Estate Realty Blog

By Cathy Cox
March 3, 2017

If you have looked into buying a home, you have probably heard it is a Seller's Market.

What does that mean?

In a nut shell? Not a huge amount of inventory up for sale right now.  Many jobs are coming to the Reno area which is fabulous, but for the time being that means low housing inventory.  The rules of supply and demand also tells us that the average rent will be a little higher as well. 

But not all is lost.
It is a good time to start getting your ducks in a row. 

With patience (not my forte when buying my home 12 years ago), a Realtor you see yourself having a good lasting relationship with, a Lender who is up on all of the loan programs and is willing to build a good business relationship with you, patience, patience and patience you will be the proud owner of new home.
I am sure you caught my point about "patience". For some, this is the hard part. Finding that new home can be tiring and frustrating. But there are steps you can take along with that patience piece that will get you the home you want and can afford.

1. Check out some Lenders.  I mentioned in my previous blog that finding the right Realtor is critical. The personality fit is critical. I feel this is true with a Lender as well. Finding a Lender you mesh with, who listens to you and you find easy to communicate with makes this process a much better one.  "Lender shop". If the sea of Lenders seems overwhelming, your Realtor should be able to give you some recommendations. You want the lender that will call and keep you apprised of new loan programs that fit your financial situation, check in from time to time to let you know that you are not forgotten and he/she is still watching out for you. Most importantly you want the Lender that listens to you and cares to put you in the right loan.

Okay you have that Lender in your back pocket and your new relationship paid off with a pre-approval letter!!!!!

Yay!
Congrats!
Something to celebrate! 

2. Now for the patience piece I mentioned once or twice earlier.  Your agent should have a list of your must-haves, needs, wants, etc. Most importantly the home price you want to stay under. This may be different than the price you are approved for.  Remember, just because you are approved for $800,000 doesn't mean you have to go for the gold! You want to be able to have a life after you purchase that new home therefore having a comfortable monthly payment is important.
Your trusty Realtor should be checking in with you, letting you know when something pops up. This is also the hurry up and wait piece. When a property that fits your needs comes up for sale there is little time to waste. It is time to preview and decide if you want to make an offer. 

In the end, building that relationship with the Lender and Realtor ahead of time will allow you to be ready to act fast and be seen as a strong buyer in a "Seller's Market".





Posted by Cathy Cox on March 5th, 2017 1:08 PM

By Cathy Cox

February 19, 2017

 

So many Real Estate Agents… So Little Time

To most of us, taking part in a real estate transaction is a BIG DEAL!  It is a lot of money and hopefully a commitment in the end. Finding the right agent can make even the most complex deals less painful or the simplest deals a nightmare. In today’s world, many people don’t have the time to hunt for the perfect real estate agent. Here are a few points to consider when looking for the “right” agent.

  • A good place to start is to ask friends and family if they know of a real estate agent they trust.  This can shorten the time it takes to find an agent but it is still important to interview the referred agent before signing a contract.  Just because “Uncle Joe” liked the agent doesn’t always mean the personality fit is good for you.

     

  •  Choose someone you like and find the communication between the two of you to be easy. Your agent should listen to what is important to you.  It should not feel like a struggle to communicate.

     

  • Agent experience by itself is irrelative.  There is a lot of moving parts, new rules and laws in real estate.  It is rare to find two identical transactions.  An agent with years of experience will know how to handle many different situations and has contacts in the industry to reach out to when there is a complication.  Your newer agent will be eager for the business and work hard to gain your loyalty and keep you as a client. Agents first starting out also have a smaller client base so there is more time for you!  Many times, the newer agent has an experienced agent as a mentor. It is not a bad idea for the client; agent and mentoring agent all meet to make sure the working dynamics meet the client’s expectations.

Real Estate agents can cut the stress by being a buffer in unpleasant situations, being up on the latest rules and laws, and know how to protect you from ending up in a bad real estate deal.  Finding the right “fit” can turn a one-time business relationship into a friendship.

Posted in:Real Estate and tagged: real estate agent
Posted by Cathy Cox on February 19th, 2017 7:51 PM

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