How to Get the Best Price
Everyone buying real estate would like to get the best possible price. But few people have a plan that goes beyond making a low-ball offer — a strategy frought with pitfalls. Follow these tips to make sure you don't overpay for your dream home.
Choose an Agent with a Track Record of Getting the Best Price — Last year, my clients paid an average of 3% less for their homes, compared to other buyers in Santa Cruz County. That means my clients saved an average of $117,857!
Get Preapproved — The biggest mistake I see people make is waiting until after they find a home to understand the financing. Everyone is looking for the best-priced, most desirable properties. When a property like that comes on the market, buyers often end up competing against each other to get it (yes, even in this market it's common). If you aren't preapproved with a reputable lender or if you haven't made arrangements for your down payment, such as securing an equity line on another property, you won't be ready to make a timely, competitive offer.
Know What You Can Afford — Most people have somewhat arbitrary ideas about their home purchase budget. Speaking with a reputable mortgage broker will help you determine if your budget is unrealistically high or low.
Know the Market Value of Your Dream Home — Many buyers harbor a misguided hope that they'll be able to get everything they want for below the market value. If there's a disconnect between your objectives and the market, you'll need to either adjust your requirements or spend more. I can help you evaluate what properties like your dream home are currently selling for so you can better target your search.
Be Clear About Your Requirements — The more clear you are with yourself — and with me — about what you're looking for, the better able I'll be to alert you when your dream home hits the market.
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