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| 10 Things to Take the Trauma Out of Home Buying 1. Find a real estate agent who's simpatico. Homebuying is not only a big financial commitment, but also an emotional one. It’s critical that the agent you chose is both skilled and a good fit with your personality. Find one who is willing to tirelessly find you home possibilities, one who regularly visits Broker Open Houses looking for properties for you, and one who follows up when you call. Look for an agent who is comfortable with the Internet, with email and with quickly digging reports out of the local Multiple Listing Service on your behalf. 2. Remember, there’s no “right” time to buy, any more than there’s a right time to sell. If you find a home now, don’t try to second-guess the interest rates (they are at historic lows) or the housing market by waiting. Changes don’t usually occur fast enough to make that much difference in price, and a good home won’t stay on the market long. When your agent has a "Sixth Sense" about a specific property (like it might sell quickly, or it appears to be somewhat underpriced), listen carefully and make a judgment call. Remember, a good real estate agent visits hundreds of houses in your community each year. 3. Don’t ask for too many opinions (from family, friends, other agents, club members, your hair dresser). It’s natural to want reassurance for such a big decision, but too many ideas - - too much information - - will make it much harder to make a decision. Frequently, the best real estate decisions are the result of decisive action, taken based upon the best information available at the time. You will never have all of the information available all of the time. 4. Accept that no house is ever perfect. Focus in on the things that are most important to you and let the minor ones go. Please real this sentence again - - every house has positives and negatives. Select the one with the best balance (price vs. negatives) for your. Cheaper houses generally have more negatives - - that's they are less expensive. Focus on your requirements, not on certain minor things (the color of the living room, the age of the kitchen floor, the shrubs, the curtains, etc. 5. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price may lose you the home you love. Here, your agent should have extensive negotiation skills and can be of great help. Use these skills to your advantage. 6. Remember a home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself— a particular room size, the kitchen, for example —that you forget such issues as amenities, noise level, etc., that have a big impact on what it’s like to live in your new home. 7. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate insurance availability, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers. Work in parallel: Get an immediate mortgage "Prequalification" to ensure you are looking in the right price range; keep track of your current home's "saleability" - - it's tidiness, clutter, maintenance of systems, etc.; and look at house WITH your realtor and encourage your agent to be looking separately for other deals while you are at work. 8. Factor in maintenance and repair costs into your post-home buying budget. Even if you buy a new home, there will be some costs. Don’t leave yourself short and let your home deteriorate. 9. Accept that a little Buyer’s Remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big commitment, but it also yields big benefits. 10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5 percent annually (as much as 10-15% in Stamford and surrounding cities) over from 1998 to 2005, a home’s most important role is as a comfortable, safe place TO LIVE. |
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