Hopefully when you sign that purchase agreement, you don’t go away feeling “oops what did I buy?” That would be a dreadful feeling. If this is the feeling you have after your first purchase agreement signing – maybe your gut is telling you something. Yes you have a chance to get out of the deal if the inspections fail, or financing fails, but that can all take you down a road that costs money. To avoid overspending to buy that home, take a little time to think it through thoroughly. Take someone along to help your sort everything out. Another set of eyes can’t hurt. Be objective, let your excitement get put aside for a moment and think logically through all that you are looking for and whether that home will do it. Remember a wish list is always packed with more than is usually reasonable, so compromise on the little things, not the big things.
Last week I had a new buyer get excited about a home for the wrong reasons. The feature they liked was not expensive, but the rest of the house was a mess. It would have been more cost-effective to buy a home more move in ready and add the feature they wanted.
Before moving on to inspections, appraisals, and other things that cost money, make sure your eyes are not deceiving you – it can be costly. It’s like painting – preparation, preparation, preparation – then paint. This will save you money!
Up, up and away is something my first time home buyers are now crying. After doing pre-qualification work, then shopping for their first home, it all comes down to offers. Some of what they see, and like, while shopping is beginning to get “scooped-up” quickly. They are starting to see the trends of upward prices and limited inventory. That’s good news for sellers, but not especially for first time home buyers on a tight budget. How you can get ahead of the rest of the buyers is to be prepared. Here are a few tips to keep it straight and get it done:
Have your pre-qualification letter ready, printed and in the hands of your Realtor.
Have your good faith deposit ready to go. Not, I will have it when I get paid next week. Set it aside and be ready when you find that perfect home. In today’s market of “bank owned” properties, the typical deposit requirement is $1,000.00. That is CASH. Not money they will “take out” at closing. You need CASH, today, to write the offer.
Probably the most important tip, do not shop out of your budgeted amount. Last year this would have been different. Everyone was shopping in a bit higher price range because you could get deals. Today, the prices have corrected to the point that banks are marketing the property at prices that are bringing in multiple offers. So, if your budget will not allow a full price, or sometimes, an over full price offer, expect to be disappointed when the offer is rejected or outbid by another buyer. This disappointment can lead to a deflation in spirit and sometimes can turn a buyer to renting longer.
Roll off disappointment and start over. The best thing to remember is the ultimate goal – owning your home and not paying rent. We all know the foreclosure market has led to more renters and higher rent prices. Don’t get caught in the disappointment of losing a bid on a home. It’s a lot of work to shop, and write offers, etc. for all parties involved; but so worth the reward when you finally accomplish your goal.
Get it done should be your mindset when shopping for a home. With the proper planning it should not be hard to accomplish your goal of buying a home. So don’t let that perfect home go up in price, up in a bidding war, and away from your hands! Get it done!
Spring is here, so says the calendar. But, in northern Michigan we have yet to feel it in the air. The sun has been shining, the temperatures say 40’s, but the air is so brisk that it feels like winter is still around. Regardless, people have been coming in to look at lake front homes already this year. Want to see what is new in lakefront homes? Check out my website for all the latest listings. Get your mind set for summer – it’s right around the corner.
The Canadian Lakes Housing Market is starting out strong. In the past three months inventory is down 7% and sales are up 12.5%, and prices have gone up a bit as well. That is a great trend. We still have a nice selection of inventory with about 50/50 waterfront to non-waterfront. The homes that sold in December were averaging a $186,750 sales price. Not bad for the Canadian Lakes Housing Market which has a $198,000 average list price on current market homes.
Get in on the action in 2013 with low interest rates still favorable for the buyer. This is a good time to capture a good buy while prices remaining stable. Before long we should see prices starting to creep up, so get a good deal now!
Here’s hoping you all had a Happy New Year! Let’s celebrate in 2013 with all our family and friends throughout the year. A great way to be with family and friends all year long is with a vacation home. Why not consider Canadian Lakes your destination for that wonderful gathering place. Click below to see what is for sale in Canadian Lakes Housing Market…
Winter is on the way – that is for sure. We can expect snow any day now. The mild weather this year has us fooled but we know that winter is on the way. It is also a time when people like to “take their home off the market”. Sometimes that can be a mistake as it interrupts the marketing. Two things that we can also be sure of in Real Estate; to sell a home it needs to have a fair market price, or a longer period of time on the market. If it is priced right, it should sell in a fair amount of time. If it does not, and seems priced high for the market area, it will take a longer period of time to sell. Keep up on the market in your area with a good Real Estate Agent!
Enjoy the upcoming winter season, and as we look forward to the next season, if you are dreaming of that summer property, it’s never too early to start looking. There are great buys out there. Don’t forget, winter is on the way!
The Fall feeling is in the air. Crisp mornings and sunny afternoons. What a wonderful fall feeling to have a new home before the holidays arrive. Get moving this fall with savings on a new home as people are feeling the crunch to get it sold before winter. Now is the time to shop for a new home. See the great selection of homes here: and enjoy that Fall feeling!
Fall is a great time for home buying. The weather is still nice most of the time and the kids are in school. It’s a nice time for home buying trips to look at fall colors. Retired people are also slowing down in the fall as the kids are busy with their families this time of year. Fall home buying is a great time to invest in a property. Prices are lower than in the summer and you still have time to get into a new home before the winter holiday season. So if you are thinking of a fall home buying trip, let me help you with your shopping. I can set up homes for viewing and walk you through the home buying process. Let this fall be your time for home buying. Come and see our great inventory today. Click here for more information on fall home buying.