How to be F.F.T.H.B. in Real Estate
April 10th, 2008 categories: Fairfield, Ohio, For Buyers, Mason Ohio, West Chester Ohio
This past weekend I had the pleasure of working with F.F.T.H.B.’s. No this is not some new real estate program, or a tour bus driving around looking at foreclosures…I was working with “Focused First Time Home Buyers”.
In today’s housing market many buyers are hovering waiting for a better deal to come along. The home of their dreams sells to somebody else, because it was priced right and a Savvy Buyer jumped on it. If you believe everything you read and hear about today’s real estate, buyers think that homes can be purchased for about half of what they are worth.
While that may be true in many markets, Cincinnati, West Chester, Mason , Fairfield and the surrounding markets in southwest Ohio have been not experienced the horrible losses (nor have we had quantum leaps in appreciation).
Buyers need to understand that while mortgage rates remain stable, a well priced property will sell, while they are still thinking about making an offer.
So what made F.F.T.H.B.’s so much fun to work with….well:
- Preapproved loan
- They did their homework and had approval letters from 2 lenders- a great signal to the seller that they were prepared to buy the property.
- Lots of internet “leg work”
- In addition to properties I was sending, they were weeding through a lot on their own. Based on their searches, we were able to narrow down the areas and focus only on homes that met their needs
- Flexibility- willing to look at properties that did not meet all their “wants”
- Too often a property is eliminated from the search because it is missing a key component -like a 3rd full bathroom, over-sized garage or a fenced yard. By looking at all the options, the best house may have a lot of extra features-plus the space to put the extra bathroom, add to the garage or put up fencing and still meed price criteria.
- A sense of humor
- Just like warning on your car’s side view mirror, things may not look same as their photos on the internet. Wide angle lens and photoshop can distort reality- so don’t get discouraged if the house does not match expectations.
- Willingness to negotiate
- While the price is important, there are several components to the purchase contract which may affect how your offer is viewed. Earnest money, down payment, days until closing, occupancy are usually important to sellers.
- Staying on track with contract dates
- Congratulations you purchased your new home- let’s not forget to get inspections, loan applications and approvals, and anything else with a time-frame completed within the time-frame spelled out in the contract.
F.F.T.H.B.’s only comprise 10% of today’s buyers what are you doing to put yourself in the driver’s seat?
Need help getting organized before you start house hunting, call 513-300-4090 or email.
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