Your home is probably the single biggest investment you'll make in your lifetime. With an unpredictable economy, a bubble on the horizon and possibe interest rate increases, the commitment to buy can be downright overwhelming.
The good news is that for those who qualify for a mortgage -- with a steady income, strong credit and a modicum of savings, willing to be competitive, this is actually a good time to purchase a home.
Mortgage rates are low but home prices continue to increase with low inventory in most parts of the United States.
Don't overreach: Forget the McMansion on the hill if it's beyond your means. Focus on finding something that will offer affordable monthly payments and a debt load you can handle. Inventory is limited. Open your horizons to the options available. The market corrects itself from the bottom up.
Ask SoCal Superior Properties Inc for a 6 month market analysis for any homes you find before writting offers, to make sure you get the best price possible.
Make sure you fully understand and remain within your boundaries. Consider a preapproved mortgage. Many reputable lenders offer them. The preapproval process tells you exactly what you will have to pay with the option of locking your interest rate. Preapproval is also mandatory before you can write an offer and is a most stressful event when you find a home and you are not ready. It provides some needed peace of mind, ensuring that when the time comes, you'll have financing in place. Also real-estate agents are hesitant to work with you without pre-approval.
Hire an Expert: Ideally, the agent you choose, not the company should be in business for years, since it's the agent and not the company that will do the contract negotiating.
A professional will also gather plenty of useful relocation information, know and manger lending options and title searches but contract knowledge and negotiation skills in each arena is paramount to a successful sale. Try to avoid real-estate agents who are doing on-the-job training or on floor time waiting for unsuspecting walk-ins. Anyone can find a house. Experienced agents aren't waiting for clients to drop in, so intereview and be carefull to impulse buy without a professional to negotiate and advice you properly.
Make sure they are a Realtor who has to comply with ethics and fiduciary obligations. With competitve times comes unscrupulous agents that can write just about anything in the purchase contract that an untrained eye can miss, compromising your deposit and even your home investment.
SoCal Superior Properties Inc offers a professional broker, an expert since 1995, that does not pass off her clients to sales associates, ready to assist in all aspects of real estate, lending and asset management, to personally make sure her clients receive the highest level of service, so Call Today!
A diligent and dedicated broker by your side is still not enough though! Buyers need to research their potential new home and neighborhood as thoroughly as possible. Thankfully, a lot of that work can be done from your bedroom or office computer, with our technology, paperless office & digital signature.
The National Association of Realtors states 84% of buyers use the Internet to help them find a home but then they run the risk of impulse purchases before they've taken the time to find a professional broker to negotiate for them or often times haven't found a qualified lender yet either. Even worse, they still think if they try and go to the agent that represents the Seller, they'll get a better deal, which is rarely the case anymore, so it's vital to have a professional in your corner.
Rich as the information on the Internet is, there's no substitute for showing up to the neighborhood, especially on the weekens.
Repeated visits to the neighborhoods of choice, to check out homes for sale.
If OPEN HOUSES are attended, make sure to tell them you're working with SoCal Superior Properties broker, Linda Devenney, or there is a presumed procurring cause to the showing agent to receive a commission, just because you walked in on your own, so watch the hooks! Walk around. Shoot the breeze with the neighbors. Visit the community several times at different times of day.
Walk it, smell it, hear it: At 3 p.m., maybe your lawn will be overrun with kids getting off school. At 10 p.m., there could be a club or teenagers at night playing loud music.
How low can you go with counter offers? It all depends on the pressures facing the individual seller. Some of those pressures are related to particular locations -- towns go up and down in appeal, market trends and hardship But broadly speaking, if it's not an investor renovation, there is a lot of pride involved and we've seen people kill a deal for $1,000.00.
The advise & approach will be different with each home, which is why it's so vital to have a professional at your side.
"In a strong market, a Seller would laugh off a lowball bid. A few months ago you may be able to bid 40% more than you did nine or 12 months ago. This spring and early summer, there are multiple offers and most going $10,000 over list price. Cash offers with no closing costs, still take the stage making it very difficult for the homeowner with a loan, without an expert understanding complex strategies.
Foreclosures & Short Sales will be coming back soon. This gets a bit tricky. Under the right circumstances, exploitation of a foreclosure can give a buyer a nice home at a very nice price, if buyer has the time.
Foreclosure filings and bank repossessions are forecasted to go up again dramatically. So much so that some agents and lenders have been organizing weekend bus tours (one charges passengers $97 a ride) to showcase foreclosed properties in hard-hit cities. SoCal Superior Properties does not charge for REO Tours. Private home & neighborhood tours are available for qualified buyers.
Tours can be very confusing, chasing default and even trust sale pre-foreclosures, that might have already been approved for a loan modification or has a Bankruptcy filed or pending, so the internet is not reliable on the validity of these potential assets. Don't get lost in inappropriate inventory that might not be available for months and sometime years! SoCal Superior Properties will investigate each property showing you Real inventory, not bait and hooks.
Avoid homes with Title & Tax uncertainties: Though buying a foreclosed property can potentially provide big savings, it can also present a lot of problems that may not be apparent.
SoCal Superior Properties specializes in the investigation of all homes to make sure there are no hidden liens, clouds or costs.
Bank Owned & Repossessed are sold AS-IS: In recessionary times, the pride of homeownership tends to suffer. It's not that people don't want to maintain their homes; it's that other priorities intervene. A good inspector can help you spot problems that may result from neglect. Bringing in a home inspector is relatively cheap (often from $200 to $300). It's the least buyers should invest to make sure the purchase is in reasonably good shape or the actual repairs at the very least are outlined.
SoCal Superior Properties recommends buyers accompany inspectors when they examine a home and look out for anything suspicious. Don't be afraid to ask plenty of questions.
Ask what every crack & what every stain might be. Look beyond the cosmetic, the paint, the carpet and the flowers. Check under the steps & under the eaves.
Don't expect the kind of price appreciation that occurred in the early 2000s: Home buying should be viewed as a long-term investment right now. Buy a home you can live in happily or rent for a good many years, if possible. A long-term commitment will pay dividends in peace of mind.
Don't let other people talk you into something you don't want: More importantly talk you Out of what you Do want. Parents, Family & Friends mean well but offer ill advice on laws that change dramatically on a daily basis. Just because they've bought or sold a house or two in their day, does not make them an expert, especially with contracts which is the name of the game, that change almost every year. Anyone can find a home and more often than not, the buyer does through the internet anyway. They are just trying to help but often is one of the most stressful parts of buying a home. Do your own homework and have an expert on your side to listen to because discussing every detail with on-lookers is always stressful and has killed many good deals.
Everyone knows someone that's a real estate agent: Unless they've sold hundreds of homes, your home investment is one of the biggest investments you'll ever make. Money matters are the main reason for breakups. Don't risk your friendship, hoping they have the experience to handle this competitve market.
When receiving real estate advice, individuals should always seek their own legal and tax advice pertaining to each persons financial portfolio. We are a real estate solutions and investment brokerage, that specialize in helping homeowners in many ways.
If the homeowner is distressed, ask about our relocation financial ASSISTANCE.
We help investors Negotiate, Design & Sell renovated homes for Top Dollar with the Best Design advice and multi-million dollar advertising experience!
We help Buyers find the Home of their Dreams, with the best negotiaton experience, ensuring the best price possible.
We help Buyers Design, Develope or help renovate their own home.
SoCal Superior Properties Inc has access to some of the nations largest groups of investors, ready to purchase homes.