A home buying decision is a big and more so a huge commitment. Because of its importance, some buyers feel that they should shop long and hard for the right choice. This may or may not be true in your situation. Below are some ideas to consider:
Your Urgency
If you really have no need to buy a home in the foreseeable future, you will probably take your time and use house hunting as a form of entertainment and for many reasons searching the Internet just isn’t good enough. Many people like to look at homes in order to pick up decorating ideas and nothing more. If, however, you must buy in a specific time period, each property should be given its proper consideration. It is not unusual for a buyer to purchase the very first house they see. This happens quite often with people who have lived in a house long enough to know precisely what they want and don’t want in their next house.
The Market
If homes are selling quickly, you may not have the luxury of looking at many homes before making an offer. It is not unusual for a buyer to find the perfect house, but decide to look at others to assure themselves that there is nothing better available. When their comparison shopping is done, they decide to go back to see the perfect house once again only to discover that it has been sold.
I will never forget my first sales manager at Coldwell Banker, Mike Frost, telling me long before Naperville was a boomtown and ranked as one of the top communities to raise a family; “Your clients need to understand that the house they saw today and want to think about until tomorrow, could be the very same house that someone else saw yesterday and wanted to think about until today.” Think about it…
Interest Rates
Last but not least, don’t delay in your house hunting efforts if mortgage interest rates are increasing like they are now. The money you pay in mortgage interest is two to three times as much as the actual purchase price of the house itself over the life of the loan. Even if rates are falling, don’t sit on the fence too long. The only time you will know if rates have hit bottom is when they start to upward again. By that time, you have missed the low point and you will never forget the opportunity that you let go.
ADVICE
Remember, no one knows your market better than a local Realtor. Do yourself a huge favor and select one Realtor, try be clear what you are looking for and let them do their job. You will be happy that you did!
