Home Buying Challenges? We have solutions!
As a potential homebuyer, you might encounter some unique challenges that may not always have a clear solution. Consider the following obstacles we see most often and solutions we’ve seen work effectively in the current marketplace:
Challenge: Lack of Housing Inventory
Solution: If you are searching for a new home and have the luxury of time, patience might pay off. Since the most desirable homes are typically snatched up quickly, having a good Realtor that can keep you up to speed on new listings that fit your criteria is key; and the best agents typically have a pulse on houses entering the market before they are ever listed for sale.
Challenge: Quality of houses on the market
Solution: New loan products now exist that allow renovation costs to be financed into the mortgage for the purchase of a new home. Assuming the seller has some flexibility and you can see the potential, this option opens the door to considering homes that can be modified to fit your criteria that you would not have considered otherwise.
Challenge: Multiple, competing offers on your “perfect home”
Solution:When purchasing a new home in a highly desirable neighborhood, you might find yourself in a bidding war with other potential buyers. When that happens, you need to position yourself to be the best offer in the seller’s eyes. How do you do that? We recommend that you become a Certified Homebuyer. We offer this option and we can’t stress enough how well it works. We underwrite your loan file completely upfront so you can negotiate from a position of strength, essentially giving your offer to purchase the same power as a “cash offer.” Sellers are always looking for reasons to make a quick decision so they can get their home sold as quickly and hassle free as possible, and you can help them choose you by being committed to the purchase of their home by getting a “rock solid” mortgage approval prior to shopping for homes. To learn more go to www.familyga.com/certifiedhomebuyer.
Challenge: Coordinating timing of Selling old home when Buying new home
Solution:If all else fails, have a Plan B in place. If you sell your home before finding a new one, can you live in a family member’s basement? Move into a short term rental and store your furniture? Or if you find your dream home first, is your existing home located in a good rental market? Or could you consider selling your home with a “Lease/Purchase” Contract?
In summary, we’ve not seen many opportunities to buy a new home better than right now. Rates are once again incredibly low and prices are still attractive. To learn more, visit our website and view “The Cost of Waiting to Buy a Home.”