Shopping for a new home could be a fun and exciting adventure. The prelude to beginning a new chapter in your life in a new home. But that excitement often dies and the search becomes a long ,drawn out, onerous chore especially in the recent market conditions with low inventory, bidding wars and rising home prices. The result is buyer burnout. Hi I’m Michele Irizarry, CEO and Broker of Shore Prime Properties. With as busy as things were the last few years, many of our buyer clients were on the verge of fatigue before we were able to find the right home for them. Looking toward future markets, it could be that low inventory may always be a part of the landscape creating a tight market for buyers. With the right approach you can avoid such burnout. If you aren’t already please be sure to like and follow Shore Prime Properties on Facebook, YouTube and LinkedIn where we post weekly content geared to educate and motivate home buyers and sellers. Here is how to avoid burnout when buying a house in Long Branch, New Jersey.
Have a Plan
The first step you should take to avoid burnout when buying a house in Long Branch involves formulating a plan and then sticking to it. As with anything else buying a house becomes less of a chore when you take an orderly, thought out methodical approach. Having a home buying plan in place can help mitigate your feelings of anxiety and uncertainty especially regarding price. “Set a budget”‘, expert’s advise and be realistic about it. Know what you can and can not spend and stick to it. never let an agent or a seller convince you that your limit is unreasonable. If it’s your limit, it’s just that- a limit.
Get Pre-Approved Before Searching
If there’s one thing industry pros agree on about buying a house, it’s that buyers should get pre-approved for a mortgage before they begin their home search. There are two reasons why early pre-approval is so important. First, pre-approval will allow you to know exactly how much you can borrow and knowing this you will be able to shop for homes within your price range saving time and effort you might have otherwise wasted looking at homes you couldn’t actually afford. Second, having a pre-approval letter ready when you find a home you want will help you move fast on an offer and reduce your chances of losing the home to someone else. Most sellers won’t even consider an offer from a buyer who isn’t pre-approved.
Broaden Your Search Parameters
Nothing can be more frustrating when you’re buying a house or rather, trying to buy a house, then searching and searching for months on end and never finding what you’re looking for. To avoid that kind of frustration burnout, you can broaden your search both in terms of location and type of home. Look outside of the areas and property types for which you are looking- such as maybe Tinton Falls or Eatontown and consider a multi-family or fixer-upper. But experts also warn against going too far outside your comfort zone. Otherwise you could wind up with a case of buyer’s remorse. If you want to use this strategy make sure to work closely with a Long Branch agent who can provide guidance that you’ll need.
Don’t Get Advice From Too Many People
All those family members friends and co-workers who want to give you advice usually mean well but information and opinion overload can lead to analysis paralysis and then burnout. Also they may be misinformed and give you bad advice. The best course is to turn to your agent for advice. It’s best ,experts say, to confide in and trust your chosen agent, not the non-real estate professionals who are eager to give you advice.
Be Quick, Aggressive and Creative
If you want to avoid burnout in today’s market conditions you will probably have to be quick, aggressive and possibly creative when making an offer and buying a house. Here’s why- a worthy property may hit the market suddenly and get claimed within a day or two. That means you need to be in sync with your agent and ready to make an offer very quickly, if necessary. In this market, it’s imperative to be as aggressive as possible when you think you’ve found your ideal home. Try to be creative, too. In sweetening your offer by catering to the seller such as allowing them to remain in the home a couple of weeks after closing, if it would help them out.
Work Closely With an Experienced Long Branch Agent
Today most buyers should work with an experienced local agent who can go to bat for them so that they don’t get overwhelmed and experience burnout. A good agent can guide you through the whole home buying process and make your offer as strong as possible. Your agent can also work with your specific financing plans. If, for example, you are using say a VA or FHA loan instead of a conventional loan, an experienced agent will be well versed in working with those kinds of mortgages and reduce any fears that the sellers may have.
We have the experienced agents that you need so when buying a house in the Long Branch area is in your plans, contact us at Short Prime Properties today. I’m Michele Irizarry selling Prime real estate at the Jersey Shore.
