Time To Buy! Your 5 Step Buyer Action Plan

The pollen is blooming early this year (insert sneeze here) and so is the real estate market.  I blogged a few weeks ago about now being the time to buy, and I whole-heartedly stand by that statement.  Since that blog, I, and the other members of The Wood Team at Coldwell Banker, have been in more multiple offer situations than we have seen in a long time. 

The other day I was showing a house in Highland Park that was on the market for about 3 minutes.  There were offers before I even walked through the door. 

Buyers are wrestling with low inventory.  They are trying to wrap their heads around an inventory drop that happened in a very short period of time.  They still want a good deal, but they are now competing with other buyers.   They feel like they are 12 months late to the party. 

Fear not buyers, your dream of Westchase homeownership is still in reach.  Yes, there is more competition. Yes, prices are harder to negotiate down when there is a lot of interest.  The key to getting the home of your dreams is to put together your Buyer Action Plan.    

Step 1:  Talk to a lender and get your pre-approval letter.  Don’t log on to Realtor.com before talking to a lender.  I say this knowing none of you will actually do that, but you should.  Figure out what you can comfortably afford.  That will give you your price range when you do turn on your computer.  Don’t know any lenders?? Go to Step 2.

Step 2:  Find a Realtor to assist you in your search.  There are many, many benefits to enlisting a Realtor’s help in the beginning of the process.  Their professional insight and guidance is extremely important whether you are a first time buyer or a seasoned veteran.   Having qualified representation ready to act quickly on your behalf is important in this brisk market.  They can also refer you to a lender if you have yet to complete Step 1.

Step 3:  Start looking.  Online house shopping is great.  You can see pictures of the inside of the house and read descriptions with the words wonderful, gorgeous, charming, & amazing.  Don’t, however, forget to take a day away from the computer and drive around the neighborhoods.  You get so much more information when you spend an afternoon getting a feel for the area.  Make appointments with your Realtor to take a look of your top choices.

Step 4:  Keep an open mind and focus on the big things…not the lack of granite.  You can’t change the lot that the house sits on.  You can’t change the neighborhood.  It is a major project to change the layout of a house.  These are BIG things.  The little things are the things that can be changed, like countertops, carpet, and bathroom cabinets.  If you can get a better deal on a house that has all the BIG things you want, but not the little ones, don’t let that stop you.  Putting in granite is easy.

Step 5:  Make an offer, make an offer, make an offer.  You find a great house and you get nervous that you are making the decision too quickly.  The next thing you know, the house is pending and you are not the buyer.  I would never recommend making a quick, rash decision on such a big investment.  But… if you are a ready, willing and able buyer, don’t be afraid to trust your gut.  There is a big difference between liking a house and really liking a house.  Just like when you were dating—you will know the difference without it being too much effort.

Happy House hunting everybody!

Melanie Atkinson is a Realtor with The Wood Team at Coldwell Banker.  She can be reached at melanie.atkinson@verizon.net or 813-368-6084.

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