The demand for quality homes, low interest rates and a shortage of listings are combining to give sellers a slight edge in the Connecticut real estate market this spring. It’s a seller’s market … So, you will want to create some advantage for yourself in purchasing your new home. Here are some tips on being a “Smart Home Buyer”:
1. Get “Pre-Approved” by a Mortgage Professional you trust and who will be there for you when you do find the right house. Have your paperwork ready when making an offer and be mentally prepared for the onslaught of requests for additional information to support your application
2. Work with Realtor who knows the neighborhood you’d like to live in and who is familiar with the type of property you are looking for. Extensive market knowledge and having a good “ear to the ground” will give you an edge during your search.
3. Develop a good working relationship with your agent. Talk candidly about your desires. Ask questions. Make they understand your needs and that they are communicating with you throughout the whole search process. Also, having a sense of urgency to find the right home for you will open up options.
4. Sign up on a real estate site for an email subscription service that delivers new market information (new listings and price reductions) to you as it happens.
5. Be Smart Home Buyer. Educate yourself on the specifics of the homes in the market where you are looking including listing prices, sales prices, absorption rates, and inventory levels.
6. Don’t be afraid to expand your search criteria. Don’t go overboard but you can add those houses that may be slightly above your price point. Sellers whose home has been on the market for awhile might be willing to a reduced price that may make the home a viable choice for you. Some buyers watch specific houses, and wait for reductions before making offers.
7. Be ready to make an offer when you find a home that appeals to you. There aren’t a lot of quality homes on the market right now. “He who hesitates is lost.” Don’t give another buyer the chance to submit an offer ahead of you.
8. Making an offer on a home is a give and take situation. Be available to keep the negotiations moving along. Try to take the emotion out of the process.
9. Have your Attorney, Home inspector, and home owners Insurance Agent lined up. You will need them by your side as soon as you negotiate the terms of your offer.
10. Keep the lines of communication open with everyone involved in the process. Challenges are inevitable during any real estate transition. Being able to work through problems in a positive fashion will make the whole process go smoother.