Bob Barcelos' Blog
If you discover a house that you want to buy, it generally is a good idea to submit a competitive offer. That way, you can move one step closer to acquiring your ideal residence.
However, the hours after you submit a home offer can be stressful, particularly for a buyer who fails to plan accordingly. Lucky for you, we're here to help you stay calm, cool and collected as you wait to receive a seller's response to your offer.
Let's take a look at three tips to help you get ready to handle a seller's response to your homebuying proposal.
1. Plan for the Worst-Case Scenario
Even the worst-case scenario is not the end of the world for a buyer who is awaiting a seller's response to a home offer. In fact, if a seller rejects your proposal, you can always reenter the housing market and continue your pursuit of your dream home.
As you await a seller's response to your home offer, you should not stop searching for available houses. Because if you continue your home search, you'll have no trouble moving forward in the homebuying journey if a seller rejects your home offer.
2. Consider All of Your Options
If you submit a home offer and a seller says "Yes," what should you do next? Consider how you'll proceed if a seller accepts your proposal, and you'll be better equipped than ever before to enjoy a seamless homebuying experience.
On the other hand, it helps to prepare for a potential counter-offer from a home seller as well. If you are open to negotiating with a seller, you may be able to find common ground with him or her and finalize a home purchase.
3. Consult with a Real Estate Agent
A real estate agent knows all about the stress that is commonly associated with submitting a homebuying proposal. He or she can help you minimize this stress and ensure you can achieve the best-possible results throughout the homebuying journey.
Typically, a real estate agent will work with you to submit a homebuying proposal. This housing market professional then will keep you up to date as you await a seller's response to your offer. And if you have any concerns or questions during this time, a real estate agent is happy to respond to them.
A real estate agent will make it simple to streamline the homebuying journey too. For instance, if a home seller accepts your offer, a real estate agent will be ready to help you move forward with a property inspection and appraisal. Conversely, if a home seller rejects your proposal, a real estate agent will be prepared to work with you to help you discover another house that matches or exceeds your expectations.
The waiting period after you submit an offer on a house may prove to be a challenging time. Fortunately, if you plan ahead for this period, you can maintain your confidence and continue to move forward in the homebuying journey.
If you’re getting ready to buy a home, you know it will be one of the most significant purchases of your entire life. However, are you fully prepared for all of the expenses that buying a home will bring? You don’t want to buy a house to find out that you can’t afford it after all.
Many expenses go into buying a home that you can plan for ahead of time. Other costs aren’t as exact that you will need to add in your budget. Read on to learn more about many of the expenses that throw first-time home buyers for a loop.
Closing costs encompass a whole bunch of expenses that you’ll incur buying a home. These include:
- Application fees
- Attorney fees
- Title insurance
- Recording fees
No matter what the closing costs include, you should plan for these expenses to be about 2-5 percent of the price of your home. Costs can vary widely, but it’s good to have a bit of extra cash on hand.
Maintaining Your Home
While most homebuyers are prepared for the initial costs of buying a home, they don't know how much it costs to maintain a home. Each year, things will come up on your property that needs to be addressed continually. These tasks include:
These routine tasks are independent of other costs like replacing a stove or fixing a furnace. Homeowners need to be prepared for these expenses as well.
Taxes can increase or decrease for any given year. You can lookup taxes in the area where you’re planning to buy a home in order to prepare yourself. You should make sure that your property taxes are comparable with that of other homes in your area.
Utilities are what your home runs on. Depending on the climate you live in the number of utilities you pay can vary. Take into account these things:
- Air conditioning
Most neighborhoods have one or two choices for services, so you can ask people in the neighborhood what providers they [refer and how much their bills are each month.
You’re required to have homeowner’s insurance when you get a mortgage. Even if you don’t take out a mortgage and pay cash for a home, it’s a wise decision to protect your investment. Estimate how much a yearly policy will cost you ahead of time.
This insurance will protect your property from things like theft and fire. You can shop around for the best rates based on policies that suit your needs. It’s easy to price out policies online. See where you can save including discounts for security systems or multiple policy discounts.
If you live in an area where floods or earthquakes are prevalent, you should be aware. You’ll find you need additional policies to cover damage in the event of these disasters. The most important thing about your homeowner’s insurance policy is that you check the details for all of the fine print.
You know you want to make your homeownership dream come true sooner rather than later. At the same time, you still have no idea about how you'll acquire a great house at a budget-friendly price.
Navigating the housing market can be tricky, especially for those who are operating with limited finances at their disposal. Lucky for you, we're here to take the guesswork out of the homebuying journey and ensure you can discover a wonderful residence at a price that won't break your budget.
Now, let's take a look at three tips to help you buy your dream house at the lowest-possible price.
1. Analyze the Housing Market
The real estate market may seem complicated at first. Fortunately, homebuyers who collect and review housing market data can become real estate experts in no time at all.
Ultimately, homebuyers who know the ins and outs of the real estate market may be better equipped than others to get the best price on a house. These buyers can identify patterns and trends within housing market data and determine whether they're operating in a buyer's or seller's market. Then, once a buyer finds his or her dream house, this individual can submit a competitive offer to purchase that meets the needs of all parties involved in a home sale.
2. Get Pre-Approved for Home Financing
Getting pre-approved for home financing allows you to enter the real estate market with a good idea about how much you can spend on a residence. Thus, you'll be able to determine exactly how much you can afford to pay for a residence – and avoid overspending on a house – if you obtain pre-approval for a mortgage.
To receive pre-approval for a mortgage, you should meet with a variety of banks and credit unions. These financial institutions employ courteous, knowledgeable mortgage specialists who can teach you everything you need to know about home financing. That way, you can get the information you need to make an informed mortgage decision.
3. Collaborate with a Real Estate Agent
Hiring a real estate agent is essential for a homebuyer who wants to purchase his or her dream house at the right price. In fact, a real estate agent will go above and beyond the call of duty to ensure that you can avoid paying too much for your ideal residence.
Typically, a real estate agent will meet with you and learn about your homebuying goals. He or she next will craft a personalized homebuying strategy, one that allows you to quickly and effortlessly discover a high-quality and affordable residence. After you find your ideal house, a real estate agent will help you put together a competitive offer to purchase too. And if a seller accepts your homebuying proposal, a real estate agent will guide you along the final stages of the property buying journey.
Ready to make your homeownership dream a reality? Use the aforementioned tips, and you can find a top-notch house at a price that matches your budget.
In today’s world, everything is online. You probably have started your home search online as well. It’s plain fun to look at real estate. You can dream of living in a place you can’t afford. You might never see any of those listings that you’re browsing in person. Should you?
No matter when your home search may become a reality, there are a few benefits to seeing houses in person.
You’ll See What Your Money Can Get You
What you want and what you can afford may be far apart. You won’t understand the reality of the housing market unless you see it firsthand. By looking at what’s available on the market at a given time, you will be able to see how much house your dollars will buy you. Knowing what you can afford will help you to keep your expectations in check when you do head out to search for a home. Looking at what homes are on the market can actually help you to help your real estate agent find you something that will suit your needs. There’s nothing worse than telling your agent that you want a home that’s impossible to find.
You’ll Meet Real Estate Agents
By going to open houses, you’ll be able to meet different real estate agents. Through this process, you could very well meet the agent who will help you to find your dream home. If you like the way an agent is helping to sell a home, you’ll very likely get along with them as a buyer.
You Will Know How Much Competition You Have
If you’re attending open houses and find that there are many other people there the same time as you, it could be a sign that the market has tight competition. A lot of open house attendees means that prices are higher because the competition is fierce. You may have to offer above asking price in order to secure a deal on a home.
You’ll Learn Different Areas
Open houses can bring you to places you may have never thought of living before. You’ll get a sense of what different neighborhoods are like if you spend some time exploring through attending open houses.
You’ll Learn What You Can Live With
It’s easy to have a concrete picture in your mind of what you want in a home and what you can deal with. When you see houses firsthand, you may be able to open your mind a bit as to the type of home you’re seeking.
Generally, the length of the homebuying journey depends on the individual. In some instances, a buyer will purchase the first house that he or she views in-person. Or, in other cases, it may take a buyer several weeks or months to find a house that matches his or her expectations.
There is no need to rush the homebuying journey. But if you know what to expect when you pursue your dream house, you may be able to seamlessly navigate the property buying cycle.
Now, let's take a look at three tips to help you streamline the homebuying journey.
1. Establish Homebuying Criteria
If you know where you want to live and what you want to find in your ideal residence, you can tailor your house search accordingly. And as a result, you may be better equipped than other property buyers to discover a great house at an affordable price.
As you put together homebuying criteria, it is important to consider your long-term plans as well. For instance, if you enjoy city life and want to spend as much time as possible in the city, a house in the city may be the right choice for you. On the other hand, if you want to raise your family in a small town, you may want to hone your search to houses in small towns.
2. Get Pre-Approved for a Mortgage
A home purchase likely will require you to obtain a mortgage. Fortunately, banks and credit unions are available nationwide, and these financial institutions can help you get pre-approved for a mortgage.
Meet with several banks and credit unions so you can learn about all of the mortgage options at your disposal. Then, you can select a mortgage and enter the real estate market with a budget in hand.
3. Hire a Real Estate Agent
If you're on the lookout for your dream home, you may want to hire a real estate agent. This housing market professional can keep you up to date about new residences that become available in your preferred cities and towns – and much more.
Typically, a real estate agent will do whatever it takes to help you find and buy your dream home. He or she initially will learn about your homebuying goals and develop a custom homebuying strategy for you. Next, a real estate agent will set up home showings and keep you informed about open house events. And if you discover your ideal residence, a real estate agent will help you craft an aggressive offer to purchase this house.
Let's not forget about a real estate agent's homebuying expertise, either. If you ever have concerns or questions during the homebuying journey, a real estate agent can respond to them. That way, you can gain the insights you need to make an informed home purchase.
Simplify the homebuying journey – use the aforementioned tips, and you should have no trouble finding and acquiring your dream house.