6 Tips to Finding the Best Home in Ann Arbor or Sarasota, Florida
Are you on the hunt for a new home? Here are 6 tips to help you find the best home.
1) Get Pre-approved for a mortgage
Lending has changed over the last few years. Lending guidelines can change daily which means you need a good lender. Don’t assume that you can get a mortgage. Even people who make good money and have great credit are being turned down for odd reasons. Before looking at property you should sit down with a good lender or broker to make sure that you can get financing. Get a referral from your friends or Realtor. A bad lender can make a home purchase miserable
2) Establish a price range
This one seems like a no brainer to me but some people actually start looking at property prior to knowing what they can really afford. A mortgage lender can help you with this step. Establish a ceiling that you don’t want to go over. Your lender will be able to tell you the most amount of money that you can borrow. That does not mean that you have to borrow that amount. There is nothing wrong with being frugal.
3) Find a good Realtor
A good Realtor can make the whole home buying process a lot easier. An experienced Realtor might be the difference between getting your dream home and just settling on a home. Get a referral from a friend or jump online and start researching local Realtors. Don’t be fooled into thinking the highest producer gives the best service. Sometimes they give horrible service.
4) Learn the market
If you don’t know the market very well how will you know when you are presented with the best home in your price range? You probably won’t. Once you learn the market you will have a better understanding of what is a good deal and what is not a good deal. When a good one is presented and you know the market you will be ready to pounce on it.
To learn the market have your Realtor send you recently sold properties in your areas of interest and price range. Knowing what has closed will give you an understanding of market prices. Not asking prices, but sales prices.
5) Be realistic
Generally, we all want more than what we can afford. I see it in all prices ranges, low and high. I have had clients willing to spend $2 million but want a home that is worth $3 million. Buying a home requires some realism. You probably won’t find a home in the nest neighborhood in town for half of what it should sell for. Don’t wait for that because it most likely won’t ever appear.
6) Receive automated property emails
This is a great way to stay on top of the market. If you have a good Realtor, have been pre-approved for a mortgage and have an understanding of the market this is a good time to be looking at homes. If possible, have your Realtor set you up on an automated email system. New listings will be emailed to you daily or whenever they hit the market. If a great deal comes on the market you can be one of the first buyers to see the home.
These 6 tips will hopefully help you in your search for a home. They might be the difference between finding the home you really love and finding one that is just adequate. Good luck.
Sarasota Real Estate
***Guest Post by Marc Rasmussen from Sarasota Real Estate where lots of Ann Arbor people like to retire to.
Marc can be reached at 941.812.6272