Buyers may talk the talk, but do they walk the walk? It goes like this: a buyer calls and says, “I want a million dollar condo with a million dollar view on the beach and I want to pay 2 cents for it.” We laugh and say, get in line with everybody else. After explaining that, yes, our market is depressed, but anything that is truly a good deal will fly off the shelf and usually get multiple offers – they start to wrap their head around how it works. However, it’s hard for a lot of buyers to understand, especially if coming from up north. They are not used to the pace of our real estate market.
It’s unfortunate that after tirelessly searching for the right property and then finding that right property, there is still hesitation on the buyer’s part. Why does this happen? The reality is this is a major purchase- usually the biggest purchase a person will ever make in their lifetime. They may not be familiar with the market, are not well-versed on the process of buying a home, or do not have their financing figured out. Oftentimes, that leads to indecision on the buyer’s end.
Knowing the process of buying and the “ins and outs” of how it works is especially important before starting your search as a buyer. Understand how writing a contract works, when and how much of a deposit you should put down, how long it will take to close on the property, any issues that can come up along the way, the home inspection process, etc. Your Realtor should be able to go over the entire process in detail for you so you know exactly what to expect. The best thing for you to do is to find a professional Realtor and have them explain the process.
Get your financing together and be ready. Most importantly get clear in your mind that this purchase is what you want – this will allow you to act from a position of strength and get the buying terms you want!
It’s like anything in life – the more you prepare, the more you know the market and understand the comps your Realtor provides, the better off you are. You need to have the knowledge of the how the buying process works, step-by-step, and the facts of the market.That way, when the once in a lifetime deal does happen to come your way – you are ready to act! Don’t delay, don’t hesitate, and you’ll be very glad you did. It’s not worth losing out to the swarms of other buyers that are prepared and ready to sting you at their first opportunity. Happy Hunting!