Getting Ready to Buy
Buying a home can be stressful because there are so many details. It may be your first home, or it may be your 50th home, but in either case, there is a lot to do for a smooth transaction.
Be prepared by talking with a lender and interviewing several of them. In Arizona (using the standard MLS contract) an offer must be submitted with proof of funds or lender prequalification.
Here is a checklist to help you make the best purchase:
- Don’t be afraid to ask for what you want. There is a saying that remains forever true: “He who has the gold rules.” Whether it’s a buyer’s market or a seller’s market, you always have options. You give a little; you get a little. A win-win negotiation is always best.
- Don’t skip inspections! No matter how many homes you have bought and sold, having a second set of experienced eyes in the process adds confidence and safeguards your investment. Each property is a unique, so be sure you do thorough due diligence.
- Know the LOCAL Market. Real Estate Markets go up and down, but they do not go up and down everywhere at the same time, rate, or speed. Study the comps before putting in an offer.
- Consider what improvements you will want to make in advance. The problem with remodels is that it is very easy to spend too much. When it’s time to sell, you may take a loss. Calculate the approximate cost and years you expect to be in the home before you put in an offer.
- Finally, consider market cycles. Weigh ups and downs against all your reasons for buying in the community to be sure your emotions are in check.