Cory Gracie's Blog
If you're on the fence about whether to attend an open house, there is no need to worry. Ultimately, it is always better to err on the side of caution, especially if you're on the hunt for your dream home. And if you attend an open house, you may be better equipped than ever before to determine whether a particular residence is right for you.
There are many reasons why you should attend an open house, and these include:
1. You can assess a house both inside and out.
An open house provides a stress-free opportunity to walk through a house and examine it on your own. As such, an open house is a can't-miss event, particularly for a homebuyer who is actively seeking the perfect residence.
Of course, an open house enables you to learn about a home's condition both inside and out. And if you find that you like a home after you attend an open house, you can always set up a one-on-one home showing with a seller's agent or submit an offer to purchase.
2. You can envision what life may be life if you purchase a particular home.
It's one thing to look at pictures of a home and imagine what it would be like to live there. However, homebuyers who want to do everything possible to find the right residence should attend an open house to fully capture what it may be like if they purchase a particular residence.
Remember, how a home makes you feel can have far-flung effects on your decision about whether to submit an offer. And if you attend an open house, you may quickly discover whether you can picture yourself as the owner of a residence. Or, if you find that you are uncomfortable with a home, you can instantly move on and pursue other houses.
3. You can obtain home insights that you won't necessarily find in a house listing.
A home listing often contains details about a home's age, recent house upgrades and other pertinent information. But a home listing alone rarely provides you with all of the insights you need to make an informed decision about whether to submit a homebuying proposal.
During an open house, you can ask a seller's agent lots of questions about a residence. This will enable you to obtain insights that you otherwise may struggle to discover in a home listing. And as a result, you'll be able to make the best-possible decision about how to proceed with a residence.
Clearly, there are many reasons to consider attending an open house. If you need extra help as you pursue residences and debate whether to attend open houses, you may want to hire a real estate agent. This housing market professional can offer expert guidance throughout the homebuying journey. By doing so, a real estate agent will make it easy for you to find your ideal residence in no time at all.
The homebuying journey may seem long, complicated and time-consuming at first. Fortunately, there are lots of things a property buyer can do to streamline the process of finding his or her dream residence.
Now, let's take a look at three tips to help a homebuyer navigate the property buying journey like a pro.
1. Narrow Your Home Search
If you know you want to buy a home, you should take the next step forward in your quest to find your dream residence by narrowing your property search. That way, you can hone your search to properties that meet specific criteria and are located in your preferred cities and towns.
Oftentimes, it helps to envision what your dream home looks like and what features it offers. You may want to consider where your dream house is located as well. By examining these factors, you should have no trouble crafting homebuying criteria that you can use to narrow your property search.
2. Get Pre-Approved for a Mortgage
A mortgage generally is a must-have for homebuyers. Lucky for you, there is no shortage of banks and credit unions willing to provide mortgages to homebuyers across the United States. And if you meet with these financial institutions, you can get pre-approved for a mortgage and enter the housing market with a budget in hand.
Typically, it is beneficial for a homebuyer to pursue as many mortgage options as possible. This approach allows a homebuyer to search for the lowest interest rates and find a mortgage that complements his or her finances perfectly. Plus, if a homebuyer makes an informed mortgage decision, he or she may reap the benefits of this choice for years to come.
3. Collaborate with a Real Estate Agent
Even an expert homebuyer may need help as he or she navigates the property buying journey. By hiring a real estate agent, you can receive comprehensive assistance as you search for your ideal residence.
A real estate agent understands what it takes to find a great house at a budget-friendly price. He or she also is happy to share homebuying recommendations and suggestions with you to ensure you can seamlessly navigate the property buying journey.
In addition, a real estate agent will assist you at all stages of the homebuying process. He or she first will help you craft a homebuying strategy. Next, a real estate agent will keep you up to date about houses that become available and meet your homebuying criteria. A real estate agent then will set up home showings and attend open house events with you. And once you discover your dream residence, a real estate agent will help you submit a competitive offer to purchase this home.
As you get set to kick off the homebuying journey, it helps to prepare as much as you can. Thanks to the aforementioned tips, you can plan ahead for the homebuying journey. As a result, you can navigate the property buying journey like a pro.
In the internet age, we’ve all seen dream homes on Google, Pinterest, or Instagram that seem to encompass everything we’ve ever wanted in a home.
Sometimes, obsessing over dream homes can be detrimental to us--making us feel bad about our own living situation or discouraged about ever being able to afford the home we truly want.
However, dream homes can serve a purpose when it comes to identifying what we really want out of a home.
In today’s post, we’re going to use the idea of a dream home “wish list” to help you narrow down what really matters to you and your family in your next home.
Step 1: Start by making a list of your dream homes
This is the easy part. If you’re like me, you probably have a Pinterest board or bookmark folder just for home inspiration.
Put all of the dream homes on your list. The order doesn’t matter, and you’ll find out why below.
Step 2: For each home, write down one or two of your favorite things
Is it the square footage? The location that’s perfect for your commute or for trips to your favorite places? Or, is it just the color scheme of the kitchen?
No aspect is too small for this list--it all depends on what you like, not what the price tag is.
Step 3: Go over your list and try to put the items in order of how much they matter to you.
An example would be:
A cheerful, bright colored kitchen
A cozy office to wok quietly in
A two-car garage
A playroom for the kids
A location that’s close to the water
Looking over these five things, there are only two items that can’t be found in most houses, a two-car garage and a location that’s near the water. And, this house-hunter didn’t even list those items as the most important.
So, what can we learn from this exercise? Oftentimes, the things we’re looking for the most in a home can be things that we can do later, like interior decorating or designating spare rooms to serve as an office or playroom.
Step 4: Use your top 3 when house hunting
Now that you have the top three things that you’d find in your dream home, take this list with you on your house hunt. Try to seek out a home that has a combination of these items and one that will be the most practical for your family.
You might find that these conveniences, such as being closer to your work for a shorter commute, will pay off in the long run, as they’ll let you spend more time with our family and make each day a little bit easier.
The amount of time it takes to find the perfect residence varies from buyer to buyer. In some instances, a buyer may fall in love with the first residence that he or she views in person. Or, in other cases, a buyer may need to attend several home showings and open house events before he or she finds the right residence.
It ultimately may take more than a single day to find your dream residence. Lucky for you, we are here to help you streamline your quest for your dream house and ensure you can find the right home faster than ever before.
Now, let's take a look at three tips to help you accelerate your search for your ideal house.
1. Create a List of Homebuying Criteria
You know you want to buy a home as quickly as possible. With a list of homebuying criteria at your disposal, you'll be better equipped than ever before to discover a house that suits you perfectly.
Think about where you'd like to reside and the features you want in your dream house. Then, you can narrow your house search and move one step closer to finding a residence that matches or exceeds your expectations.
2. Get Your Finances in Order
Pre-approval for a mortgage can make a world of difference, particularly for a buyer who wants to speed up his or her home search. If you learn about all of your mortgage options, you can select a mortgage that complements your finances and enter the real estate market with a mortgage in hand.
Many banks and credit unions employ friendly, knowledgeable mortgage specialists. By meeting with various financial institutions, you can learn about a broad array of mortgage options. Plus, you can receive comprehensive insights into fixed and adjustable-rate mortgages and make an informed mortgage selection.
3. Collaborate with a Real Estate Agent
For those who want to quickly and effortlessly find their dream residence, it may be beneficial to collaborate with a real estate agent. In fact, a real estate agent can help a homebuyer remove the guesswork commonly associated with searching for a residence.
A real estate agent understands what it takes to discover a great residence at a budget-friendly price. First, he or she will meet with you and learn about your homebuying goals. A real estate agent then will put together a personalized homebuying strategy. Next, a real estate agent will help you put your homebuying strategy into action. And when you discover your dream residence, a real estate agent will help you submit a competitive offer to purchase this house.
As you get ready to conduct a house search, you may want to hire a real estate agent soon. If you have an expert real estate agent at your side, you can get the help you need to find your dream house. Best of all, a real estate agent will go the extra mile to ensure you can seamlessly navigate all stages of the property buying journey.
In a competitive housing market--like the one we have today--sellers are fielding numerous offers, especially in desirable urban and suburban hubs.
If you’re hoping to buy your first or second home, it can be tough to make offer after offer with no success.
However, there are some things you can do to help ensure your time house hunting is well-spent and to increase your chances of getting your offer accepted.
In today’s post, I’m going to give you a few tips on how to win a bidding war on your dream home.
The most effective way to ensure that your offer is accepted is to make it in all cash. Cash offers drastically simplify the real estate transaction process, making things easier on the seller.
Most buyers, especially first-time buyers, won’t be able to make an all-cash offer on a home. However, people who are downsizing after their children moved out or are buying a retirement home may find themselves in the ideal financial situation to be able to leverage a cash offer.
If that sounds like you, consider a cash offer as part of your bidding strategy.
Waive the financing contingency
If you’re new to real estate contracts, you might be wondering what a contingency is. Essentially, a contingency is an action that needs to be completed before the contract becomes valid and the sale becomes final.
There are a number of different contingencies that can be found in a real estate contract. However, the most popular are for inspections, appraisals, and financing.
If you’re planning on taking out a mortgage to purchase the home, a financing contingency protects you in case you aren’t able to secure the mortgage in time. In other words, you’re not on the hook for a home you can’t pay for.
In some special situations, buyers might decide to waive the financing contingency, signaling to the sellers that there won’t be any hang-ups or delays from the buyer regarding financing the home.
Waiving this contingency comes with risks (namely, being responsible for coming up with the money to pay for the home). However, there are ways to safely waive a contingency.
The most common approach is to get a fully pre-approved letter from a lender. The important distinction here is that your mortgage needs to be pre-approved and underwritten (not just pre-qualified), otherwise you again risk getting denied the mortgage in the last moments before buying your home.
Crafting a personal letter
Sometimes all it takes to win a bidding war is to be the seller’s favorite candidate. Take the time to write them a personalized letter. Explain what you love about their home and why it’s perfect for your family.
Avoid talking about big changes you’ll make. Remember that they probably put a lot of time and money into the home, making it exactly the way they want it, and won’t appreciate you making huge plans to undo their work as soon as they’re out the door.
Using one, or a combination of, these three techniques, you’ll be able to give yourself an edge over the competition and increase your chances of getting your offer accepted.