Posted by Mary-Lou McDonough on 2/4/2019

A "lowball" homebuying proposal is unlikely to do you any favors, particularly if you want to acquire your dream residence as quickly as possible. In fact, after you submit a lowball offer, it may be only a matter of time before you receive a "No" from a home seller.

When it comes to buying a house, it helps to prepare a competitive offer. That way, you can increase the likelihood of getting a seller to accept your home offer and speed up the homebuying journey.

Now, let's take a look at three tips to help you avoid the risk of submitting a lowball offer on your dream residence.

1. Analyze the Housing Market

Are you searching for a house in a buyer's or seller's market? Are homes selling quickly in the current real estate market? And are houses selling at, above or below their initial asking prices? These are just some of the questions that homebuyers need to consider as they assess the real estate sector.

With a diligent approach to buying a house, a homebuyer can become a real estate market expert. This buyer can assess a wide assortment of housing market data, and by doing so, gain the insights that he or she needs to submit a competitive offer on any residence.

2. Understand a Home's Condition

A home purchase is one of the biggest transactions that an individual will complete over the course of his or her lifetime. As such, the decision to submit an offer on a house should not be taken lightly.

To make the best-possible choice, it helps to look at all of the available information about a residence. You should review a home listing closely and attend a home showing. In many instances, it may be beneficial to check out a house a few times to get an up-close look at it before you submit an offer.

The condition of a home will play a major role in how much you are willing to offer to acquire a residence. Therefore, you should learn as much as possible about a house's condition. And if you feel comfortable with a home, you should be ready to submit an offer that will match a seller's expectations.

3. Collaborate with a Real Estate Agent

Hiring a real estate agent generally is a good idea, particularly for a homebuyer who wants to reduce the risk of submitting a lowball offer on a house. A real estate agent can help a homebuyer prepare a competitive offer, as well as ensure that a buyer can enjoy a seamless home transaction.

Furthermore, a real estate agent will allocate the necessary time and resources to help you analyze a house. He or she will even offer homebuying recommendations and teach you everything you need to know about the homebuying cycle.

Avoid the temptation to submit a lowball offer on a house Ė use the aforementioned tips, and you can submit a competitive proposal to acquire your dream residence.




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Posted by Mary-Lou McDonough on 1/14/2019

Deciding whether to submit an offer to purchase a house may prove to be difficult. Fortunately, we're here to help you weigh the pros and cons of submitting a homebuying proposal so you can make the best-possible decision.

Now, let's take a look at three tips to help you determine whether now is the right time to submit an offer to purchase a residence.

1. Evaluate Your Budget

If you believe you've found your dream home, you should take a look at your budget. That way, you can verify whether you'll be able to afford this residence both now and in the future.

Oftentimes, it helps to get pre-approved for a mortgage before you start a house search. If you meet with banks and credit unions, you can learn about all of the mortgage options at your disposal. Then, you can select a mortgage that allows you to pursue a house with a budget in hand.

2. Consider Your Homebuying Criteria

You want to discover your dream residence as quickly as possible, but it is paramount to find a house that you can enjoy for years to come. If you have a list of homebuying criteria, you may be able to quickly determine whether a residence is right for you.

As you craft homebuying criteria, think about what you want to find in your dream residence. For instance, if you've always wanted to own a house on a beach, you can narrow your home search accordingly. On the other hand, if you would like to own a home that has an above-ground swimming pool but can live without this feature if necessary, you should include an above-ground swimming pool as a low-priority item on your homebuying checklist.

3. Assess the Housing Market

The housing market often fluctuates, and a buyer's market today may shift into seller's favor tomorrow. If you analyze the housing market closely, you can differentiate a buyer's market from a seller's one. You then can decide whether to submit an offer to purchase or hold off on providing a homebuying proposal until housing market conditions improve.

To distinguish a buyer's market from a seller's market, it generally is a good idea to look at the prices of recently sold houses in your city or town. You also should find out how long these residences were available before they sold. By reviewing this housing market data, you can assess the demand for houses in your city or town.

Lastly, as you debate whether to submit an offer to purchase a residence, you may want to consult with a real estate agent. This housing market professional is happy to provide honest, unbiased homebuying recommendations. As a result, a real estate agent can help you perform an in-depth evaluation of a home and determine whether to offer to buy this house.

Make an informed decision about whether to submit an offer to purchase a residence Ė use the aforementioned tips, and you'll be better equipped than ever before to decide how to proceed with any house, at any time.




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Posted by Mary-Lou McDonough on 12/3/2018

When youíre buying a home, itís important to offer a good price to be able to land the property of your dreams. You also donít want to overpay for the house youíre buying. If you want to know for sure that youíre paying a good price for a home, youíre going to need to do some price comparisons. Take a look at recently sold homes in your neighborhood of choice and see what the going rate is. If all of the homes are similar in the area, it will be easy to find out how much the home youíre buying is worth. There are a few ways that you can do comparisons to make it easier for you to determine the right price for the home you want to buy. 


Take A Look At The Neighborhood


There are certain features that attract nearly everyone to certain neighborhoods. From the safety and friendliness of an area to the schools that are nearby, to the stores, and public transportation access, people are attracted to what makes their lives easier and more enjoyable. The bottom line is the more desirable the neighborhood, the higher the price of the homes in it. 



Check Out Public Records


With the Internet, itís pretty easy to access public records these days. You can take a look at what properties have been bought and sold for in recent times int the area of the homes that youíre looking at. You can even take a peek at some historic information to help you see if the area is up-and-coming.


Is The Neighborhood Going To Become Trendy?


Sometimes, you can find a great property for less in a neighborhood that hasnít quite reached itís full potential yet. If thereís a slot of new construction going on, thatís a good sign that the neighborhood is moving on up! Especially attractive features in a neighborhood are new schools, new shopping centers, or new parks.                


There Is A Tipping Point To Growth


If it seems that a neighborhood is growing a bit too much, it may actually decrease the value of your home. Huge commercial developments can actually be detrimental to the value of a property. Where thereís a lot of people, thereís also a lot of noise and traffic. Thatís usually not a desirable factor in a neighborhood.    


Meet In The Middle


When youíre looking at the price of properties, the best bet is to meet somewhere in the middle for what is reasonable. While you donít want to buy the highest priced home in the neighborhood, you probably donít want to lowest price for that neighborhood either. Working with a more average number is a good option because your home helps any home lower priced than yours, while any higher priced homes help to increase the value of your home. Itís a win-win situation when you choose a property based on price and keep this strategy in mind.    





Posted by Mary-Lou McDonough on 11/5/2018

Believe it or not, buying a condo can be a quick, easy process, particularly for those who understand their homebuying needs.

Ultimately, there are several factors to consider before you purchase a condo, including:

1. Your Budget

How much can you afford to spend on a condo? You should evaluate your homebuying budget closely to ensure you can cover all of the costs associated with condo living.

Getting pre-approved for a mortgage usually is ideal. With a mortgage in hand, you can browse a wide range of condos and find one that matches your budget perfectly.

Furthermore, don't forget to account for homeowners' association (HOA) fees before you buy a condo. HOA fees will vary depending on the condo community, and you should learn about them in advance so you can budget accordingly.

2. Property Size and Location

How much space do you need to accommodate your family? Consider the short- and long-term ramifications of a condo purchase, and you should have no trouble finding a condo that is the right size for you.

If you're uncertain about how big of a condo that you'll need, don't hesitate to consult with a real estate agent. This housing market expert will learn about your homebuying needs and help you narrow your search for the ideal condo.

Also, be sure to consider the location of a condo. If you want to find a place to live near school or work, you should search for condos that will help you cut down on your commute time.

3. Condo Rules and Regulations

Condo living is different from living in a traditional house. In a condo community, you'll have your own property, but there may be numerous condo rules and regulations in place that you'll need to follow at all times.

For example, many condo owners cannot modify a property's exterior without first getting approval from an HOA board. This means if you want to paint your condo bright pink or upgrade the property's windows, you'll need to ask the HOA board for permission.

Examine a condo community's rules and regulations prior to purchasing a condo. This will enable you to review the HOA board's mandates and determine whether you would feel comfortable following these rules and regulations.

When it comes to finding a condo, there is no need to look for a property on your own. Conversely, if you work with a real estate agent, you can take the guesswork out of searching for a top-notch condo.

Finding a real estate agent with condo experience is essential. This real estate professional will set up condo showings, keep you informed about new condos as they become available and negotiate with property sellers on your behalf. That way, this real estate agent will make it easy for you to acquire a first-rate condo at a budget-friendly price.

Kick off your search for the perfect condo today, and you can move closer to securing a condo that will serve you well for an extended period of time.




Tags: buyer tips   Buying a home   condo  
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Posted by Mary-Lou McDonough on 10/8/2018

A homebuying budget can make a world of difference, particularly for those who want to streamline a house search. If you have a budget at your disposal, you will know approximately how much you can spend on a residence. Then, you can narrow your house search accordingly.

Establishing a homebuying budget can be simple. Now, let's take a look at three tips to help you do just that.

1. Evaluate Your Finances

Your income and savings can have far-flung effects on your ability to acquire your dream house. If you perform an in-depth review of your finances, you can find out exactly how much money you have available before you launch a house search.

It often is a good idea to consider your long-term finances as you prepare to kick off a house search, too. A house usually is a long-term investment. And if you account for your long-term finances in your homebuying budget, you may be better equipped than ever before to conduct a successful home search.

2. Get Pre-Approved for a Mortgage

Banks and credit unions are happy to teach you about different types of mortgages. Plus, they can help you get pre-approved for a mortgage without delay.

To get pre-approved for a mortgage, you should meet with several banks and credit unions. Of course, if you have mortgage questions, you should address them before you submit a mortgage application. Once you have a mortgage in hand, you can establish a price range for your house search.

3. Examine Your Potential Closing Costs

Attorney fees, house inspection expenses and other closing costs may surprise some homebuyers. Yet if you understand your potential closing costs, you can plan ahead for these expenses.

Closing costs generally range between 2 percent and 5 percent of a house's purchase price. They also may be incorporated into the overall cost of a house. However, if you evaluate potential closing costs early in the homebuying journey, you can account for these expenses in your property buying budget.

As you get ready to launch a house search, you may want to hire a real estate agent, too. This housing market professional understands what it takes to find and acquire a terrific home at a budget-friendly price. Therefore, he or she will do everything possible to help you accomplish your homebuying goals as quickly as possible.

If you want to purchase a house close to your office in the city, for instance, a real estate agent will offer tips and recommendations to help you find a first-rate house in or near the city itself. On the other hand, if you aspire to own a home that boasts multiple bedrooms, a real estate agent will help you hone your house search to residences that fall in line with your expectations.

Ready to launch a successful home search? Thanks to the aforementioned tips, you can prepare an effective homebuying budget. As a result, you could speed up your quest to discover and purchase your dream house.




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