The fall home market is about to begin, and if you’re planning to buy, here are 5 tips to find success!
I always remind buyers of this when talking about home buying. It’s amazing to me how many people start shopping *before* getting their financing set. What happens if you walk into a place and you fall in love? Without that pre-approval – knowing *if* you can buy it – you won’t be able to move forward. And if it’s a hot property, another buyer will likely snatch it up.
2)Start Shopping The Week of September 8th
That’s the first week after the holiday, and it some times takes a week or 2 for fall buyers and sellers to wake-up. That means you can still have your pick of the homes that didn’t sell over summer, or have first crack at the new homes coming on market for the fall during that week. My team has several new listings coming to market that week. We are ready, you should be too!
3)Watch Your Timing
Labor Day 2015 is late this year, which means we lose a week of the fall market. Since financed closings take 45-60 days to close…..if you go to contract in mid September, you are closing in mid to late October. That is especially important for buyers working under the terms of an expiring lease and a strict time line. This year, the added changes to closings statements (which take effect October 1st) may also delay closings. The bottom line – act fast and keep your eye on the calendar.
4)Look Above Your Budget
On first read, it looks like I’m telling you to spend more money. But here is what I’m really saying – play the market. Right now, some sellers are pushing the envelope on price, by listing their homes in the price bracket above where it should really be selling. In many cases those folks are losing, because their homes are sitting on market. That means there are several homes that may be over priced and *should* be selling within the price range you are looking in. Search a little above your budget – $10K, $20K, $30K. Just be cautious in doing so, because if you find something you like, it may very well be priced right and *out* of your budget. If you can handle a little heartache and disappointment, though, you stand a chance to find the right home by taking a step that many buyers won’t.
5)Don’t Be Afraid To Make An Offer
Right now I see many buyers who are content to just keep looking – we call these helicopter buyers (see additional blog article coming later this week). They may like something but they never pull the trigger, and prefer to hover over the inventory rather than make a move. If you see something you like, that works for you and meets your needs, go for it. Not everyone has that “I just found my wedding dress” feeling when they walk into the right home. It may not happen for you. Might something better come along? Yup. But it also may not.