Yes, the market is tight, and inventory is low. To make matters worse, you may have already experienced a competitive offer situation and lost out on that perfect house. All of this can be disappointing for sure, but it might be your own expectations, mindset and lack of preparation that are getting in your way. However, the good news is, if you are willing to be more flexible and imaginative, a whole new world of possible homes can be made available to you!
Here are the ways you can improve the odds of landing that dream house, even during this time when homes are being gobbled up so quickly.
Six Ways to Get the House You Want
- Obtain a Preapproval Letter from a Lender.
Before you start a serious search, it is vital you know what your upper buying limit is for a new home. There is no sense in looking at $600,000 homes if you and your partner do not financially qualify for one. This is no longer a simple calculation. The primary factors that go into the pre-approval are your collective incomes, credit scores and debt/equity ratio.Going to a lender is easy and sometimes you can submit the information online or over the phone. I always recommend you select a trusted, reputable local lender who will give you the personal service you deserve. This pre-approval letter will be needed when you submit an offer, so get it as soon as possible.
- Remember, HGTV Houses belongs on TV.
If you are addicted to HGTV, please keep in mind a whole crew with lots of money takes an absolute dump and turns it into a real treasure, complete with the most up-to-date housing trends.However, most homes you are looking at are neither a dump or showing off the latest trends; they have flaws. They may need new paint, carpeting and even minor repairs.Don’t let these little updates keep you from buying the house of your dreams! Look at the overall “bones” of the property and visualize your changes prior to having your Realtor prepare an offer.
- Develop an “A”, “B” and “C” house features list.
You need a 4-bedroom house, yet you and your family have just found a charming 3-bedroom ranch on a small lake. The bathrooms are teeny, and the bedrooms are small. But the land and view are…well…breathtaking and it’s in an area you desire.The challenge is your “A” list has 4 bedrooms with two large bathrooms. A lakeview isn’t on anyone’s list, however, it floods back good memories of being at your parent’s cottage as a child, and you figure there has to be a way you can make it work!Define your “A” (must have), “B” (want) and “C” (nice to have) list first. This will help you and your Realtor identify the right houses for you and your family.This list should also encompass your plans for the future. In other words, will this list work for you in 5, 10 or even 20 years? It is important to define a list that works for you now and down the foreseeable road.
- Expand your horizons.
While you may have your heart set on a specific neighborhood, remember that there could be other areas that could work for you. Try to keep an open mind about other communities or neighborhoods that are either within the Hudson School District, or that might offer viable alternatives that can meet your needs.
- Hire an inspector.
Buying a home “as is” can be tempting, especially if you are anxious to close on the property and are paying for it in a cash transaction. However, don’t skip an inspection – it is a very important step in home buying!A licensed inspector will give you a report of all the things that are of concern with the property and will identify the safety issues that need attention right away. Your Realtor can provide recommendations of trusted, experienced inspectors.
- Work with a licensed Realtor.
With today’s capabilities to filter and click through houses online, you may not think you need help with your home purchase. However, the cumbersome paperwork involved in a real estate transaction should be navigated by a Realtor, whose fiduciary obligation is to you.I know the city, schools and neighborhood you are interested in. I can quickly pull up comps and often will know when a home is about to or just came on the market. Once I understand your needs, wants and preferences, we can work together to start screening the right properties for you that will lead to buying the home of your dreams.
I am Hudson’s Hometown Broker
If you are looking to purchase a home in Hudson, Ohio or one of the surrounding communities, your search is over! Please contact me at (330) 608-4647 and be sure to follow The Royster Group Facebook page or connect with me personally on LinkedIn.
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