The idea and process of buying a home can bring with it a mix of emotions. The excitement of a new chapter in a new home, the nerves of hoping you make the right decision, the confusion of real estate jargon and contracts – we have seen it all! And we are sure that whether this is your first time purchasing a home, or if you are a seasoned pro, there are bound to be questions along the way and topics that you may want clarity and more information on. Luckily, here at Jerry Pinkas Realt Estate Experts we have seen just about every situation you could think of unfolding, and are experienced professionals when it comes to everything real estate. We are here to answer any questions you have!
In today’s post, we are going to be talking about questions that you should be asking when buying a home. These are also questions that we get asked over and over again and surround topics that you should be knowledgeable about prior to starting the search for your new home. The information and questions below are things you should think about and be prepared for, as well as are the topics you should be talking about with your real estate agent to ensure you are on the same page before your journey begins.
How many homes should I see before I make up my mind on which one I want to purchase?
This is a very good question because, in today’s day and age, you can view endless properties online via pictures, clips, virtual tours, etc. And while viewing these listings online is quite convenient, many times the information provided is not completely accurate and will not give you the overall picture of exactly what is going on with the property and the home itself. You want to be able to see and touch the home to really get a feel for what you would be purchasing. But back to the question on hand – we have seen people walk through two, three or four houses and end up finding the home of their dreams within one of those. And this may be a lower number than what we have seen in the past because, again, with the internet people are able to narrow down their area and neighborhood pretty precisely without leaving the comfort of their laptop. And once they see a few homes in their desired neighborhood they are able to narrow it down more quickly. But it is important to not get stuck on the ‘number’ of houses you see, but instead, the quality of the homes, which one pulls at your heartstrings and checks off all your desired criteria.
How Much House Can I Afford?
Now, this is something where you will want to actually sit with a lender and see what you qualify for prior to starting your search. If you are to start your home search before you know exactly what you can afford, you may end up falling in love with a home that is completely outside your budget, which leads to nothing but unnecessary heartbreak and frustration. You not only want to keep in mind how much the home is, but you also want to make sure to take into consideration how much the payments are on a monthly basis, along with taxes and insurance, to ensure that it is attainable for you and your family. Making sure you know exactly what all those numbers break down to is an important factor in you being comfortable and confident with your purchase, while also ensuring that you do not get yourself into a jam and struggle to make the payments each month.
What do you think the seller will take?
Speaking from experience in our area, we see properties sell for within three percent of asking price. If the house is marketed correctly and competitively priced for the area, we see the homes not only go fast but also have multiple offers on the table. All of these factors allow the seller to be picky with which they choose to accept, and it is all relative to the area you are looking at. But in the end, it is really all unknown and unfortunately, we do not have a crystal ball to tell us exactly what offer the seller will take. Sometimes what you think is a good and fair offer will be outshone by another offer that comes in directly after you.
Now it is important for us to point out here that we have seen some clients who find a house they love and want to put an offer in. They go into it with the mindset that they want to start off by presenting the seller with a low offer, assuming that they will come back with a counteroffer and the negotiations will begin, but they think starting low is the best strategic plan. And while the reasoning can make sense to some degree, we have also seen that type of thinking actually working against the client.
You need to be sure to understand that going in with too low of an offer can actually offend the seller and cause them to have a bit of an attitude when dealing with you. It can also lead to the seller being so offended and insulted that they decline your offer altogether and do not make a counteroffer at all, and the deal is essentially off the table. Making and presenting offers can be a tricky balance, which is why working with an experienced and knowledgeable real estate agent is so crucial. Your real estate agent should know the comps in the area and the local market, and be able to guide you in the right direction when it comes to making an offer to get you the best deal, while also not insulting the seller.
How do I know that I am getting a good deal?
If you have a good agent on your side, they are going to be able to guide you on this matter. They will be able to tell you the comps in the area, the breakdown by the square footage, talk about all the different odds of how fast houses are selling, what the absorption rate is, how long the house has been on the market, and what the trend is year over year in the area. These are all things that can help you identify if you are getting a good deal on the house you are interested in. You can try to predict what the market will be ten years from now – are the houses going to be the same price they are today? And while there is no way to predict that far in advance with complete accuracy, a good real estate agent can help you make an educated decision based on past market trends. The days of going in and getting a house at a ridiculous price are gone, and it is important to keep that in mind during your search.
How long does it take to close on a house?
In our area, the average closing time takes about thirty to forty-five days, but we have seen cash buyers come in and close in as little as ten days. And just to be clear, there was a lot of hand-holding in that closing because we make sure that everything is done right to protect the best interest of our buyers, but it can (and has) been done if that is the situation you end up in. But for the average deal, we are seeing thirty to forty-five days for closings.
What should I do if I am interested in purchasing a home in Myrtle Beach, SC?
No matter where you are in the country, the questions we talked about above come up all the time. And we wanted to bring you the information that many people are looking for, and also the information that many people may not know they need. We want to make sure that you get the best deal when you are looking to purchase a home. So if you are looking to purchase a home, give our team a call today! This is what we do, we do it every day, and we are very good at it. Allow our experienced team members here at Jerry Pinkas Real Estate Experts to guide you and help you find your dream home in the Myrtle Beach, SC area. We have helped so many individuals, couples, families, and retirees find their perfect home to settle into, and we know we can do the same for you. We look forward to working with you soon!
Why pick average, when you can have an expert?
Give us a call Jerry Pinkas Real Estate Experts