a USDA loan.
- Is style of home a critical issue, or would you be open to a different style if it met your criteria?
- Do you have the resources to get you through to closing? Home inspection fees, appraisal fees (if they're not wrapped into the mortgage), etc.
There are many more things a buyer can focus on in the process of buying a home, but answering some of these simple questions can keep buyers and their Realtor from spinning their wheels in the wrong direction. You've got to focus.
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