The feeling of finding that perfect new property is incredibly exciting. You’re probably already imagining what it will be like to spend each day in the house and host family and friends for special events.
Before you start mentally moving into your new space, you’ll want to determine the best possible plan and approach to secure a deal to purchase the home. Follow these expert steps to position yourself for a winning deal on a property you love.
Schedule an in-person showing (if you haven’t already)
As you search for Desert Mountain homes, it’s always best to see the property in person before you commit to moving forward with a purchase. The experience of being physically in the home can be quite different from what it’s like to simply see the home online.
Some properties show much better online than they do in person, as listing images don’t always tell the whole story. Nobody wants to be disappointed when they walk inside a home that doesn't meet their expectations, especially after their hopes were so high.
Visiting the home in person will also give you a chance to get a better feel for what the neighborhood and the surrounding area are like. Of course, you can’t pick the home up and move it to a different location after you’ve purchased it, so it’s crucial that you are comfortable with the neighborhood in addition to the property itself.
Some properties show much better online than they do in person, as listing images don’t always tell the whole story. Nobody wants to be disappointed when they walk inside a home that doesn't meet their expectations, especially after their hopes were so high.
Visiting the home in person will also give you a chance to get a better feel for what the neighborhood and the surrounding area are like. Of course, you can’t pick the home up and move it to a different location after you’ve purchased it, so it’s crucial that you are comfortable with the neighborhood in addition to the property itself.
Get your finances in order
If you don’t already have a pre-approval letter for a loan, get one as soon as possible. Many sellers won’t even agree to a tour with a buyer who hasn’t already been pre-approved for a loan.
To receive pre-approval, you’ll need to have a recent pay stub or two ready to share with your lender, along with your most recent tax returns. Your lender will want to confirm that you have a long-term track record of financial health, as well as a regular supply of income that will enable you to make your mortgage payments on a consistent basis. Keep in mind that different lenders will offer varying interest rates, so it’s wise to shop around and talk to multiple lenders before you make a final decision on who you’ll borrow from.
Of course, you’ll need to have some cash set aside to cover the down payment and your share of closing costs. The exact amount of your down payment varies based on the type of loan that you’re taking out. In most cases, the buyer must put down at least three percent of the total cost of the home. This amount doesn’t include your share of the closing costs, which typically range between two and six percent of the total cost of the home.
To receive pre-approval, you’ll need to have a recent pay stub or two ready to share with your lender, along with your most recent tax returns. Your lender will want to confirm that you have a long-term track record of financial health, as well as a regular supply of income that will enable you to make your mortgage payments on a consistent basis. Keep in mind that different lenders will offer varying interest rates, so it’s wise to shop around and talk to multiple lenders before you make a final decision on who you’ll borrow from.
Of course, you’ll need to have some cash set aside to cover the down payment and your share of closing costs. The exact amount of your down payment varies based on the type of loan that you’re taking out. In most cases, the buyer must put down at least three percent of the total cost of the home. This amount doesn’t include your share of the closing costs, which typically range between two and six percent of the total cost of the home.
Understand the current market landscape
Having a basic understanding of how the market is behaving will influence the type of initial offer you make. Your first offer doesn’t have to entirely meet the seller’s wants or the asking price, especially if the market is more favorable for buyers than sellers. As a buyer, you may have some extra room for negotiating when making an offer to purchase a house. Your agent is well-versed in the Desert Mountain real estate landscape and will guide you toward making a strong offer.
Before you make an initial offer, you’ll want to know how long the home has been on the market. If the home is a new listing, it’s unlikely that the seller will be willing to accept an offer far below the listed asking price. They will likely prefer to wait and see if someone will meet their expectations. However, if the home has recently experienced a price drop or has already spent several weeks on the market, there’s a good chance that the seller could be growing impatient. These may be the best opportunities for you to secure a better deal. Your agent will advise you on how to best proceed in each situation.
Before you make an initial offer, you’ll want to know how long the home has been on the market. If the home is a new listing, it’s unlikely that the seller will be willing to accept an offer far below the listed asking price. They will likely prefer to wait and see if someone will meet their expectations. However, if the home has recently experienced a price drop or has already spent several weeks on the market, there’s a good chance that the seller could be growing impatient. These may be the best opportunities for you to secure a better deal. Your agent will advise you on how to best proceed in each situation.
Make a competitive offer
Your agent will help you create a compelling initial offer. They understand how to leverage a variety of factors in negotiations beyond the asking price of the home. Perhaps they suggest making an initial offer on the home that meets the seller’s asking price but also comes with a request for the seller to pay for your share of the closing costs. They can also utilize other incentives, such as agreeing to the preferred closing date or a rent-back agreement, to get you a better deal on the cost of the home. In addition, your agent will help you respond to any counter offers that the seller sends back.
Get an inspection before you close
Once you agree to a deal to purchase a home, you’ll want to order an inspection so that you can confirm that the property is in good condition. Some of the most costly home repairs are necessary to solve issues that are hard to detect without a trained eye. Your inspector will give you a full report about the foundational and structural condition of the home, as well as the HVAC, electrical, and plumbing systems.
If you find that the home needs significant work, you can renegotiate the price with the seller or come to a mutual agreement about who will be responsible for paying for the repairs. You can also walk away from the deal entirely if you’re uncomfortable with the home's condition, assuming that your contract has an option period or inspection contingency.
If you find that the home needs significant work, you can renegotiate the price with the seller or come to a mutual agreement about who will be responsible for paying for the repairs. You can also walk away from the deal entirely if you’re uncomfortable with the home's condition, assuming that your contract has an option period or inspection contingency.
Work with a trusted local real estate agent
The stand-out team of agents with POWER+ can help you secure the Desert Mountain home of your dreams. Time and time again, they have helped their clients get the best deals when shopping for homes in the area. They consistently rank among the top-performing Desert Mountain real estate experts, thanks to their top-tier marketing and negotiating skills. Reach out to their office if you’re looking for a trusted advisor who can help you successfully complete your purchase.
*Header photo courtesy of POWER+
