Buyers- 4 Tips to make the home buying process less stressful
This week we have a great article by Tara Nelson of Trulia entitled, 4
Skills Every Modern Home Buyer Needs. Are you trying to buy a home in
the Silicon Valley and are getting discouraged by the prices or multiple offers?
Do you know your price range and what you’re willing to compromise? Make sure to
utilize this list and call The Dawn Thomas Team today, we’re experts in the
Silicon Valley Real Estate Market and can help you buy your next home.
1. Self-control- “There’s a lot of hullaballoo about multiple offers, above-asking sales prices and crazy amounts of cash being thrown at sellers, these days. So much, in fact, that some industry observers and participants wonder whether the frenzied market that led to the last market crash might be repeating itself. Whether it is or isn’t is up for debate but what isn’t is, the market facts.
That might mean you have to rejigger your house hunting price range lower. It might mean you have to compromise on the number of bedrooms or even neighborhood. All of these require that you exercise the skill of self-control. Don’t fight the realities of either the market or your budget. The sooner you accept them and start strategizing around them, the sooner you’ll end up in a home – and the more smart, sound and sustainable your home ownership experience will be.”
2. Math- “In practice, many still view their mortgage qualification limit as the true upper limit on what they can spend for a home.
There is a third thing that can happen here, though. You can listen. Most agents won’t do either (a) or (b) above without telling you that the property reflects a compromise in specifications or in price. But you must be able to hear that over the hum of your wishes and dreams, or you will be perpetually disgruntled and frustrated in your house hunt.”
4. Discernment- “Discernment is the skill of picking out what is useful, wise, right and important and being able to discard or disregard the rest of the noise. Doing your own math, creating your own vision of life in your eventual home and listening to only the wise counsel of those you know to have your best interests at heart are all discernment tactics. You might need to exercise vigilance against allowing the noise to spark panic, fear, paralysis or even over-optimism, over-confidence and over-spending.”
1. Self-control- “There’s a lot of hullaballoo about multiple offers, above-asking sales prices and crazy amounts of cash being thrown at sellers, these days. So much, in fact, that some industry observers and participants wonder whether the frenzied market that led to the last market crash might be repeating itself. Whether it is or isn’t is up for debate but what isn’t is, the market facts.
That might mean you have to rejigger your house hunting price range lower. It might mean you have to compromise on the number of bedrooms or even neighborhood. All of these require that you exercise the skill of self-control. Don’t fight the realities of either the market or your budget. The sooner you accept them and start strategizing around them, the sooner you’ll end up in a home – and the more smart, sound and sustainable your home ownership experience will be.”
2. Math- “In practice, many still view their mortgage qualification limit as the true upper limit on what they can spend for a home.
- If that is what you’ve been doing, stop it. Get real about flexing some very basic math skills, no matter how much you hated math in school.
- Sit down with your spouse, your bills, your bank account statements and maybe even your financial planner or CPA.
- Get clear on what comes in and goes out every month, and how much cash you can afford to put into your home up front (down payment, closing costs, and move-in expenses) and how much you can afford to spend on housing every month.
- Then, take that information to your mortgage professional and ask them to give you some financing scenarios that use what you can afford to back into the corresponding home purchase price range.
- Finally, take that to your agent and work with them to use that range to set your home search price range. If you live in a place where most homes sell for more than asking, find out how much more – then search in a range that much lower than you want to spend, so you can afford to offer enough to be successful.
There is a third thing that can happen here, though. You can listen. Most agents won’t do either (a) or (b) above without telling you that the property reflects a compromise in specifications or in price. But you must be able to hear that over the hum of your wishes and dreams, or you will be perpetually disgruntled and frustrated in your house hunt.”
4. Discernment- “Discernment is the skill of picking out what is useful, wise, right and important and being able to discard or disregard the rest of the noise. Doing your own math, creating your own vision of life in your eventual home and listening to only the wise counsel of those you know to have your best interests at heart are all discernment tactics. You might need to exercise vigilance against allowing the noise to spark panic, fear, paralysis or even over-optimism, over-confidence and over-spending.”
This blog is courtesy of The Dawn Thomas Team who is an
award-winning Real Estate Agent team at Intero Real Estate Services in Los Altos
650-701-7822. We help nice people with selling and buying homes in the greater
Silicon Valley and Beyond!
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