Dawna is a real pro! I am so glad she was on our team. For nearly four years she guided us through the volatility of the San Luis Obispo housing market, answering our questions from a far (we live in Montana) and flagging appropriate properties or developments along the way. When the timing was right and we found just what we were looking for, Dawna expertly guided us through the negotiations and inspections. This wasn't our first home buying experience, but we really appreciated how easy Dawna and her assistant made the whole process. We successfully closed in less than 30 days.
- Get Professional Support: It is important to find a real estate agent that is best for your situation, and who can represent you as a buyer’s broker. Get referrals from friends you trust, talk to real estate attorneys and accountants for referrals. On average, most buyers interview at least two agents.
- Evaluate your situation: Look at your circumstances and see if homeownership is a good fit for your life, for today and/or the next 10+ years. Even if most of your friends own their home, it might be best for your personal circumstances to continue renting. Nationally, only about 65% of the population owns their homes.
- Explore the Market: Most buyers search the Multiple Listing service for available properties, but don’t rule out ‘For Sale by Owner’ (FSBO) listings. If you ignore them, you may be eliminating a portion of the market inventory. Even with non-listed properties, you can hire a buyer’s agent to represent you in your purchase. Avoid pocket listings, which usually result in the risk of dual agency, with an agent representing both you and the seller. Many pocket listing already have buyers before the listing comes on the market (unfair competition for prospective buyers).
- Look for Opportunity in Your Current Relationships: If you are a serious, qualified buyer, sellers need what you have to offer. Talk to the bank teller, message your contacts on social media, see if your landlord wants to sell any properties, ask relatives about any real estate opportunities. This may reveal some off-market listings and more inventory than might be only available to you and your agent.
- Don’t Rush Your Purchase: Consider how much time you have to choose a home. Does your current schedule allow for time to evaluate the market, see properties, and participate in the purchase process? Also, if your purchase is motivated by specific time periods, like a tax-deferred exchange or the start of a new job, your escrow closing date may be time sensitive. Starting to look at least 90+ days before you need to close escrow, if possible. This will give you a realistic time period to evaluate property condition, negotiate repairs, and get financing, if needed.