Homeownership can be one of the greatest investments and offer an amazing sense of pride and security. Whether you are a first time home buyer or continuing to build your wealth through real estate opportunities, the immediate goal is typically similar…to secure the property that best fits your needs, as quickly as possible, and at the right price. Here are 5 steps to achieving your goals:
1: Get Pre-Approved
The mortgage world is changing very rapidly, in that what was once true yesterday may be different today. Understanding your loan options and how much you feel comfortable taking on is the key to understanding how and where to begin your home search. Additionally, sellers and listing agents today all require a pre-approval letter when submitting an offer to ensure the negation begins only with qualified buyers, and when you have found that perfect home, your time to react is very limited. How would you feel if your dream home passes you by because you were not ready to react when an opportunity presented itself?
2: Define and Understand Your Goals
What is it that you really want to achieve with home ownership? Perhaps for you it is to build wealth, for some it is a passion, for others it is all about building security for their family and future. It may be all of the above, however, each one of us is unique and our needs vary. Just like every other goal this also needs a unique plan of accomplishment. Some serious questions to consider are:
· Do you have a time limit when you have to be into your new home?
· How long do you intend on staying in the property?
· Where do you need to keep your monthly payments to stay comfortable?
· Can you sell your home and buy your dream home consecutively without being displaced for any period of time?
3: Identify Your Partner in Confidence
Let’s be honest, does anyone one wants to work with an “Agent” anymore? The days of pressure, hard selling, and floating by are over. You, along with so many other consumers, have a wealth of information at your fingertips. What is truly valuable in the transaction is not only expertise, but a Partner in Confidence, or in other words someone you trust to advise you throughout your entire transaction and who provides you the information to help you make the best informed decisions. What do you want or expect out of your Real Estate Advisor?
4: Get Educated
Once your goals are in place, it is time to begin narrowing down the area and type of property that will meet your needs. Source information about schools, neighborhoods, types of homes, HOA benefits, community resources, entertainment, restaurants, commute, etc. Additionally you will want to understand the local real estate market and market segment you are shopping in. Understand market time, sales trends, the inventory, and of course the competition. In a slower market you will have a bit more flexibility, however, when inventory is moving well, you may have to stand out to secure your dream home.
5: The Three Ps - stay Positive, be Patient and Persistent
Depending on your specific needs, finding the home that best suits you could take some precision and timing. When most people get anxious they begin to make decisions emotionally, not factually. While this is a very emotional process, it is best to continue to focus on the home buying process as a business transaction. It is important to relax and keep the focus on achieving the intended goals. You may experience some challanges, however, keeping the 3 Ps in the front of the strategy, you can only expect success.
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