Are You a Buyer or a Liar?
There are 4 factors to determine if you are a real homebuyer.
How realistic are you? More than the viral SNL Zillow skit? Are you doing research to find out what home prices are in the neighborhoods you like? See what they listed vs. what they sold? Then you’ll notice trends if homes are going over asking or selling close to the list price. The more homework you do, the better prepared you’ll be in setting realistic expectations for a home you like and qualify for. When you do set your homebuying budget, be realistic that the home will most likely need repairs or remodeling before you move in so have a budget for that as well.
Are you doing the due diligence to get pre-approved? Pre-qualified is nice, but when you submit an offer on a home, most Listing Agents ask for a pre-approval – a step beyond pre-qual. When you are pre-qualified, this means your information has gone to document underwriting (DU) and it’s been pre-approved. Don’t be surprised if the Listing Agent asks to cross-qualify with their Lender. This is usually done with the top offer before acceptance.
Are you on Zillow and Redfin more than your IG feed? Do you have alerts set up for new houses on your phone? The interest rate is now what? Who cares! You want a home so bad you’re not even concerned about it. You just want a home. There's always the opportunity to refinance your loan at a lower interest rate when the rates go down.
Do you have an agent that you know, like, and trust? One you can confide in and strategize to help you get a win of a house? If not, you should start searching for a Buyer’s Agent as soon as you have your pre-approval. Serious homebuyers have a Buyer’s Agent working for them. Ask your family and friends if they know any agents they've had a positive working relationship with. If not, go to Open Houses and meet agents. Interview them. This is the biggest purchase of your life and representation is everything. Buyer's Agents are Realtors® who are licensed professionals (like myself). We are the conduit in getting your offer accepted on a home. If you are loyal to a Buyer's Agent, you've increased the chances of not only getting a positive homebuying experience but maybe even a new friend!