Buying a home is infinitely different than any other type of purchase you will ever make. With an investment this large, you not only need to rely on the advice of industry experts, but you’ll also need to do your own due diligence. The more you know, the less stressful the experience.
Here are some of the top things REALTORS® wish buyers knew about the homebuying process.
Your REALTOR® is Your Trusted Partner
When you choose to work with a REALTOR®, their fiduciary responsibility is to you. This means you have an experienced professional looking out for your best financial interests, and someone who subscribes to the National Association of REALTORS® strict Code of Ethics. Your REALTOR® is contractually bound to do everything they can to protect you while helping you find the home of your dreams.
REALTOR® Dawn Brewster, with RE/MAX Real Estate Professionals, says her goal is to build and maintain a strong partnership with all of her clients.
“I am deeply committed to my buyers and am passionate about educating them on the market and ensuring they are properly prepared,” she said. “I want to earn my clients’ trust so they can be open with me as far as what are looking for, what they can afford, and what their goals and expectations are. That honest, two-way communication is critical to the process.”
Pre-Approval is a Must
Most REALTORS® won’t even begin showing homes without a pre-approval letter. There are several reasons for this that benefit both the REALTOR® and the buyer. For one, a pre-approval letter provides proof of a buyer’s ability to obtain financing, and also a price range a buyer should stay within. This saves both parties a lot of time and frustration during the home search.
Brewster says this letter is an important first step for every buyer because it also strengthens their negotiation ability.
“This market is moving very quickly, and there is a lot of competition,” she said. “When I submit an offer for my client I need to have a complete package, and that letter is an important piece. In fact, many sellers won’t even entertain an offer without it.”
Every Home Has Issues
Today’s buyers are busy and most don’t have the time, energy, or finances to take on a fixer upper or a large remodeling project. While “move-in ready” may be on every house hunting wish list, Brewster says buyers need to be open-minded.
“As a homeowner, projects and repairs come with the territory,” she said. “So during your search, focus on big-ticket items, like the roof or the windows and try not to get too caught up in the little things. I have seen buyers walk away from some great properties over something as small as a paint color, which is really a minor fix.”
Buyers should also be prepared for the inspection process, keeping in mind that there will rarely be a perfect report. Even a brand new home may have something worth noting, so again, the focus needs to be on any major items in the report that are worth negotiating.
Always Think About Resale
When you’re searching for a home, especially if it’s your first, you are probably not thinking about the day you will sell it. But, any experienced REALTOR® will advise a buyer to always keep resale top-of-mind.
To maximize your value and ensure you are making a wise investment, pay attention to things like location, floorplan, number of bedrooms, storage and closet space, and the functionality of the kitchens and bathrooms.
Not Everything is as Simple as it Seems on TV
Real estate reality shows continue to top the ratings, but rookie buyers shouldn’t believe everything they see on TV. While these popular programs can make the buying or remodeling process seem pretty simple, there is much more going on behind the scenes that gets left on the cutting room floor.
But that doesn’t mean you should stop watching. Home improvement shows have provided buyers with great design inspiration and house hunting education. So, jot down your ideas and questions, and then rely on the professionals for sound advice.
Original Date: April 19 2018