Just after years of representing buyers of Real Estate I decided it was period to write a post that would give advice to anyone dimming their toe in the Philadelphia Real Estate home buying pool initially or for the first time in a while. The current economy has experts (low interest rates) and cons (high unemployment, unstable economy) like any others but I firmly believe that the first thing holds true in any economy – the advantages of buying far offset renting for most people in most cities. So without further burst, here’s the advice that I can offer after a decade involving, owning, investing in, managing, leasing, and selling lake lbj real estate
It is worth it to find an experienced, honest, straight shooting, full time real estate agent. This is not your shameless plug! I firmly believe that smart, successful people today surround themselves with smart, experienced, experts that can help tutorial them to a well thought out decision. If you don’t buy and sell Real Estate every day right through the day for a living, how could you possibly understand the local Real Estate real estate process and all of the nuances and intricacies of the on the market inventory, purchase contract, title insurance and mortgage method? How could you possibly know what a good deal or a great deal looks like? You don’t! Get referrals from friends, use Google to search, look at open houses and keep looking until you find someone you’re feeling has the experience, resume and personality to represent you whilst your interests.
Get Preapproved. This is synonymous with get pre-qualified. Every day soon to be buyers of Real Estate call in addition to tell me what the upper limit of their property search can be. I always ask “how do you know that’s your limit? in and the answer is inevitably the same – I used a mortgage calculator. Getting preapproved is a 100% free, virtually no obligation way to find out what you can really afford from one of those who specializes in local mortgages. If you are represented by an established realtor (see above) he or she may be able to get you a better rate in comparison to the one you were quoted online or by another the last resort. Be honest with yourself about what you can afford every month and remember you don’t have to spend the max amount you can qualify for. Find a monthly instalment amount you are comfortable with and stick with the correlating mortgage loan amount.
Create A Hierarchy of Priorities. I subscribe to your property MD theory of Real Estate sales (i. e. everyone lies) but it’s not that clients are intentionally being mistaken, rather they really don’t know what they ultimately want as they don’t know the inventory and they may not know what features will be must haves and what features would be nice to have. Prospective buyers should consider everything before looking at homes: price, beds/baths, total area, outdoor space, parking, location, walkability, floorplan and neighborhood. Regarding about what you can afford and then sit down and actually write down just what exactly features are essential, and which would be nice but are never deal breakers. Try to rank the features because you will in the long run be forced compare and decide. No buyer at any amount gets 100% what they want, everyone makes concessions plus compromises.
See Everything. Obviously you shouldn’t literally see everything but you have to plan on seeing enough homes that you are ready, willing and even able to pull the trigger when you see the right one. Somewhere during the 15-20 range is probably reasonable. Take advice from your broker on which homes you should see because he or she has likely witnessed many with other clients or during broker’s open dwellings.
Enjoy the Journey. There is one thing I am entirely certain with and that is that buying Real Estate should be a fun, enjoyable course of action with an equally fun and satisfying ending. There will be inevitably often be stress and emotion because of the costs, time, complexities together with personalities involved but at the end of the day try to enjoy the process. Support smart, honest agents and lenders who make you feel at ease and allow you to breath, smile and just maybe even guffaw occasionally.