Know Your Numbers
Meet with an experienced mortgage counselor to get pre-approved and understand how home owner association fees, mortgage insurance, and taxes impact your buying power. The right time to buy is when YOU are ready. In many situations, you will qualify for more than you’re comfortable paying monthly. Doing the numbers ahead of time and defining your sweet spot means you will be more confident and decisive when you find “the ONE”. Skipping this step will lead to frustration right out of the gate.
Know the Process
Partner with an experienced Real Estate Professional that has the bandwidth and knowledge to help you navigate the process smoothly and efficiently. If you need to sell your home before moving up, or if you’re a first-time home buyer, the strategies will be different. You’ll need a game plan. For example, we encourage our first-time home buyers to go shopping Tuesday through Thursday morning. Right now, $275,000 and below is an ultra-competitive market in Phoenix and shopping during specific times means less competition (and a good excuse to get out of work). If you’re a move up buyer that has to sell your home first, don’t waste your time previewing homes one the market today. Chances of you falling in love with your unicorn is 99.9% Prepare your home to sell and list it. Once you have a contract on your home, sellers for your next home will take your offer more seriously.
Know the Market
Is it a buyer’s market or a seller’s market? If you’re buying in a tight market, bargain hunting is not worth your time. At the time of this blog post (June 2018), homes in Gilbert Arizona were selling for 98% of value typically in 30 days or less. Offering 5% below market value is not productive in a seller’s market. If you do spot a home that’s been on market for 50-60 days, chances are, there is a pricing issue and you may be able to shave 5% off the list price, but remember it’s likely still selling at market value.
Know What You Want
Compile a list of wants v. needs and know where you can compromise. Keep an open mind and see homes that might not perfectly fit in your box. We work with home buyers all the time that end up purchasing their dream home that would have never made the first cut. Do consider the opinions of friends and family, but remember, it’s your home and you have to live in it!
We work with hundreds of buyers and sellers each year. If you have specific questions about the process buying or selling real estate, or just want to learn more about our market, drop us a text at 480.628.8691. We’ll only sell you something if you REALLY want it. Promise.