How can Marin homebuyers find their way in today’s market and feel confident they’re getting the best deal possible? Here are some suggestions:
• Be committed. Today’s buyers just aren’t as committed to the search in the same dogged ways buyers were in the high market. If you want to be successful, you need that same sense of urgency that homebuyers exhibited during the Marin real estate boom. My advice: Make the house hunt a priority.
• Be ready. With lenders making it difficult to obtain a mortgage, it’s more important than ever to line-up financing in advance. It’s not a buyer’s market; it’s an able buyer’s market! Besides, knowing how large a loan you qualify for will prevent you from looking at houses you can’t afford, even if you expect to be a hard negotiator.
• Do your homework. Smart buyers in today’s market have already studied the market and are ready to jump on a good deal when it comes along. Recently, I had clients who purchased after seeing only three houses. But they were ready only because they had been researching for about a year.
• Have a plan. Know what you want in advance. For instance, identify the key features you need – like the number of bedrooms, or the number of bathrooms – and then refine your search. Create a list of “musts” and “wants.” That way, you will be able to avoid being overwhelmed by the process.
• Start the process. Be ready to begin the negotiations. Otherwise, you could miss out on a great opportunity. Make an offer when you find a house you like, even if the first number is well-below the asking price. At worst, the seller won’t negotiate. But in this market, that is unlikely. Sellers don’t want a viable buyer to walk away.
• Avoid distractions. Don’t be diverted by media reports that prices are still falling. They may well be, but perhaps not where you want to buy. All real estate is local, so find out what’s going on in the neighborhood where you’re looking.
