Good Monday Morning!
The low inventory of homes for sale that we currently have in our local Real Estate market has made home buying much more difficult. The current shortage of homes for sale has driven prices up and made our home purchase market very competitive, especially in the price ranges where most first time homebuyers are looking. It is easy to get caught up in this competitive market and pay too much for a home or purchase a home that may not fit your needs. In this market, the help of a knowledgeable homebuyer specialist Realtor is a must. They can help keep you from making mistakes that will haunt you down the road. It is also important to educate yourself about the current market and to not be forced into a rush purchase. The following article from “Realty Times” talks about how to deal with a home purchase during this market.
There’s no perfect home, but some homes are more ideal for your household than others. When you look for your next home, carefully consider these four criteria – price, features, location and condition. The closer you get to meeting all four criteria, the better your chances are of making a good buy.
In any market, price has to come first. To determine what you can comfortably afford, talk to your real estate professional. He or she can recommend a lender who will prequalify you for a purchase loan. When you know how much you can spend, it will be easier to shop for homes within your price range. With luck, one will stand out.
The size of your household and your activities determine the features you want in your next home. The number of bedrooms, baths and living areas are a matter of comfort and convenience. You may want an extra bedroom for guests or a second master suite for parents.
If you work a lot at home, you’ll want a private home office or a computer nook. You may want a playroom for the kids, a separate laundry area, and fenced yard and covered patio for entertaining. An eat-in kitchen may be more important to you than a formal dining room. You may want an outdoor kitchen or at least an entertainment area.
Think about your daily life from morning to bedtime, and how your next home can make these activities more pleasant. This should be your “must-have” list, and will help you look at homes more objectively.
Some areas will always be more expensive to live in than others. Neighborhoods that are well-kept tend to maintain higher home values. Homes that are close to jobs, schools and shopping centers tend to sell for more money than homes without as much infrastructure.
What is the best home you can find in the area where you want to live? If these homes are out of your range, you can compromise — buy a smaller home or a home that needs lots of work in the best neighborhood you can afford.
Condition refers to the state of repair. Does the home have curb appeal? Is it updated and well-maintained, or does it need extensive and expensive remodeling? Carefully consider any deferred maintenance, such as a roof that may need to be replaced in only a few years. Consider the design and functionality — is the kitchen too small and would you be able to afford to remodel it? Look closely at repairs, cleanliness and traffic flow.
The one advantage of buying a home that needs updates and repairs is that these homes cost less than updated homes in the same neighborhood.
Be prepared to compromise. Don’t frustrate yourself or your family looking for perfection. Sometimes the home of your dreams doesn’t have every feature on your checklist, or it may be a little further away than your favorite neighborhood, but you’ll be happy if it has most of criteria you want at the price you can afford.
Have An Awesome Week!
THIS WEEKS HOT HOME PURCHASE!
32538 Hatfield St
Beautiful new craftsman style home located in the heart of Coburg. Located within walking distance to restaurants, shops and city park. Master suite and guest suite on the main level. Great room concept with a bonus room upstairs. Front yard landsca…