In this market, if you have money, buying a house should be easy.... one would think anyway. I mean if you're credits good, you have money to put down and your jumping on the listing, why in the world shouldn't you be able to buy a house!?
This has seem to be the case with a couple of my friends lately. First timers, out to get into their first house. Unfortunately even with a little bit of money to lay down, excellent credit and jumping on the ball they both seem to loose out time and time again.
It starts to get frustrating when you think THIS is the market for buyers and put your hat into the ring only to have it chucked out by another bidder. Seems strange but that just tells me that times are not too tough that buyers are not buying.
The case seems to be the lower end homes, short sales, foreclosures and those priced far below market value are easier pickin's not just for first time buyers but also for investors.
There's the competition! Investors. They have the cold hard cash to close the deal in a week and unfortunately lenders and sellers alike appreciate that much more than a drawn out financing contingency. Money talks is an understatement.
So what's a first timer to do? Even if you're not a first timer how do get into the ring with the big dogs that are lapping up all the easy pickin's before you have a chance to sign the Purchase and Sale?
Get a buyers agent that knows your market WELL!!! I don't mean, sold a couple homes here or there, but is well seasoned at buying homes in your price range in this market. As the market can change literally by the month you need an agent that is closing at least 2-3 deals a month. If your agent is closing more that's fine, just make sure you don't get shoved aside in all the confusion. Your home buying process needs to be on the forefront of their mind.
Get your earnest money ready. Not, in the bank, have to pull it from my 401K or sell a stock - I mean READY - cash in hand if you have to. Many escrow companies will prefer a check but cash always works.
Tell the seller who you are and why you deserve this house. Many lenders will want to help first timers get into their own home and when they know you are responsible, pay your bills and plan to stay in the home long term. This may appeal more to them than an investor trying to make a quick buck.
Jump on the listing ASAP! Don't tell your agent you will think about it if you know you won't. Most people know they love a house in the first 5 minutes. It's in that time that you need to make a decision. Granted, making an informed decision is still wise but once you are ready to buy, it's only a matter of finding the right house. You know when you find it - jump on that offer right away and make sure your agent is on the ball too. You wouldn't want to loose a house due to an agent waiting on submitting an offer.
Don't get frustrated. It's east to get emotional when you buy a house but remember to keep yourself focused on the goal, use a great agent and jump on the house you want. Keep at it and you'll soon be closing on your favorite home.
Here are some GREAT agents in their field ready to help first time home buyers find and BUY exactly what they need:
- Battle Ground Real Estate Agents
- Fairbanks Realtors
- Bothell WA Home Buying Agent
- Fort Rucker Realtors