What can you do to shorten the timeframe of your next home purchase? Here are a few of my tips:
The first thing you’ll want to do before you go out to look at homes with your agent is make a list of four or five homes that you like. When you’ve made this list, consider driving around each home’s respective area. This will save you time by eliminating any homes that don’t fit your criteria. All the time, you hear that buying a home is about “location, location, location”; you wouldn’t want to buy a home in a neighborhood with rampant gun violence, would you?
Once you’ve approved of the home’s area, it’s time to go inside and look at its interior quality. What have the owners done to make you want to step inside? On your walkthroughs, be sure to pay very close attention not just to the appearance, but also to the appliances, fixtures, and systems to make sure they work properly. That way, you’ll know that it won’t become an issue when you go into escrow. Once again, this is another way to eliminate any homes that are obviously not in the condition you’re looking for.
Once you’ve narrowed your choices down to one home that you’d be willing to submit an offer one, have your agent run a comparable market analysis on the home to make sure that the sellers have priced it appropriately. You don’t want to go under contract with a home that was priced at $300,000, only to find out later that it was only worth $250,000! In that situation, there’s a $50,000 gap that the seller is probably going to want you to pay out of pocket. If you’re the kind of buyer who can’t fork out any more money out of pocket (which I highly recommend you avoid doing anyway), then you’ll have just wasted the appraisal fees and the home inspection fees.
If you want to avoid all this trouble, I strongly recommend that you speak to your agent so they can do some due diligence on the property. That way, you’ll know for sure what amount to submit on your offer. Take any value that someone gives you with a grain of salt because it will ultimately depend on the appraisal. If your agent has been in the industry for long enough, they will most likely know what to look out for and tell you what you need to know about the benefits and risks of your purchase.
For any questions you have about buying a home, feel free to reach out to us. We’ll help you narrow down your options to help you find that dream home you’ve been waiting for. We hope to hear from you soon!