Have you prepared yourself with acquiring pertinent details.....prior to initiating your search for real estate?
One of the most common oversight's many prospective buyers make.......sidestepping or postponing the acquisition of pertinent information prior to beginning their search for a property. Put another way.....making an effort to "find out the lay of the land" before embarking on a property search, can reduce the amount of time, delays and energy invested in securing a piece of real estate.
One of the first steps with beginning a search for property....construct a workable timetable! Without a realistic timetable, a sense of diligence and the scheduling of event's, can lead to wasted time, effort and energy.
Below are a few current trends which prospective buyers need to consider.
A. With today's limited levels of inventory at many price points, having your "duck's in a row" can make the difference between your offer entering the negotiation stage....or, receiving the "fateful reply"......."Sorry, your too late, it's under contract."
B. Making a determination as to what you are prepared to invest in a property will streamline the process. Too many prospective buyers take the "we'll see what's available" attitude and end up wasting precious time looking at properties which ultimately, may not meet their needs, or are priced at a point, where when it's time to make make a decision, they are unsure and have reservations about moving forward. In either case, with market conditions today, "marking time" will almost guarantee......your opportunity will disappear before you have time to react.
C. If financing is part of the equation......do your diligence prior to beginning a property search. Trying to convince yourself that "just maybe we can somehow swing this deal which is above our price ceiling", is most times, an exercise in futility. Keep in mind, with a vast majority of today's real estate offerings, "it's a seller's market." It's not "when" a property will sell.....but how fast it will sell!
D. Compile a "must have" list of amenities. Without this list, it's easy to convince yourself "you can do without", only to experience too late, your decision was a mistake. Next compile a list of "desireable wants", these are "extra's" which can add value to your selection but are not considered a necessity.
E. Understand that almost every aspect involving the transfer of ownership with real estate today, has become a protracted process. When doing your diligence, inquire as to what's involved with closing on a sale of real estate with your agent. Time necessary to complete home inspections, surveys, title searches and mortgage processing, etc... has increased exponentially.
F. If financing is involved, don't make any adjustments to your financial status (major purchases, job changes, etc). These types of changes affecting your financial status, will send up "a red flag" when your creditworthiness/loan application is being reviewed.
G. Contrary to the behavior of a vast majority of today's public.....as it relates to the beginning stages of search/analysis with real estate acquisition.......engage the services of a qualified realtor. A qualified realtor knows the market, current conditions, as well as, who to contact in order to secure needed services, ie.....surveyor's, home inspectors, mortgage lenders, legal services and appraisers. It will be time consuming and may be costly if you choose to "go it alone"!
A well thought out plan, coupled with the use of qualified/knowledgeable people to assist with the process, can make the difference between achieving success and experiencing an exercise in real estate acquisition futility.......
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