House buying, especially for first-time house buyers can be scary. This is because when you buy a house, you have to stick with it for a long time. Also, the purchase involves a lot of money that you might have saved for years.
Is this the first time you are buying a house? Here are tips given by realtors DC on how to have an easy time making the expensive and scaring purchase:
Work with a home agent
When most people want to buy houses, they go online and take a look at different pictures. The unfortunate thing is that they don’t know how to progress from there. Is this you? When you are making the purchase, you should find a professional real estate agent.
Think of the agent as a godparent who is with you for your own good and wants your dreams to turn into reality. The agent will guide you through the house buying process. The expert will help you find the right property, help you in writing a winning offer, and help you in negotiating home inspection repairs.
For you to have an easy time buying the house you need an experienced agent who has been in the industry for a long time and fully understands the house buying process.
Be ready for serious competition
Are you looking for a house in a highly competitive neighborhood? You should be ready for cutthroat competition from other buyers. You should note that there are many buyers out there that are willing to buy the house in cash.
In fact, according to the national association of realtors, 23% of houses are now bought in cash. Cash buyers often have an edge as they have to secure financing. This makes them highly attractive to the buyers.
Does this mean that your goose is cooked when you are competing with these buyers? Absolutely not. There are a number of things you can do to tip the scales in your favor.
One of the things you can do is to write a letter to the seller and tell him/her about you and your family. The aim of doing this is to make the house buying process personal and make them know you more. This will most likely make them sell the house to you as they will feel they know you.
Another strategy you can use is to ask the sellers their own goals for the house. If you have the same goals for the house, let them know about it and you might get the house.
Be cautious of what you read online
As mentioned above, the first place people run to when they are looking to buy a house is online. Should you believe everything you read online? Absolutely not. You should be cautious of the red flags that might put you in trouble. The most common red flags are:
- Too urgent offer. For example, the house being advertised that the offer is only available that day
- Listings asking for personal information such as the social security number
- Unavailable listing agents
- You should be smart when making the purchase. If you see something that doesn’t look right, it probably isn’t right.
Don’t fall for home staging
A study done by NAR shows that up to 1/3 of homebuyers are ready to overlook house imperfections when the house is staged. A staged house is one where furniture has been installed. While a staged house helps you visualize yourself living there, you shouldn’t fall for it.
You should still undertake the regular house inspections. Check whether the faucet is leaking, whether the drains are running properly, among many other things. Remember, the perfect rugs and fresh coat of paint might be covering stains and water damage.
When you visit the house, don’t be shy of lifting, moving, and testing whether the house is in good shape. If you find something that you don’t like, ask the seller to fix it. Don’t buy something that you won’t be proud of in the future.
Consider buying a foreclosure
Many homebuyers stay away from foreclosed and bank owned houses as they are sold as they are. The banks don’t fix them. While this is true, foreclosed houses come with their set of benefits.
One of the benefits is that they often sell at 15% below their actual value. Buyer’s agent DC also report that the houses tend to be less competitive.