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Do You Have a Home Buying Strategy?

If you don't, you should!

Do you have a home buying strategy? Buying a home is truly one of the biggest purchases you will ever make. Does it make sense NOT to have a buying strategy?

What does it mean to have a Home Buying Strategy?

Look at it this way. Let’s say you’ve decided you want to buy a new refrigerator. The choices are immense. How do you narrow it down?

A lot of us will start by listing – in our minds or on paper – what the “must have” options are for our new fridge.

  1. What is the depth and width of the space it needs to fit in your kitchen?
  2. Does the freezer need to be at the top or the bottom?
  3. What color do you need to match the rest of your appliances?
  4. Is making sure the brand of refrigerator matches the other appliances important?

Now, what about the “wants” for the new appliance?

  1. Should it have a ice dispenser or a water and ice dispenser on the door?
  2. Do you want a dispenser at all?
  3. Should there be an automatic ice maker?
  4. Do you prefer a side by side, french doors or more traditional style?
  5. How about an extra drawer for much used items so the main part of the fridge keeps cold?
  6. Do you want the shelves to be all glass or plastic and glass?
  7. What about movable door shelving for convenience?
  8. In today’s world, you could even want a “Smart” fridge for music, recipes, tv, and more!

Amazing, all the choices there are out there! I know a husband who spent months researching refrigerators when he found he needed to replace his. He researched the options, sizes, amenities, colors, reviews, etc… until he and his wife finally knew what they wanted. Then they happily bought it.

However, when he bought his house, this same refrigerator research crazed gentleman, just started making appointments to view homes.  What?!?!?

Don’t get me wrong, a refrigerator is an investment and should last a number of years. However, don’t you think home shopping is something a plan should be made around, as well?

What’s the Plan Include?

Your home buying strategy includes some research or “pre-work” as well.

BEFORE you call an agent to look at homes, make sure you have mapped out a home buying strategy.

A good agent will ask to sit and talk with you about your strategy BEFORE they jump up and show you a home. We call that being a “pop tart agent.” Those are agent who are more interested in writing offers and less about whether the home fits your needs!

A good agent can deliver better service when they know what you need and what you want before looking at homes.

Your plan should look something like this:

  1. Hire your Realtor and strategize
  2. Get Pre-Approved
  3. Find homes that fit your criteria
  4. Make appointments to view
  5. Make an offer
  6. Close on your new home

1 and 2 can be interchangeable because smart buyers get pre-approved right away. They want to know how much they CAN spend so they can decide how much they are WILLING to spend.

But, if you don’t have a mortgage lender, no worries! A good agent can hook you up with a few lenders to choose from!

Of course, there are a lot of other steps in there between offer and closing but that’s the home buying process, not strategy, so we’ll skip that today!

Strategy Meeting

During your strategy meeting, you’ll nail down all your absolute must have’s (location, price, beds, baths, lot/land size, etc…) and talk about all the wants you’d like to have, too!

You’ll figure out a timeline that works for you and make sure you have that pre-approval letter ready to go.

You’ll probably do a quick overview of what the flow is like during the home buying process. Again, the more you know, the more comfortable you’ll be as you move along through the process.

I don’t know about you but I don’t like surprises when purchasing a home. Knowing what to expect is the best way to combat stress and uncertainty!

Then, you can start looking at what’s on the market that fits with your plan.

Meeting before jumping in to the process is just plain smart. Everyone is more productive when they know the plan and stick to it!

Are You Ready to Strategize?

Hopefully, this brief overview has helped you realize there is a lot that goes into finding just the right home for you. If everyone is on the same page, their is less of your time wasted and less stress.

We’re ready to meet with you! Are you ready?