Buying a home these days might be the most challenging it has ever been. It’s happening all across the country – multiple offers, bidding wars, lack of good inventory and buyers loosing hope along the way. I wanted to share a few things that I’ve learned over the years that have helped my buyers succeed. I am constantly adapting to the ever-changing market, but these strategies are tried, tested and proven.
1. Choose A Savvy Realtor
The first thing that you should do when planning to buy a home is to find the right realtor to partner with. Today’s market has gotten so competitive, that without an agent you will have little to no chance getting the home you want. Remember, that this relationship is all about trust and experience so a good referral will go a long way. One thing to note is that a good buyer’s agent is hard to come by as most do not go the extra mile to get you results. When it comes to one of the biggest financial decisions you will ever make, you need a professional that has the experience, strong negotiating tactics and a high success rate at getting the job done. Choose a savvy realtor or you will watch the home you love split away.
2. Consider Alternative Neighborhoods
This is one of the best tips for first time home buyers that are trying to get their foot in the door of homeownership. Hot neighborhoods can be very hard to compete in so considering alternative emerging neighborhoods might be the best way to get started. For example, if you really want to be in Burbank, but either can’t afford it or your not finding what you need, try North Hollywood, Valley Glen or Van Nuys. Sometimes the next neighborhood over could make the difference in a successful purchase and some positive equity in the long term.
3. Professional Financials
In a seller’s mind, this might be one of the most important ways to illuminate your ability to perform. The way that you package your financials sends a message much like a first impression that you only have one chance to make. Your cover letter, proof of funds, mortgage pre-approval letter and offer package all tie in together to create a third voice in the transaction. The higher the quality of your package and the more articulate your objective, this will ultimately be the game changer in how your perceived.
4. Negotiate A “Win Win”
A “Win Win” is about compromise. If you are willing to sacrifice while getting something in return, then it’s likely you will see results. Every successful real estate transaction must have some type of “Win Win” for both parties to feel good about what they are agreeing to. Hard negotiating is rarely a productive tactic, but smart negotiations create the best outcomes overall. An experienced realtor know how to create, develop and execute on these types of scenarios.
5. Create Leverage
Leverage is all about putting yourself in someone else’s shoes. If you can find out what the seller wants and create an opportunity for your client to provide it, then you have leverage. No good negotiation can exist without leverage and no deals are ever made without compromise. For example, if your client is stuck on price and the seller wants to pay less in cap gains, think of what you can offer to benefit both.
Are you thinking about buying your next home? Send me a text or fill out the form below so we can chat.