7 Habits of Successful Homebuyers
Today’s real estate market is ever changing. The process of buying a home in the past few years is not quite like it is today. While inventory is a little better than it was, rates are higher now which makes for a different set of challenges. Today’s homebuyer finds success when adhering to a particular mindset. Here are some pointers of what can be helpful.
Persistence
The real estate market may be cooling slightly, but there still are pockets of neighborhoods or properties that are still hot. That means there could still be some bidding wars happening. Buyers who remain persistent will find themselves being the winning bidder.
Emotional strength
Buying a home can be a very exciting time as you tour properties and envision yourself in them. However, especially where you can still find yourself in a competitive bid, it is best to keep your emotions in check in case you are not the winning offer. Be prepared to get back on the horse and move onto the next property.
Keeping an open mind
Typically when buyers shop for a home they limit themselves to a smaller area. However, these days work options are becoming more flexible allowing for one to be able to live in other areas. This may have you looking at being flexible on looking at other locations that may be a better buy for your money with more housing stock to pick from.
Ask questions
Keep in mind the purchase of a home is usually one of the biggest ones that you will make in your life. So, be sure to ask as many questions as you can think of when touring homes and learning about areas.
Look past appearances
The majority of people will want to find a home that is move-in ready and turnkey. However, not all properties are perfect and in the interest of opening up options, consider a home that may need some cosmetic updates. These can be completed over time while you make the home uniquely yours.
Establish wants and needs
Ultimately there is no perfect home. While you may find something that is absolutely perfect, chances are there is still something that it may not have that you originally had set out for. To help open up your options, consider what you want versus what you absolutely need. Needs should be the things that you cannot part with like bedroom count, while wants can be something that you can add later like an updated kitchen.
Stay flexible
This is also a big benefit by staying flexible. That means being able to view homes when they are new to the market and also remaining open to contract term negotiations. Perhaps you could be amenable to a sellers preferred closing date or the like.