Home Buying Stress
The perfect home is like the perfect partner. Everybody is wrong until they are right. Sometimes, it can seem like you get more discouraged the more homes that you see. All-cash offers and bids that exceed the asking price may make you lose.
Take a deep breath. You might be able to find the right guy for you.
Reset Expectations
Don't get discouraged. Make a list. These "must-haves" could be great schools, a short commute to work, or a place with great amenities. Your agent must know what you cannot live without.
Next, identify the features you would like to have: a master bedroom with a spa bathroom or formal dining room.
Finally, you can add a column that contains "wish" items. These could include a six-burner range of chef's knives or crown moldings.
Look for homes with the essential features first. Then, check out those that have your dreams items. An agent can compile a list of properties similar to the one you are looking for, including the number of bedrooms, bathrooms, and prices that have been on the market in the last 9 to 12 months. You may need to adjust your expectations or budget if you don't see what you want in the price range.
Keep your fingers crossed: There are still some homes you love, and they could be on the market.
Exercise Patience
Sometimes house hunting means waiting for the right place to call you. Every day, new listings are added to the market. Although Wednesday was empty, Thursday may offer several possibilities.
Here are some ways you can be the first to see new listings.
Write "I'd like to buy your house" letters to the addresses you love in the areas you desire. Agents do this all the time to find homeowners who are interested in selling.
Tell people on social media that you are looking for a house (fill out the blanks). If you think this is too outrageous, you can offer a fee for pointing you to a home that you ultimately buy. This means that many real estate agents will also be looking for your business. Choosing the right agent will make house hunting much easier.
Analyze Your Strategy
To determine the root cause of your losses, talk to your agent if you have lost multiple homes that you considered good matches.
Do you always bid too low? If you have the budget, bid higher than usual, especially in hot markets. You can offer the asking price but condition it upon inspection and appraisal. This is a common strategy in most contracts. You might be able to negotiate if an inspector discovers defects or an appraisal is lower than the list price.
Sellers who offer to finance are more attractive to cash buyers than those who require financing. However, not everyone has the money to buy a house. Therefore, before looking for lenders, make sure you get a pre-approval letter from one that confirms you are eligible for a loan amount. Although it is not as effective as hard cash offers it shows that you are serious about buying and can qualify for a loan.
Pre-approval letters can often be valid for up to 90 calendar days. Therefore, it's a smart idea to get preapproved as soon as possible when you start your home search.
