Tips for buying Wenatchee Real Estate

Whether you’re a first-time buyer or an old pro at the real estate game, buying a home can be a daunting process.  It’s an emotional time filled with difficult choices – and each decision you make has money riding on it.

Finding the right home to meet your family’s needs is hard enough.  But knowing how to avoid paying too much for that home once you’ve found it is another job entirely.

As someone who has helped countless buyers find their dream homes and save money at the same time, I’ve developed this guide to help you avoid the pitfalls inherent in the home-buying process.  I’ll show you not only how to make sure you’ve found the right home, but also how to negotiate a price to your advantage.

In today’s complex, fast-paced market, you can’t afford to learn these lessons though trial and error.  The tips contained in this report will go a long way toward making you a savvy buyer.

 Before you begin shopping, understanding that there are two homes out there vying for your interest – the one that meets your needs vs. the one that fulfills your desires.  In a perfect world, you’d find a home that satisfies both.  But since this isn’t a perfect world, you’re going to find yourself confronted with choices.

 Do you choose the three-bedroom home with room for your family to grow, or the one with the big back yard and deck that’s perfect for entertaining?  Is having a big kitchen more important to you than a few extra rooms?

 When you start shopping, you’re going to find homes you fall in love with for different reasons.  That’s why you should list the features you want before you start shopping.  Use the form provided at the back of this report and break your list into two categories – “Needs” and “Desires” – and prioritize the items you come up with.

 Understanding what you really need as opposed to what you’d like to have will help you keep your priorities straight as you shop around.  We’ve seen people fall in love with a home for the wrong reasons, then regret their purchase when the home fails to meet their needs.

 Don’t let emotion cloud your judgment.  Satisfy your needs first.  If you find a home that meets your needs and fulfills some of your desires, so much the better.  The important thing is to know the difference before you get caught up in the excitement of the hunt.

 Getting a loan approval is the smart way to shop for a home.  It tells sellers that you’re a serious prospect, and you know in advance the maximum mortgage you can afford.  Make sure you get a commitment in writing.  We’ve seen buyers make the mistake of learning what they qualify for but not getting that approval in writing.

 The good news is that it’s easier than ever to qualify for a home loan.  Lenders have modified qualification rules and created programs designed to help people even if they have problems in their credit or employment histories.  Many programs call for dramatically reduced down payment – the biggest obstacle for first-time home buyers in particular.
 From picking a mortgage to finding the right home to inspections to negotiating the best deal, it can be exhausting for even the hardiest souls.  That’s why most people have a Realtor in their corner.

 A good agent has the knowledge and experience that come from years of helping both buyers and sellers.  He or she also has a team of other professionals to put at your disposal – lenders, lawyers, home inspectors, movers, etc.

Once you have a clear, detailed picture of the home you want, make sure your agent has the same picture.  This communication is critical.  Otherwise, you’ll both waste your time looking at homes you’re not really interested in.  Also, make sure your Realtor knows your priorities.  Your shared goal is to find a place that meets all of your needs; your Realtor will then try to satisfy as many of your desires as possible.

  The desirability and resale value of your home-to-be depend on location more than any other single factor.  Again, don’t let emotion get in the way of a wise investment.  No home is an island, and the value of yours is affected by the homes that surround it.

 Assuming you’ve already considered the elements that make up a desirable community – character, quality of schools, access to work places and services, recreational facilities, etc. – there are several elements that combine to create a good location.

 Your first consideration is the neighborhood.  Every neighborhood has its own unique character; you need to make sure you’d be comfortable in the one you’re thinking of living in.  Take a long walk and observe carefully.  Do people take care of their yards and homes?  Are the yards fenced?  Do children play in the streets?  Talk to the neighbors and ask questions that give you a better feel for the area.  But be careful not to appear judgmental – you might be talking to a future neighbor.

 If the neighborhood is to your satisfaction, look at the homes on the market in the area.  Extremely large homes surrounded by smaller ones tend to appreciate less than a large home among other large homes.  Conversely, the smallest home in the neighborhood tends to be “pulled up” by other homes on the block.  However, it might take longer to sell a smaller home when the time comes because many people are unwilling to pay extra for the neighborhood.

 The outer edge of a neighborhood is usually not good for resale value.  There are noticeable dividing lines between unlike neighborhoods.  It could be a difference in architectural styles, home size, property use or something else.  Look for a home in the middle of a community of similar homes; it will hold its value better,

 An exception to this rule is a house on the edge of a neighborhood bounded by woods, park land, a golf course or other open space.  Natural boundaries appeal to buyers, and these “edge” homes can actually command a better price.  Of course, the exception to this rule is when there’s an unpleasant use planned for the open space.  An open field with a babbling brook is nice; a new freeway, strip mall or factory isn’t.

 Other things that can negatively affect property values are traffic, sounds, smells, etc.  Be sure to give the neighborhood a long, hard look.  The home you’re interested in may be perfect, but if the neighborhood has problems, your investment won’t be worth as much when the time comes to sell.

 As you tour the homes on your” short list,” find something to admire in each one.  If you don’t show any interest until you’ve finally fallen in love with a home, then you’ve just put yourself at a competitive disadvantage.  Never let anyone know how badly you want a home – it will cost you money!

 Don’t forget the purpose of your “Needs” and “Desires” lists.  Shopping for a home is an emotional process.  Your heart will cost you money; using your head will save it.

 
 When evaluating the advantages and drawbacks of a particular property, be sure you know the difference between acceptable and unacceptable problems.

 Some issues – peeling paint, worn carpet, ugly wallpaper – are cosmetic and can be easily remedied.  In fact, you can use these “problems” during negotiations to lower the asking price – after all, you’ll need to spend money to bring the house up to snuff.  Make careful note of what you see that can be used to your advantage.  Don’t nit-pick, however – if taken to extremes, you could end up alienating the seller and creating a hostile atmosphere.

 Other problems may be warnings to walk away.  Major foundation cracks, evidence of previous water damage, signs of serious dry rot or termite damage, antiquated electrical systems or plumbing – any one of these may be cause to reconsider your interest.

 Don’t let a house’s positive attributes blind you to very real problems.  If you do, the chances are good that you’ll end up spending much more money than you ever expected down the line.

• Foundation (slab, crawlspace, basement, etc.)
• Electrical, heating and plumbing systems
• Floors, walls and ceilings
• Attic
• Roof
• Siding and trim
• Porches, patios and decks
• Garage
• Property drainage

Make sure you accompany your inspector on the tour.  You’ll learn a lot about the home you’re thinking of buying.

Once you have your evaluation, the decision to proceed is yours.  A home inspector only gives you a professional opinion of the home’s condition, not advice as to whether or not you should buy it.

 You may be the sort of person who looks at a home in need of significant work as a challenge and an opportunity to make money.  Many people have bought fixer-uppers at below-market rates, invested a little sweat equity or more than a little money on renovation, then eventually put it back on the market at a profit.

 But if it isn’t priced low enough, you won’t recoup your investment of time, trouble and expense.  Before you proceed, do a careful evaluation of what you’ll have to invest and consult with your Realtor to learn what you can reasonably expect to make when you put the home back on the market.  And be sure to include the unexpected – there’s no such thing as a “sure thing.”

 Buying a home is a big investment.  If you can stretch a little today to buy a home that you can grow in – whether it’s having a child, running a home-based business, or having room to build an addition – do it.  In the long run, it will probably be less expensive than moving up to a marginally larger home when the need does arise.

 Good properties move fast.  Once you’ve made up your mind to buy a home and you’ve lined up your Realtor, be prepared to make decisions quickly.  If you find the right home today but aren’t ready to buy until tomorrow, you may already be too late.

 Make sure you know who the agent you’re talking to represents.  Any agent has a responsibility to be open and honest with you and to let you know who he or she represents – the buyer, the seller or both.

One way to ensure that you don’t offer too much for a home is to ask your agent to prepare a written comparative market analysis.  A CMA will show you the sale prices of comparable homes in the neighborhood.  It also lists the asking prices of other homes in the area currently on the market.

 You may find that the asking price is above what comparable homes in the neighborhood are actually selling for.  Or you might even find another home in the area that’s a better bargain.  When you make an offer, you can use the CMA as evidence to show the seller why you believe your offer is a reasonable one.

 It’s true what they say; Knowledge is power.  The reasons behind a sale can often be used to your competitive advantage during negotiations.  For example, a seller whose company has transferred him to another city is probably more motivated to sell than someone who is still looking for a new home.

 Other signs of a motivated seller include a vacant house, or a house that’s been on the market for several months with several reductions in the asking price.

 Just as you have a time frame in which you wish to buy, the seller almost certainly has a deadline of his own.  If you can learn the seller’s deadline, it’s another piece of information that can be used to negotiate a better deal.

 One of the costliest mistakes you can make is letting the sellers know how much you love their home.  Once you’ve let it slip, you can just about forget about negotiating the price – the other side knows how motivated you are.  In fact, a seller may see it as an opportunity to squeeze a little more money out of you even when you’ve made a good offer to start.

 No matter how wonderful a home is, no matter how much you want it, keep it to yourself.

 While you want to move expeditiously once you’re in negotiations, don’t let the other side pressure you into a quick close.  It may be a sign that there’s something you should know, but don’t.  And the reason could be worth money.

 You may be the type of person who prefers a hard-and-fast price tag on everything.  “I don’t like to haggle,” you say.  But negotiation is the key to getting a good deal.  If your goal is to get the best home possible for the least amount of money, then you had better be prepared to play.

  The good news for buyers is that the law now requires sellers to make complete disclosure of known material defects.  Make sure you get it in writing.  And carefully consider how these defects might affect what you’re willing to pay.

 There’s more to buying a home than the mortgage.  Don’t forget to factor in mortgage insurance, appraisal fees, inspection fees, transfer taxes, title insurance and every other dollar you’ll have to spend in order to know what you’re really paying for your new home.

 As you can imagine, there is no learning curve that forgives mistakes made during the home-buying process.  If we had to choose only one tip from the several we just listed, it would be this:  Get yourself a good Realtor – someone whose sole interest in the deal is to watch out for your interests.  If you take this advice, the rest will follow.  A truly sharp agent will make sure that you follow all of the other suggestions we’ve included in this report.  And please feel free to use the checklist that we have supplied with this report to help you in your home search.

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