Are you REALLY ready to buy your Carlsbad home or are you just looking right now? Whether you are a first time buyer or experienced, answer these questions to see if you are prepared to buy…emotionally, psychologically and financially.
Will you be paying cash or have you arranged for financing?
If you are using financing and have made the appropriate arrangements with a mortgage officer, great, you’ve made the first important financial step and commitment to the buying process. If you haven’t, think about why not – are you procrastinating? Are you unsure of what to do? Or is this a signal that you are not really a serious buyer yet. You can’t effectively shop for a home if you don’t have a clear idea of what you can afford and how you are going to pay for it. And in most cases a seller will not accept an offer from a buyer that is not pre-approved if they plan to use financing to purchase the property.
Do you have a house or condo to sell?
If yes, do you know what it’s worth? Have you gotten a market analysis from a Realtor? Do you have a Realtor to help you sell your place? Is it already on the market? OR are you waiting to find the right home and THEN list it? In this market, with the large inventory, the time to sell a home has increased substantially, and you have little control over this other than price, and even then there are no guarantees. Plus trying to sell YOUR home after you have already found the dream home can be very risky.
If you went out today and found your dream home in Carlsbad, what would you do?
If the answer is “make an offer,”, then you are probably really ready to go. But if no, then perhaps you are not sure, or are not emotionally prepared to move ahead...and that’s OK, it’s just helpful to be aware of how you are feeling right now While the inventory is large and marketing time has increased, if you are not mentally ready to make an offer on the home you love, you might lose out – not everything sits on the market, and if you love the home, chances are someone else will too.
Do you have a good idea of what you are looking for and what you are willing to trade off?
If yes, then you are likely in the right frame of mind, and you will be ready to move ahead when you walk into the house that makes you feel right! If you don’t know, chances are you are still trying to decide what you really want and need, so you may not be emotionally ready to make an offer. Good news is the inventory is large and the time pressure is less than it used to be. If you find yourself making excuses for why every house you see is wrong, or you are visiting many different homes in various price ranges in lots of communities, this may be a clue that you are not quite ready and/or unclear about what is really important to you.
Why do you want to buy a new house?
The answer will differ for everyone but may clue you in to how motivated and emotionally ready you are. If you are just thinking it would be nice to have a new place, then perhaps the motivation is only lukewarm. But if your family circumstances or job situation has changed, then you are likely making the decision for more serious reasons and, therefore, are better prepared to make the commitment. Also, how long have you been thinking about a move? Typically people don’t wake up one morning and decide to buy a new house, so the amount of time and discussion you have had about moving may be a good indicator of how mentally prepared you are. Has something else changed that will require you to move, such as a relocation or a new job in another part of town.
How well informed are you about the Carlsbad market in terms of inventory, pricing, marketing time, interest rates, etc.?
If you have spent time doing your research and/or are working with a Realtor, you probably know a great deal about the market, and that is a good indicator that you are a serious buyer and mentally prepared to move ahead. If you have not done this, you probably are not really ready to buy, and you should spend more time learning about the market so you are fully prepared to act accordingly when the right house comes along. There is lots of information available on the Internet, and a Realtor can be invaluable in helping you become as educated as possible about what the market is doing.
Talking to an agent can be a good first step to better understand your motivation, and to learn more about what you need to do to be as prepared as possible for the biggest purchase of your life. If you're not committed, it won't work and you, and others, will become frustrated.
