As the pandemic continues to affect our daily lives, the economy, and the world over, mortgage rates continue to drop, and the buying frenzy continues. There is no doubt that we are fast approaching what can only be called a “seller’s market.”
A seller’s market is being created for the simple reason that demand is increasing so quickly, and supply cannot keep up, it is basically impossible, especially since construction is so heavily interrupted due to the coronavirus.
Since those with property to sell are at an advantage right now, we want to provide some basic information and tips for those of us looking to buy a home.
One of the most important things to do is to find the maximum in your budget (what you can realistically afford) and make sure to only look at places valued at or below that amount. Looking at places you cannot afford can lead to disappointment and the potential for unwise decision making. One way to have your “dream home” on a budget is to buy a property you can fix with the same dollar amount you can afford to buy a turnkey property. This entails a lot more time, work, and research.
Remember, you are more than likely to stay in this home for many years, possibly decades. So, make your decisions with that in mind. Never rush into a decision without the necessary inspections, be sure to bring in professionals YOU choose to assess the home. Even if you are open to a “fixer upper” be sure to pay attention to the more expensive parts of the property and the level or repairs they will need.
Pay attention to the roof, the insulation, the plumbing, the HVAC system, look for possible flooding issues, water damage or even mold, check to see if the floors are even and also look for cracks in the foundation. These repairs can be very costly and must be factored into your decision. Don’t pay attention to the superficial look of the interior or the exterior, those changes are affordable and can be done to your taste on a budget.
Location is also quite important. If you don’t foresee a career or employer change in the near future, sticking yourself with a long commute will leave you with many regrets. If you have children or plan to have children soon, looking into the schools is also important. The safety of the area, surrounding neighborhoods is a factor as well.
Before beginning your search for a new home, create a list of the must haves and split them into two categories, what you NEED and what you WANT. The needs such as closeness to work, number of bedrooms and bathrooms to accommodate your family, and the schools are more important than the wants. The things you want like an updated kitchen, or landscaped backyard are easier to come by.
Another thing that you absolutely need is a great realtor with experience who is after helping you find the right place no matter what. Good real estate agents are a dime a dozen, the great ones are hard to find (www.aminvali.com).
Civil Engineer, MBA, Real Estate Agent
Cell phone: +1 (949)220-1000
Phone : +1(310)925-3878
Web : http://www.aminvali.com
E-mail : email@example.com
Realtor in Zutila Inc.