Our buyer tips may help. Are you ready?
The Virginia Beach and Hampton Roads 2014 housing market is heating up with buyers. The weather is getting better, inventories are getting lower, people are ready to look and buy, and the competition is stiff. Buyer Tips are a must!!
Virginia Beach and Hampton Roads home prices continue to recover coupled with interest rates remaining at near-record lows. Spring is a fast moving time of the year for real estate sales. As we enter this season many homes and condos are receiving multiple offers or going under contract almost immediately.
Location, location, location, and if in the sought out areas homes and condos are moving fast.
Right now you need to be a READY, ABLE, AND GOOD Buyer to be ahead of the pack. How can I be that? Read our buyer tips below:
1. With the fast moving Virginia Beach and Hampton Roads real estate market you must have your loan pre-approved and down payment ready before starting your home or condo search. A buyer needs to know exactly what they qualify for and what you really want to spend. (See our lender partners here).
2. Multiple offers are becoming more frequent, so be reasonable without being stubborn. Think about being the best offer vice the cheapest. Your REALTOR® can write an offer that makes you attractive to sellers. Until an offer is ratified by all parties (signed) other offers can be considered for the property.
3. Be competitive but not crazy. Stick to your budget and don’t become house poor.
4. Do not skip inspections or participating in a bidding war unless it is still within your budget. Inspections are necessary to keep you from experiencing any costly repairs or at least letting you know about future planned maintenance.
5. Some say only plan 4-6 months ahead – We say start preparing one year in advance. You can easily get your free annual credit reports almost every quarter to ensure you are “good to go”. Do not make any big purchases or incur big debt during this time. Debt causes your ratios to decline and may impact the preapproval process. Better yet consult a reputable lender for buyer tips and pay down as much debt as possible.
6. Be realistic – look at homes you can afford. If properties are selling near asking price, don’t think you’ll get a low-ball deal at 85% of asking price. This is where your REALTOR® can provide comparable properties for you to see the history of the area or neighborhood.
7. Sign-up or get email alerts from your REALTOR® for Virginia Beach and Hampton Roads homes or condos in areas you are considering. See something you like? Jump on it, see it, and make an offer. Remember the old adage “If you sleep on it you may not wake up to it”. This is becoming the normal in an aggressive market.
8. Understand and do your homework about homes and condos. Know what your wants and needs are at this point – example, can you do upgrades later and save money now?
9. Remember the old adage – Cash is King. A good down payment or bank account makes you look good to lenders and potential sellers. .
10. Have your REALTOR® write a letter to the seller telling them how much you love the house, can’t wait to raise the family, etc. that house. Many sellers appreciate the information and the personal touch may be the one thing that helps.
11. Be accommodating and flexible when you can in the process. Sometimes sellers need small issues to get moved, etc.
Any questions or other buyer tips please contact us here – We Exist To Serve. Enjoy the process – it’s fun.