In some regions of the country, including Sacramento, we are beginning to witness a shift from a glut of properties on the market with few homebuyers, to one where current market reports reflect more homes transitioning to “pending sale” status, than homes being listed For Sale.
This shift can add to the urgency or stress levels of homebuyers. Here are a number of steps, which can help alleviate anxiety, and make buying your special home more pleasurable.
1. Find a real estate professional who’s compatible. Buying a home is a big financial commitment, and it is often an emotional experience. It is important that your real estate professional be skilled, and a good fit with your personality.
2. It is important to understand that real estate markets are cyclic. There is no absolutely “perfect” time to buy a home, nor is there a “perfect” time to sell a home. A number of factors incorporate marketplaces. For example, currently, there are fewer homes to select from than a year ago. However, prices continue to remain low in many areas of the country. And mortgage interest rates are at lows not seen in decades. If you try second-guessing the market on interest rates and prices, you risk missing out!
3. Asking Uncle Bernie for his advice, can sometimes confuse your thinking. Homebuyers often want reassurance when making a big purchase like buying a home. But conflicting ideas can make it difficult to come to the best decisions.
4. If you find that “perfect” home, with the great location and a good price, don’t attempt to low-ball an offer. Chances are, other buyers may be interested in this home as well, and are contemplating their own offers.
5. Your competition is not the seller. Your competition is usually other homebuyers, who hope to also make this house their home.
6. It is important to meet with a lender and begin the pre-approval process for a home loan prior to your property search. The lender can accurately judge how much mortgage you can qualify for. This saves time and angst from viewing homes you cannot afford. And it places you in a stronger position with your offer.
7. Buyer’s remorse often visits homebuyers after offers have been written and accepted. Understand a little remorse is inevitable. Buying a home is a huge commitment. I sometimes joke with my homebuyer clients, that remorse nearly always hits at 2:00 am in the morning, but often dissipates by dawn when the light of day puts things back into proper prospective once again. I also advise against their calling me at 2:00 am; but to instead wait until 6:30 am:-)
8. It is important to understand the benefits of owning a home, and the potential for appreciation. With the current low home prices and interest rates, mortgage payments are often similar to what many folks have been paying for rent.
9. By planning and taking certain steps in the home-buying process, much stress can be reduced, and the pleasure of the accomplishment can be more joyfully embraced.
Good Luck to YOU!