Addie Finley's Blog
An open house enables a buyer to check out a residence in-person and determine if this home matches or exceeds his or her expectations. However, a buyer who fails to plan ahead for an open house may struggle to make the most of this opportunity.
Ultimately, there are several things you need to consider before you attend an open house, such as:
1. Your Home Must-Haves
Make a list of must-have home features – you will be glad you did. With this list in hand, you can check out a house in-person and determine if it has the features you require.
You also may want to put together a list of preferred cities and towns prior to launching a house search. This list will allow you to hone your home search – and your search for open house events – to a small group of cities and towns.
2. Your Homebuying Budget
As a homebuyer, it is crucial to optimize your time and resources as you search for your dream residence. If you enter the housing market with a budget at your disposal, you can avoid the risk of attending an open house for a residence you may be unable to afford.
To establish a homebuying budget, you should review your current finances. You may want to meet with banks and credit unions as well. And if you get pre-approved for a mortgage, you will know exactly how much you can spend on a residence when you start your house search.
3. Your Homebuying Timeline
There is no guarantee that attending one open house will help you find your dream residence. But if you maintain flexibility, you can attend a variety of open house events and boost the likelihood of discovering a residence that falls in line with your expectations.
Furthermore, you should be ready to act quickly if you attend an open house and want to buy a residence following the event. In this scenario, you should be prepared to work diligently to put together a competitive offer to purchase the home.
As you get set to attend an open house, you may want to employ a real estate agent, too. A real estate agent can keep you up to date about open house events in cities and towns where you want to reside. Plus, a real estate agent can attend an open house with you and provide plenty of homebuying tips and insights.
Let's not forget about the support a real estate agent provides once you find a house you want to purchase, either. At this point, a real estate agent will help you put together a competitive homebuying proposal. And if your offer to purchase is accepted, a real estate agent will help you finalize your house purchase.
Consider the aforementioned factors closely before you attend an open house. By doing so, you can prepare for an open house and use the opportunity to determine if a residence is right for you.
Few things are more exciting than buying a house and making it your home. Knowing when it’s the right time to buy derives from your personal circumstances, but some external elements and market realities affect when it’s right to buy too.
Here are some of the things that can affect your decision to purchase a home, and the timing to do it.
- Interest rates. Right now, interest rates are low, making housing affordable. Keeping an eye on rates can save you money. You can get pre-approval for a mortgage that locks in a low rate, so check out the programs offered by various lenders to see which one has the most useful option for you.
- Inventory levels. Listed homes in your area that fit your budget, and your criteria, ebb and flow. Develop a relationship with a qualified real estate market specialist to keep tabs on inventory levels, so you know when to buy.
- Increased prices. Supply and demand drive up prices, so if prices begin to increase it may be time to step into the market. Again, your real estate agent can keep you apprised of price fluctuations in the market.
- Income levels. You might simply be waiting for a promised raise or that bonus to plump up your down-payment cache. When that’s the case, notify your agent of your expectation and the timing so that they begin looking for you just ahead of when you’re ready to make the purchase.
- Income tax refunds. Although using the IRS as a savings account is a poor financial strategy, sometimes, you end up with a bigger refund than you’d anticipated. When that happens, and you receive the extra funds, it might be time to make homeownership a reality.
- Investments. When an investment gives you an unexpected return, it might be time to reinvest it into a home.
If any of these are true, you may be financially ready. When making any financial decision—especially huge ones such as buying a home—it's essential to contemplate the reason behind your decision. What do you believe a home provides you? How does it fit into your future goals? Are you willing to tie up your funds in a non-liquid investment? Are you prepared to handle the maintenance? Do you have time for upkeep?
When you feel positive about your answers, reach out to your agent for advice, and to start looking for your new home.
For those who want to simplify the homebuying process, crafting a budget is ideal. Because if you tailor your house search to your finances, you can eliminate the risk of spending beyond your means to acquire your dream residence.
Now, let's take a look at three tips to help you budget for the homebuying journey.
1. Analyze Your Financial Situation
Request a copy of your credit report – you'll be glad you did. You are eligible to receive a free copy of your credit report annually from each of the three credit reporting bureaus (Equifax, Experian and TransUnion). Once you have your credit report, you can assess your credit score and take steps to improve it as needed.
Getting your credit report can help you identify outstanding debt and other financial issues that may make it tough to acquire a house. If you can correct these issues today, you can eliminate the risk that they could impact your ability to buy your dream residence in the near future.
2. Consider Your Homebuying Expenses
The price of a home is one of many financial considerations that a buyer will need to evaluate during the property buying journey. Fortunately, if you map out your homebuying expenses, you can ensure that you'll have the finances available to cover these costs as you pursue your dream home.
For example, a property inspection may be used to assess a house's condition before you finalize a home purchase. This inspection will require you to hire a professional home inspector, so you will need to make sure you have the money available to cover the cost of this homebuying expense.
You should consider home closing costs as well. And if you start saving for home closing fees and other homebuying expenses, you won't have to worry about scrambling to get the money to cover these costs as you navigate the property buying journey.
3. Get Pre-Approved for a Mortgage
Pre-approval for a mortgage is a must, regardless of your homebuying goals. If you meet with a variety of banks and credit unions, you can analyze your home financing options and select a mortgage that suits you perfectly.
Banks and credit unions are happy to teach you about different types of mortgages and how each type of mortgage works. Plus, if you have any mortgage questions, banks and credit unions are ready to respond to your queries right away.
As you prepare to pursue your dream house, you also may want to hire a real estate agent. In addition to helping you streamline your search for your ideal residence, a real estate agent can put you in touch with the top mortgage professionals in your area, help you plan ahead for various homebuying expenses and much more.
If you want to conduct a successful home search, it may be a good idea to prepare a homebuying budget. Thanks to the aforementioned tips, you can craft a homebuying budget so you can accelerate the process of acquiring your dream house.
If you are ready to move into a luxury home. You'll find options in most locations in any state you desire. Before you choose, especially if you plan on moving to another state, you should first tackle some other questions.
Do you need to keep working to enjoy the lifestyle you have now? If you do, can you find work that will provide you with a similar income? If you own a business, how hard will it be to get that business going in another state? If your business is conducted online only, that is one less thing you will have to worry about — but you do have to find out how businesses are treated in the state you choose to move to. It is not beneficial to run a business in some states because of the extra taxes and regulations that some states have.
Urban, Suburban or Rural
It’s no secret that you can get more house for the money in certain states, and, breaking it down further, more house for the money in certain areas of the state. For example, to get a luxury home with at least five bedrooms near or in a large city, you’re going to have to shell out much more than you would if you picked the same house 100 miles away from the city, as long as the location is not near another large city or a tourist area.
Are you looking for something that doesn’t take a ton of maintenance? You might prefer a luxury home in the city with a small yard. If you like the idea of spreading out, having a large pool, hot tubs, stables, riding trails, ATV trails and other amenities on your property, you’ll have better luck finding that in a rural area.
Commuting and Schools
If you have school-age children, check the rating of the schools. Just because you live in a luxury neighborhood doesn’t mean that the schools for that neighborhood have a good rating. Additionally, you might have to take your children to school if you live too far out for the school bus. And, on the subject of commuting, if you have to work to maintain your lifestyle, you’ll have to commute if you choose a rural luxury home. How long is the commute? Is it something that you can manage or will that commute take too much time away from your family?
Nightlife and Attractions
If you like to go out a lot, living an hour out of town might not be for you, as much as you like a property. If you have to be in the thick of things, you might prefer a luxury neighborhood in an urban or suburban setting. If you want peace and quiet, and prefer connecting with nature, then you might choose a rural luxury home, such as a large ranch or a home with large acreage.
As a homebuyer, you likely will want to do everything possible to secure your dream house at a budget-friendly price. Yet for those who are dealing with an aggressive property seller, achieving the optimal results may prove to be challenging.
Lucky for you, we're here to help you simplify the homebuying process so you can acquire your ideal residence at an affordable price – even if you're forced to deal with an aggressive home seller.
Now, let's take a look at three tips to help you deal with an aggressive property seller and accomplish your desired homebuying results.
1. Remain Patient
It may be tough to deal with an aggressive home seller at times, but those who stay the course can buy a house that matches or exceeds their expectations.
Remember, a patient homebuyer generally is a happy homebuyer. If a buyer avoids rash decisions and remains calm, cool and collected when dealing with an aggressive seller, he or she can boost the likelihood of making the best-possible choices throughout the property buying journey.
2. Focused on Your Desired Results
The ultimate goal of the homebuying journey is to find and buy a house that you can enjoy for years to come. In some instances, an aggressive seller may make it difficult for you to accomplish your goal. But if you prioritize the end results of the homebuying journey, you may be better equipped than others to secure a terrific residence.
If you focus on the big picture, you may be able to reduce the risk that minor issues with an aggressive home seller could slow down the property buying journey. And if you do whatever it takes to achieve your desired homebuying results, you may be able to find unique solutions to various problems.
Don't forget to maintain open communication with a seller. If you open the lines of communication with a seller, both you and a seller can work together to ensure all parties are satisfied with the results of a home sale.
3. Hire a Real Estate Agent
If you're uncertain about how to deal with an aggressive seller, you may want to hire a real estate agent. That way, you'll have an expert negotiator at your disposal.
A real estate agent is happy to negotiate with a home seller and his or her agent on your behalf. By doing so, a real estate agent will minimize the risk of potential property buying delays.
Let's not forget about the frequent updates that a real estate agent provides during a negotiation with a property seller, either. A real estate agent will keep you informed about seller negotiations and ensure you can move along the homebuying cycle. And if you ever have concerns or questions during the homebuying journey, a real estate agent is ready to respond to them at your convenience.
Manage the homebuying journey like never before – use the aforementioned tips, and you can avoid the headaches commonly associated with dealing with an aggressive property seller.