Ned Mahoney's Blog
You've attended an open house – now what? Ultimately, there are many questions for homebuyers to consider after they attend an open house, and these include:
1. Did the home match or exceed my expectations?
It is important to understand whether a home is one that you could enjoy both now and in the future. And if you found that you liked a home after an open house, you may want to proceed with an offer on this residence.
Usually, it is a good idea to carry a checklist of your homebuying wants and needs that you can use throughout an open house. With this list in hand, a homebuyer can identify a house's strengths and weaknesses.
If you ever have concerns or questions during an open house, don't hesitate to find the listing real estate agent for assistance too. By doing so, you can gain the insights you need to determine whether a particular house is a viable long-term investment.
2. What would life be like if I purchased the home?
An open house can bring out a broad range of emotions in homebuyers, particularly if these individuals see things that they like in a residence.
For example, a homebuyer who sees a large outdoor deck may envision summer barbecues with family members and friends. Or, a homebuyer who views a spacious kitchen might picture dinner parties that he or she could host in the future.
If a home brings out positive feelings, it may be a keeper. As such, a homebuyer who feels good about a home after an open house may want to move forward with an offer.
3. Am I ready to submit an offer on the home?
Submitting an offer on a house can be tricky. On the one hand, you don't want to overspend to acquire a residence. Conversely, you want to submit a competitive offer that matches the home seller's expectations.
After an open house, it never hurts to meet with a real estate agent. Then, you can outline your homebuying goals and determine whether now is a good time to submit an offer on a residence.
If you decide to proceed with an offer, ensure that the proposal is fair and is submitted in a timely fashion. In all likelihood, the home seller will have 24 to 48 hours to accept, decline or counter your proposal. Once you receive a home seller's decision on your offer, you can determine the next step on your homebuying journey.
Lastly, if a home seller rejects your offer, there is no need to worry. With an expert real estate agent at your side, you can check out other open house events in your area. And as a result, you should have no trouble accelerating the process of going from homebuyer to homeowner.
Alleviate stress as you decide how to proceed after you attend an open house – consider the aforementioned factors, and you can determine whether a particular residence is right for you.
The homebuying journey may be complicated, particularly for those who fail to plan for it. Fortunately, there are lots of things that you can do to boost your chances of enjoying a successful property buying experience.
Now, let's take a look at three tips to help you start a successful homebuying journey.
1. Establish Criteria for Your Home Search
Create homebuying criteria – you'll be glad you did. With homebuying criteria in hand, you can speed up the process of finding your dream residence.
Think about the features you want to find in your ideal house. For example, if you want to own a residence that boasts a luxurious in-ground swimming pool, you can search for houses that offer this feature. Or, if you want to purchase a home that includes a central air conditioning system, you can hone your house search accordingly.
Don't forget to consider where you want to reside too. If you prefer big city life over small town living – or vice-versa – you should account for this factor as you kick off your house search.
2. Get Your Finances in Order
Obtaining a home mortgage is key, especially for individuals who want to streamline the homebuying process. Luckily, banks and credit unions are happy to help you select the right mortgage based on your individual needs.
Banks and credit unions employ friendly mortgage specialists who can take the guesswork out of home financing. If you meet with these professionals, you can learn about all of your mortgage options. Then, you can select a mortgage and enter the housing market with a budget.
3. Hire a Real Estate Agent
Navigating the homebuying journey on your own may prove to be exceedingly difficult, regardless of whether you are operating in a buyer's or seller's market. However, if you hire a real estate agent, you can simplify your house search and discover your dream residence without delay.
A real estate agent knows the ins and outs of the housing market and will share his or her expertise with you. That way, you can work with a real estate agent to become a housing market expert.
In addition, a real estate agent offers comprehensive support throughout the homebuying journey. He or she first will craft a custom homebuying strategy for you based on your property buying goals. Next, a real estate agent will keep you up to date about available houses in your preferred cities and towns. Once you find a home you want to buy, a real estate agent will help you submit a competitive offer to purchase it. Finally, a real estate agent will guide you through the home closing process.
For those who want to enjoy a quick, easy homebuying experience, it usually is a good idea to plan ahead as much as you can. Thanks to the aforementioned tips, you can launch a successful homebuying journey and take the necessary steps to acquire your dream residence any time you choose.
Planning significant purchases like your first new car or home are big steps in life. While the purchase itself is a thrill ride, lack of planning may end up in buyer's remorse. To avoid such a pitfall, you need to impart a few guidelines around those larger purchases to protect yourself from disappointment or frustration later. Taking stock of your financial goals and your current situation can clear the way to confidence when shopping for your dream car, home, or other major purchases.
Plan, plan, plan
Having a written spending plan you can use to guide your decisions gives you a snapshot of where you are. Laying out a six to 12-month program for your income and expenses will allow you to determine when you shop, or even make an offer on something. Remember that a plan is only as good as the information you have, so make sure you keep all aspects of your financial life up to date. This upkeep includes retirement accounts, debts, interest rates on those debts, any fluctuation in income, and any changes in your cost-of-living expenses (rent, insurance rates or gas prices). Any of these things have the potential to delay or accelerate your purchase. When you are elevating larger purchases, remember the monthly payment is not the only expense associated with the purchase.
The big picture for housing expenses
When purchasing a home, that may be a bit more complicated. You will need to ask for information from those in the real estate and mortgage industry to get the information you need to see the big picture. Again, the monthly payment is not the only thing you will pay each monthly, especially if you are a renter. Knowing what expenses you will be taking on is essential. Besides the money you will need to purchase a home initially, there are other increases to your monthly expenses as a homeowner. Homeowner's insurance is more expensive than renter's insurance, so make sure your spending plan adjusts accordingly. You will want to think about your commute to work if you have one and budget more for gas if your trip to work will be longer from your new address. Sometimes the utility costs will be lower especially if you are buying an energy efficient or more modern home.
Home buying, when you have processed all the information and are confident financially, is an exciting adventure.
Let's face it – the mere thought of informing family members about your decision to pursue a new home may cause your blood pressure to rise. However, there are many reasons why it often is beneficial to notify family members about your decision to kick off a search for a new residence. These reasons include:
1. You can identify and address potential homebuying hurdles.
Your family typically has your best interests in mind. As such, family members can help you plan ahead for the homebuying journey and resolve any potential conflicts.
For example, family members can help you analyze prospective home financing options. They may even be able to put you in touch with local banks and credit unions that can help you get pre-approved for a mortgage. Then, once you have home financing in hand, you can enter the real estate market with a homebuying budget at your disposal.
2. You can gain homebuying insights that you may struggle to obtain elsewhere.
Family members who previously bought homes may be able to provide you with property buying insights that you probably won't receive elsewhere. With these insights, you'll be better equipped than ever before to understand the housing market and make the best-possible homebuying decision based on your individual needs.
Of course, family members may be able to keep you informed about new houses that become available in your preferred cities and towns too. Because if family members know where you want to find a home, they can help you accelerate your property search.
3. You can receive plenty of support throughout the homebuying journey.
Your family is there for you during good times and bad. If you inform family members about your decision to pursue a new home, they can provide you with comprehensive support throughout the property buying journey. As a result, family members can work with you to help you achieve your desired homebuying results in no time at all.
When it comes to getting help in your quest to discover your dream house, you may want to hire a real estate agent as well. If you have a real estate agent at your side, you can receive expert assistance as you proceed along the homebuying journey.
A real estate agent is committed to helping you find a great home at a budget-friendly price. First, he or she will meet with you and learn about your homebuying criteria. A real estate agent next will craft a personalized homebuying strategy and notify you about new homes that become available that match your property buying criteria. And once you discover your dream residence, a real estate agent will help you put together a competitive offer to purchase this house. Lastly, if your homebuying proposal is accepted, a real estate agent will help you finalize your home purchase so you close on this residence and move into your new house.
Take the guesswork out of buying a house – hire a real estate agent today, and you can seamlessly navigate the homebuying journey.
Ready to make your homeownership dream a reality? In some cases, you may need to submit a home offer that surpasses a home seller's initial asking price, and these cases include:
1. You've fallen in love with a house.
Once you've found your dream residence, you'll want to do everything possible to secure this home as quickly as possible. Therefore, if you fall in love with a house, you can submit an offer that exceeds a home seller's initial asking price in the hopes of streamlining the homebuying journey.
Of course, before you submit an offer on any house, it is paramount to understand what differentiates an average home from a great one.
A great residence is one that you can enjoy both now and in the future. It likely will require minimal initial repairs, and as such, will be worth your time and resources.
2. You are facing steep competition.
For homebuyers who are competing for a high-quality residence in a buyer's market, it often pays to submit a home offer that surpasses a homebuyer's initial asking price. By doing so, you can guarantee your offer will stand out from others and boost the likelihood of securing your dream residence.
In a competitive real estate market, there is no need to hesitate to submit an above-average home offer, either.
A home offer that impresses a homebuyer may set the stage for a quick home sale. And if you put your best foot forward with a home offer, you should have no trouble acquiring a terrific residence, regardless of the current housing market's conditions.
3. You have substantial financial resources at your disposal.
A diligent homebuyer may choose to get pre-approved for a home loan. As a result, this homebuyer may be better equipped than others to submit a home offer that is higher than a home seller's initial asking price.
For example, a homebuyer who receives pre-approval for a home loan can start the homebuying journey with a budget in hand. This homebuyer then can check out houses that fall within his or her price range. And after this homebuyer discovers the perfect house, he or she can make an above-average proposal to acquire the residence.
To get pre-approved for a home loan, a homebuyer should meet with multiple lenders. Next, this homebuyer can review various home loan offers and select one that corresponds with his or her finances.
Lastly, if you need extra support during the homebuying journey, it pays to collaborate with a real estate agent.
A real estate agent will help you evaluate a broad array of houses in your city or town. In addition, this housing market professional can help you put together the right offer on a house to ensure you can secure your dream residence in no time at all.
Take the next step to acquire your ideal house – reach out to a local real estate agent today, and you can move closer to finding and purchasing your dream residence.