Whether this is your first home or your fiftieth, today’s market has put an emphasis on many factors that were once considered luxuries - such as time and order of priority in purchasing a home.
Key Takeaways
- Find your trusted advisors
- Engage your mortgage lenders early
- Be laser focused
- Partner with a trusted realtor
- Know the timing and fees involved with your real estate transaction
The #1 thing I tell all my homebuyers - find your team of TRUSTED ADVISORS.
There are a lot of players involved in a real estate transaction (mortgage lenders, attorneys, inspectors, etc.) & finding the right team that is going to be looking out for your best interests is critical.
For you football fans, think of your realtor as the quarterback - we are helping come up with strategies & designing plays to lead you to victory. Better put, we are the conduits between you and every part of a real estate transaction - your mortgage lender, your attorneys, your inspectors, etc., to ensure a smooth transaction.
So be sure you have vetted and found a team you know has your back.
2nd Most Critical Piece - Engage Your Mortgage Lender Before You Start House Hunting.
Oftentimes, homebuyers will find the property they love and then figure out the finances, which is a big mistake.
You need to start the financial conversation first because:
A mortgage lender will help inform your budget.
Today, many sellers require pre-approvals to even enter their property.
Having a pre-approval on hand allows you to quickly make offers on properties so you do not lose out on them - critical in today’s market.
3rd: Be Laser Focused - Today’s market is moving very quickly & homes are being absorbed at an astronomically fast rate so it is imperative that you be focused on what you are looking for.
If you are unsure of which towns are right for you, visit the town! Check out the restaurants, museums, concerts - whatever it is you are interested in - to see if it is a fit.
Find blog posts that highlight things to do in different towns - Lucky to Live Here has a helpful weekly email we send out for fun, local things to do across all of Long Island.
Visit Chamber of Commerce websites.
If you are looking for specific kinds of school districts, visit the schools, join Facebook groups, ask locals in the town, and start to see if it is the right fit for you.
By being hyper-focused on what you want and knowing where you want to live, you will find your dream home faster and not lose out trying to decide what’s most important to you.
4th: Partner With a Trusted Realtor - Whether you think of us as your quarterback or as a matchmaker, you should be looking for realtors who imbibe the following qualities.
Acute listening - do they understand what you are looking for and what is important to you? Are they making adjustments based on your feedback? Are they taking the time to make you feel heard and valued?
Due Diligence - do they know details on properties you are looking at? For example, does the basement have a certificate of occupancy (CO)? When did the seller purchase the house and for how much? Have there been any renovations or updates to the house? Is the price the fair market value? etc.
Negotiation strategies - are they providing youwith comparables to inform your asking price? Are they suggesting different levers you can pull when submitting an offer (contingencies to waive? Desirable close dates? Recommendation specific % downs, etc.)
Are they going to continue to be available and present until you move-in?
Your realtor’s job does not end when an offer is accepted. They should be present for all parts of the process: inspection, appraisals, closing to help answer questions and problem-solve any issues on the spot.
Last thing I want to highlight are things first time homebuyers oftentimes overlook:
New York State on or about closing dates - both the buyer and the seller have a 30-day grace period from when you agree to close. For example, if you say you will close on or about November 15th, either party has until December 15th to close before there are ramifications.
Closing costs - remember to be factoring in the amount of money required at closing, not just the % down you offer when you submit your offer. Closing costs range based on the purchase price of your home.
Attorney fees - do not forget you will need to pay your attorney, so factor that cost into your budget when deciding to buy a house as well.
