Are you a “serious buyer”? Not sure?
Use the 5 key components below in preparation, to position yourself as a serious well-informed buyer.
- Motivation- What motivated you to enter the market?
Investment? Family Obligations? Work Changes?
Once you determine why you are entering the market you’ll be able to gain a deeper understanding of what really matters to you. Different expectations and needs are required in different situations; such as searching for an investment property vs a family home. A clear outline of your must-haves will position you strongly when it comes time to negotiate your offer. If you’re not sure of what you should be considering and/or how certain aspects are of importance a Full-Service faithwilson | Christie’s International Real Estate Realtor will help in guiding you to identify not only what is of current importance but also of what may over time prove to be a nuisance or benefit.
- Financially Prepared- Have you received your pre-approval letter?
Before you start looking, receiving a formal a pre-approval is crucial. Banks use different formulas when it comes to determining your buying power. Although an excel sheet of one’s debts and credits is a great tool for maintaining finances and setting budgets, our swift affordability calculations, unfortunately they are unlikely to render the same results banks will. What neighbourhoods may or may not be available to you, a 2 bedroom or 1 etc. Receiving a firm pre-approval will let you know exactly where you stand and what options are available to you.
- Realistic- Are you being realistic?
A serious buyer has realistic expectations. This means having a good idea of how long homes have been staying on the market, what types of homes, features, and locations you can acquire within your budget. Many times buyers are aware of the listed price for similar properties currently on the market, but it’s the sold price of recent comparables that will give you the best insight as to what’s going on in the market. A good agent knows the value of market education and will provide their clients with the relevant information and resources needed to become fully informed buyers.
- Time Aware- Are you flexible or set on the time you need to move by?
Not only will determining a timeframe help your agent ask the listing representative relevant questions, but it will also help prepare you to plan your move without feeling overwhelmed. Your trusted Realtor will fill you in on how much time your bank, lawyers and other key services will need to process the purchase.
- Representation- Have you hired a reliable and professional Designated Agent?
There is so much more to buying a home than finding a house. Contracts, ever-changing regulations, legalities, ethics, and proper procedures are just a few of the complexities of Real Estate. Hiring your Full-Service Agent early on can simplify the process and reduce potential pitfalls you may have otherwise been unaware of.
Ready to get started? A faithwilson | Christie’s International Real Estate Representative has the experience and resources to help you through each of these 5 components today.