A Home Buyer’s Game Plan for 2015 – A Series (Part 4)
Thus far in this game plan series we have talked about the importance of getting pre-approved, the need to be focused in your home search and clarify what it is that you are looking for, and hiring a personal coach…your buyer’s agent . Here are the links to the first 3 steps in your 2015 home purchase game plan:
READ:
A Home Buyer’s Game Plan for 2015 – A Series (Part 1 Getting Pre-Approved)
A Home Buyer’s Game Plan for 2015 – A Series (Part 2 Identify and Clarify Your Goal)
A Home Buyer’s Game Plan for 2015 – A Series (Part 3 Hiring a Personal Coach)
If you are planning to buy a Carlsbad home in 2015, it’s essential to have a plan and a buying strategy. Here’s Step #4 for your 2015 home buying game plan:
GET EDUCATED ABOUT
THE LOCAL REAL ESTATE MARKET
Now that you know your budget, are pre-approved, had a good idea if what you are looking for and where, and have a personal coach to help you in the home search and purchase process, you need to get educated about the local market conditions so you will understand how they impact your home search as well as the offer strategy you will develop with your coach.
No doubt you’ve hear and read all sorts of stuff about what’s happening in the real estate market. The media talks about this all the time. Problem is, they don’t tell you about what’s occurring locally…you’ll hear that sales are down, or up, prices are rising, and so on. All of which may be true nationally or regionally.
But real estate markets are very localized, which is what you should care about because it impacts your home search and purchase specifically. What’s happening in the neighborhood or community you are interested in, and even in the price range you are in, is essential to understand so you can react accordingly.
Looking for your home online (preferably getting automated listings based on YOUR criteria direct from your coach) and watching what is selling is important to understand what homes are selling for in your desired area. But there’s more!
You and your buyer agent coach need to talk about how the local market is acting – what is the inventory, how long are homes taking to sell, what prices are doing, what is the demand for homes in your price range and area, are homes getting multiple offers and so on. Your coach will help you develop the right strategy for making an offer based on these issues, and of course looking at recent comparable sales (like an appraiser will). For example, in a strong sellers market with lots of multiple offers, the strategy will be different than in a buyers’ market.
I’ve cautioned on this previously, but in your self-education and research know that just because you found it on the Internet does not mean it’s accurate. That’s why having a real estate coach will really pay off – he or she can clarify the realities of your local market and help you understand what the data mean and how this impacts your buying strategy.
Stay tuned for the next step in your game plan, committing to the home buying process!
Some other home buyer resources:
Relocation Tips and Advice (video series)
Relocation Tips and Advice (slideshow to download)
