After viewing the homes in your price range, it's now time to select the finalists. The first round of cuts should be easy. There are homes that you will spend less than five minutes in. Don't be afraid to tell your Realtor that you are ready to move on. After all, it's your money (and time).
The second round of cuts are a little deeper. Perhaps these homes could work, but for some reason they don't move you. I often recommend another showing at this level to make sure the client wasn't simple exhausted when we first viewed this home.
The final round is where the fun begins, your top three!! Each of these homes meet all your "must needs" and probably many of your "want needs". My clients find that a longer showing is helpful at this stage. If time permits, we spend 30-45 minutes in each home.
Clients will often take measurements of each room (after all, why buy a house if Aunt Pearl's table won't fit in the dining room). Neighbors can play a big role in this stage. I have seen a friendly neighbor boost a house up on the list just because of their helpfulness.
At the end of this round, a clear winner might not emerge. There is nothing wrong with having a first choice and a close second. In fact, not having a clear favorite might help your negotiation. But that's a topic for next week! As always feel free to call me at 318-613-1994 with questions.
Thursday, June 25, 2009
Tuesday, June 16, 2009
But Mommy, I want to go buy a house!
Searching for your dream home can become a nightmare! From unmotivated sellers, kid issues, and the abundance of inventory what looked sooo easy on House Hunters can be over whelming. But with a few simple tips, the process can be fun!
The first stop is not in a home, but at your agent's office. (preferably two days before actually shopping). By previewing homes on the internet, your team (yes you have a team) can cross some of the properties from your list.
If you live in town, I suggest breaking up the hunt. Try to view no more than five properties at a time. Why so few? THEY WILL ALL RUN TOGETHER. Take detailed notes while you are in each house. Pictures also help, but be sure to get permission to take photos in advance. I also recommend have each person take independent notes as opposed to one person being the secretary.
Kids often want to tag along. Once you have a "top three" I encourage folks to bring the rug rats along. Involving the kids can help ease the stress a move often brings. But when first viewing homes, pay a baby sitter. This is a major investment that requires your full attention. Keeping the kids out of trouble will take needed energy from the house hunt.
In the next installment, we will cover your "short list" Happy house hunting!
The first stop is not in a home, but at your agent's office. (preferably two days before actually shopping). By previewing homes on the internet, your team (yes you have a team) can cross some of the properties from your list.
If you live in town, I suggest breaking up the hunt. Try to view no more than five properties at a time. Why so few? THEY WILL ALL RUN TOGETHER. Take detailed notes while you are in each house. Pictures also help, but be sure to get permission to take photos in advance. I also recommend have each person take independent notes as opposed to one person being the secretary.
Kids often want to tag along. Once you have a "top three" I encourage folks to bring the rug rats along. Involving the kids can help ease the stress a move often brings. But when first viewing homes, pay a baby sitter. This is a major investment that requires your full attention. Keeping the kids out of trouble will take needed energy from the house hunt.
In the next installment, we will cover your "short list" Happy house hunting!
Monday, June 8, 2009
Buying a Home Step Two-Making the list
Congratulations on getting the loan squared away! Having your financial ducks in a row is going to make the home buying process flow more smoothly. Now it is time to create your list...
This is not a wish list (save that one for Santa). This is a "what does my home for the next 3-5 years need to have list. The home list should be a practical, and realistic assessment of your home needs. Divide your list into two columns, must and wants.
As the name suggests, the "must" list includes things who's absence constitutes a deal breaker. Own a large dog? Then a fenced back yard should be on your must list. But spot can sleep indoors. Fine, where will he make his business while you are at work? We will install a fence when we move in...Awesome! got an extra 4-6 thousand dollars laying around?
The want list is a little different. These are things that would be nice, but can be done without. Perhaps you are a fan of tile floors. Such an item does add value to the home, but might also increase the asking price. After running the numbers, you might find good ole carpet might work for a couple of years. The want list is nice though, because it can help narrow your choices in a slow housing market.
PLEASE SHARE BOTH LISTS WITH YOUR REALTOR. In fact, I often request that my first time buyers make lists before we look at homes. Such planning can help make the shopping experience more enjoyable for everyone. Ready to find that home in Cenla? give me a call! Happy house hunting!
This is not a wish list (save that one for Santa). This is a "what does my home for the next 3-5 years need to have list. The home list should be a practical, and realistic assessment of your home needs. Divide your list into two columns, must and wants.
As the name suggests, the "must" list includes things who's absence constitutes a deal breaker. Own a large dog? Then a fenced back yard should be on your must list. But spot can sleep indoors. Fine, where will he make his business while you are at work? We will install a fence when we move in...Awesome! got an extra 4-6 thousand dollars laying around?
The want list is a little different. These are things that would be nice, but can be done without. Perhaps you are a fan of tile floors. Such an item does add value to the home, but might also increase the asking price. After running the numbers, you might find good ole carpet might work for a couple of years. The want list is nice though, because it can help narrow your choices in a slow housing market.
PLEASE SHARE BOTH LISTS WITH YOUR REALTOR. In fact, I often request that my first time buyers make lists before we look at homes. Such planning can help make the shopping experience more enjoyable for everyone. Ready to find that home in Cenla? give me a call! Happy house hunting!
Tuesday, June 2, 2009
Buying A Home- Step One
How do I buy a home? Purchasing a home is a bit more involved than other transactions. This complexity is often a sore point with first time buyers.
For the majority of first time buyers, the only other “big ticket” item they have purchased is an automobile. While this industry has its own headaches, typically such a transaction can occur in one afternoon. In this installment, I will walk the reader through the first step on the path to becoming a homeowner.
Step one takes place not in your dream home, but rather at your dream bank. Work with a bank (or mortgage company) to get “pre-approval” up to a certain amount. (say up to 150,000). This process can be done in less than an hour. Many mortgage companies will even do this over the phone or online. The end result is a pre-approval letter that the buyer should give to their realtor.
Why not find my dream home, and then secure the money? Many of my first timers try this. Notice I did not mention that my more seasoned buyers do this…Without the pre-approval letter; the seller (and their agent) have no assurance that you can actually purchase the home you are bidding on.
In a bidding war guess who wins, the couple with a pre-approval letter or the one without. Even in a slower market no pre-approval letter typically raises seller red flags. There is simply no excuse not to take thirty minutes and secure funding. In the next installment we will cover touring homes for sale. As always, help buying or selling a house is one phone call away 318-613-1994. Happy house hunting!!
For the majority of first time buyers, the only other “big ticket” item they have purchased is an automobile. While this industry has its own headaches, typically such a transaction can occur in one afternoon. In this installment, I will walk the reader through the first step on the path to becoming a homeowner.
Step one takes place not in your dream home, but rather at your dream bank. Work with a bank (or mortgage company) to get “pre-approval” up to a certain amount. (say up to 150,000). This process can be done in less than an hour. Many mortgage companies will even do this over the phone or online. The end result is a pre-approval letter that the buyer should give to their realtor.
Why not find my dream home, and then secure the money? Many of my first timers try this. Notice I did not mention that my more seasoned buyers do this…Without the pre-approval letter; the seller (and their agent) have no assurance that you can actually purchase the home you are bidding on.
In a bidding war guess who wins, the couple with a pre-approval letter or the one without. Even in a slower market no pre-approval letter typically raises seller red flags. There is simply no excuse not to take thirty minutes and secure funding. In the next installment we will cover touring homes for sale. As always, help buying or selling a house is one phone call away 318-613-1994. Happy house hunting!!
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