Five things to remember when buying a home in this market

Buying a home today can be an up and down experience. Is now the right time? Can I find the right home?  Then, you start looking.  There are low inventories, the homes I do see do not fit my needs, and what I could have bought two years ago is now out of my price range.   Then, you start questioning.  Is the market overpriced?  Am I ever going to find the right house?  And, when you find the right house, you are often met with other buyers who feel the same way about your home which causes multiple offers.  5 things to remember are:

  1. Look for a home and not a crazy deal – My clients that look for a great personal home will buy a house with great real estate fundamentals. My clients who look only for a deal end up buying a house by powerlines, a busy street, or something that does not resell well. We learned in the downturn that if you buy a home with good real estate fundamentals, that home will appreciate and can be sold in any real estate market.
  1. Have a great team – Leverage your Realtor and people you know best to recommend the right consultants as your Real Estate Agent, Mortgage Broker, Inspector, Attorney and contractors. I do not get any kick-backs for my referrals. What I get are successful and happy buyers.  I have vetted these vendors for hundreds of buyers before you, so I know who is good and bad in the marketplace. A good team leads to a smoother process!
  1. Interest rates are a reason to buy right now – Yes, you can get money from banks. Lending rules have loosened up a good bit. Also, the rates out there (thank you to Brexit fears) are the best ever. However, the paperwork you have to provide will be frustrating because it is so detailed. Always compare two lenders when buying a home.  And, be sure you have all your paperwork to your lender early.
  1. Inspection is a must do – Be sure to get a private inspection as part of your purchase even if it is new construction or seems perfect! The money you spend in the inspection is well worth the ease in knowing you bought the right home. And, remember that no inspector is perfect, but they are better than your dad or your friend. Often, the inspection ends up being another negotiating opportunity.
  1. Be calm – The truth is we are finally getting to a normal real estate market. Inventory levels are up nationally about 25% over two years ago in most metropolitan areas.  This is still not a buyer’s market.  But, it has been so long since we have seen a normal market that we cannot remember what it looks like. We went from extreme demand to extreme supply back to a hearty demand again. You are going to find the right home!

I know that this real estate season feels like a roller coaster of emotions. However, these sound 5 recommendations for approaching the current real estate market will insure that you find your investment in your personal Home!

 

Weslee Knapp is a top ten in sales Realtor in Atlanta, GA. Weslee is also the owner and broker of a full service real estate brokerage, Keller Knapp, Inc.  Weslee sells residential and small commercial properties in the Atlanta metro area, and Weslee has trained over 50 real estate agents. Weslee can be reached at weslee@kellerknapp.com and his company website is www.kellerknapprealty.com.

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