A Successful Buyers Mindset
Successful Buyer’s Mindset to Getting Your Dream Home.
Step 1: Approach the home buying process objectively . . .
- There is no perfect house. Most clients close with a home that is about 85% correct.
I would advise you make a list of everything you want in your dream home and then divide those “wants” in to “wants” and “needs”
After you have the two columns, one of “wants” and one of “needs”, then rate your list and prioritize those wants and needs. You will soon figure out what you can live without.
B. The good ones go quick – as you have heard me say before, the market is changing, and unlike what you might be hearing on the media, it is swinging back to a sellers market. If a home is in a good location, well maintained and priced well, it can go under contract the day that the Realtor puts the sign in the yard. With that said, it is VERY important to be ready. By being ready, I mean if you are paying cash, have your “Proof of Funds” letter from the bank ready. If you need a loan to purchase a home, go ahead and talk to a loan officer, provide them with all of the documents that they need so that you, the buyer can get “pre-approved”. At that point, it is just a matter of the home being approved for the loan and the whole buying process will go much quicker.
C. Once you have made the decision of the home you want to buy, avoid second guessing yourself. This is called “buyer’s remorse”. You are going to be investing in that home from the start by paying a home inspector to inspect the home, paying for an appraisal and much more. This is the largest investment you will make in your life, take your time and make sure that this is the house for you. Do not let time put pressure on you. If you need to rent for a while and get to the know the area, then do just that. There are worse things than having to move twice. I would say purchasing a home out of haste and then regretting the decision would be worse than moving twice. Here are some questions to ask yourself after you view a home:
A. What did I like about the property?
B. What, if anything, would I want or need to change?
C. If the price were right, could I see myself owning this property? If yes, at what price?
D. If I do not like it, what would have to change for me to like it?
Step 3: Refer to your Realtor if you need to gather facts:
A. Your Realtor should be educating you on the purchasing process. Each state is different when it comes to real estate law. Ask questions about how the process is going to play out from start to finish. A full service/full time Realtor will be with you through the whole process.
B. Ask your Realtor to provide you with a market analysis of this property. Just because a seller wants to sell their home for a certain price does not mean that the market is willing to pay that price. The list price needs to be justified by current sales. The appraiser is going to do that for the bank, but prior to you investing money in inspections, have your Realtor do a market analysis and tell you what they think the home should sell for.
C. The lender may not make the loan unless an appraisal comes in at the sales price.
E. The government gives you money off your taxes for a home purchase.
F. Inflation pushes the value of most homes up.
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