Tips for Home Buyers in a Softened Market

Autumn 2018 has arrived and with it, higher levels of available real estate than we have seen in a while. A market like this offers valuable opportunities for potential buyers who are clear on their expectations and strategic in their methods.

Over my 20+ years in the business, I have come across a lot of tips about how to find success as a buyer and to get your bid accepted on the apartment you want for a fair price.

Here are a few of the cornerstones for potential buyers to remember:

1. Get Clear on Your Expectations
Get clear on what you want and what is realistic to expect. What’s your timeframe? Are there any pending significant life changes (like a new job) that could happen in the middle of the home-buying process? Are there any major deadlines you must meet? How much do you want to spend? What are dealbreakers that you must have in a new home?

2. Put a Strong Team in Place Early in the Process
Build a trusted, responsive team to help you: a mortgage specialist like myself, a good attorney, and a seasoned real estate agent. If you make an offer that gets accepted, it is critical to have your team already together.
*I have worked with a lot of wonderful professionals around the city. Contact me if you need help finding the right people to work with.

3. Confirm Specifics of Your Own Approval
It’s crucial for buyers to be pre-approved by a trusted advisor, whom they will work directly with through the closing. Contact me to go over all your questions, clearly break down the central pieces of your financial profile (income, debt, credit, assets), and create customized pre-approval letters to include with any bid submissions.
*GuardHill offers pre-approvals within 24 hours.

4. Review Building Qualification or Home Inspection
If you find an apartment you are interested in, it’s important to determine if financing is available for that particular building early on in the process, whether it’s a condo or Co-op. This can help give you a level of comfort that there will be no surprises with the building down the line.

If you find a house you are interested in, consider having a home inspector check the property early in the process to avoid any unpleasant surprises.

To go over your specifics and any questions you have, contact me today. The earlier you contact me in the process, the better help I can offer.

Best,
Keith