It's definitely a seller's market. With the economy as strong as it is, coupled with the fact that Ventura County is a prime residential location, we enjoy a tight re-sell housing market and current steep appreciation in house values. These are reasons for buyers to be prepared and do things right or else they risk the strong possibility of forever being a buyer and never a homeowner.
First things first.
1. Choose a realtor with whom you believe will best represent your interests.
Someone that you trust and that will tell you like it is and who guides you successfully through the process. Buying a home is not the time for you to have everything sugar-coated to make you feel better. You need to have someone who will be straight with you so that you don't make bad decisions on tainted information. But be careful that you don't end up with someone who is just loud and opinionated. You want someone who will give you the facts as they are and who will present you with options for you to consider. You want someone who will inform you as to any possible consequences and then ask you for your decision.
2. Get pre-approved with a quality lender before shopping for your home.
Your realtor should help guide you to someone that has a reputation for getting the job done. Don't put the cart before the horse. If you do, you will find your dream home only to see someone else buy it because they were ready to prove their qualifications to the seller and you weren't.
3. Know what you want before you go shopping.
Share this information with your realtor. With so few homes on the market you want your realtor, (who is your eyes and ears), to know exactly what you're looking for so when he finds it you get a call immediately.
4. Don't be picky.
Yes, know what you want but don't be married to it. Chances are you're not going to have every single thing on your want list unless you build it from scratch. So choose one or two "must haves" and be flexible on the rest.
5. Be decisive.
You've seen several so-so properties when your agent finally shows you "the one". What do you do next? You want to think about it? Go home and sleep on it? NO! You run, don't walk, but run to your realtor's briefcase and write the offer now. Remember, you are not the only buyer looking for a home. Odds are that you will be competing with another family, so don't hesitate.
6. Be shrewd but not greedy.
If haggling is in your blood and you can't resist the temptation of making an offer to test the waters or you're determined to 'grind' the seller on the price, then perhaps this is not the right market for you. Instead, practice your "negotiating" skills at the local flea market until the economy changes because, my friend, today you're not going to buy a house. Trust your realtor. If you need financial assistance there are ways of going about getting the help you need without alienating the seller.
7. Be accessible.
Aside from moving in with your realtor, give him all of your contact information that he will need to find you. If the seller agrees to most of your offer but has a small counter-offer, then you want to be available to agree to it before someone else submits another offer and confuses the situation.
Follow these seven simple steps and you will soon find yourself the proud owner of your new home. Just remember me when it's time for the housewarming barbeque.
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