But the change of season from summer to fall comes as good news for today’s buyers. Often the start of fall means that those who casually look for homes in the summer put their search on hold until after the school year ends. That means the buyers who are left are the ones who are serious about shopping for a home.
Buyers, don’t despair in this seller’s market! There are still great houses to be had and the home search process can go positively if you go into home shopping with a realistic mindset. Here are some tips to prepare your mind for action:
Tip #1 Know What You Can Afford
Do you know exactly how much of a monthly payment you can afford? This is often not the same amount as the maximum loan amount for which you are pre-approved. Having a written monthly budget and knowing exactly how much of a monthly payment you can handle will enable you to be ready to put in an offer when you see the right house for your family in your price range.
Tip #2 Have Realistic Expectations
Because the Cary, Durham, Raleigh, and Chapel Hill area is such a hot market right now, remember that the home prices are not what they were a few years ago. If you heard of a good deal then, remember a similar size house has a different price tag today. There are many affordable homes. Just be realistic about how much the house you are looking for will cost.
The same realistic expectations are needed in regards to closing costs. Often in a seller’s market, sellers are not willing to help the buyer with closing costs since they probably have other offers not asking for the same help. But an experienced real estate agent, like Amy Shair, has years of negotiation experience. She can help you make up for these costs another way.
Tip #3 Be Ready to Go Over the Asking Price
Because this is a seller’s market, there are often multiple offers which go above what the asking price of the home is. Be ready to know exactly how much you are willing to spend on a home and make sure you are looking at homes in which you could afford more than the asking price.
Tip #4 Know What You Want
In a seller’s market, the houses don’t last long. That’s why you need to have a firm idea of what your family needs in a home. How many bedrooms? A pool? How much square footage? Do you prefer open concept? Your family needs to be in agreement about what you are looking for so that when you see the house right for you, you can make a quick decision to put in an offer. In this market, if you take too long to decide, the house may be gone before you have made up your mind. Be ready to make the right offer for the right home.
Call Amy Shair
Even in this seller’s market, a buyer can find the right home for their family which they can afford. Amy Shair knows this market like no one else since she has been in real estate right here in the Triangle area for over 20 years. Give her a call today. She is interested in seeing you be in the right home for you.