Buyer's Market...What does this mean for you, the buyer?

By
Real Estate Agent with Chartwell Realty/Urban KC Living

 

A buyer's market can mean many things to different people. One thing is for certain - inventory is high causing deep negotiations.

When I meet with a buyer for the initial consultation, I like to give buyers the ABR Home Buyer's Toolkit to utilize. Feel free to get a sneak peak from this example.

Buyer's have so many homes to choose from, it just makes things harder! It's like shopping for a new sofa at a very large store. There is one at the Legend's that offers this same problem (not to mention any names). Too many good choices!

My recommendations are to:

  • First, pick an area you wish to live. I would suggest an area you like to spend your evenings or time away from work. Some people move closer to work, but what if you change jobs?
  • Second, pick a style of home you like. This can include but not limited to Colonial, Contemporary, French, Spanish, Traditional, Tudor, etc. Some home styles are limited to the location the home is in Kansas City.
  • Third, create your property "wish list". This is a list where you decide what's most important to you. For example:

                  Number of bedrooms?

                  Number of bathrooms?

                  Garage? How many spaces?

                  Fireplace?

                  Fenced Yard?

                  Are you willing to do updates?

                  Hardwoods?

                  Size of Yard?

                  Age of House?

                  Number of Floors?

                  Patio/Porch?

These are just a few things to get you started. You can create your own. Writing these down will really help you to know what you can live without

  • Fourth, is to create your budget. When doing this, remember to include taxes and any HOA dues you may have. This is also the step to reach out to lenders to obtain your preapproval letter. Be sure to interview lenders until you find the lender and mortgage that fits your particular needs.
  • Fifth, is to contact Urban KC Living to get your search started! The more information you bring, the better your search will be!
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