Our Real Estate Blog
In the internet age, we’ve all seen dream homes on Google, Pinterest, or Instagram that seem to encompass everything we’ve ever wanted in a home.
Sometimes, obsessing over dream homes can be detrimental to us--making us feel bad about our own living situation or discouraged about ever being able to afford the home we truly want.
However, dream homes can serve a purpose when it comes to identifying what we really want out of a home.
In today’s post, we’re going to use the idea of a dream home “wish list” to help you narrow down what really matters to you and your family in your next home.
Step 1: Start by making a list of your dream homes
This is the easy part. If you’re like me, you probably have a Pinterest board or bookmark folder just for home inspiration.
Put all of the dream homes on your list. The order doesn’t matter, and you’ll find out why below.
Step 2: For each home, write down one or two of your favorite things
Is it the square footage? The location that’s perfect for your commute or for trips to your favorite places? Or, is it just the color scheme of the kitchen?
No aspect is too small for this list--it all depends on what you like, not what the price tag is.
Step 3: Go over your list and try to put the items in order of how much they matter to you.
An example would be:
A cheerful, bright colored kitchen
A cozy office to wok quietly in
A two-car garage
A playroom for the kids
A location that’s close to the water
Looking over these five things, there are only two items that can’t be found in most houses, a two-car garage and a location that’s near the water. And, this house-hunter didn’t even list those items as the most important.
So, what can we learn from this exercise? Oftentimes, the things we’re looking for the most in a home can be things that we can do later, like interior decorating or designating spare rooms to serve as an office or playroom.
Step 4: Use your top 3 when house hunting
Now that you have the top three things that you’d find in your dream home, take this list with you on your house hunt. Try to seek out a home that has a combination of these items and one that will be the most practical for your family.
You might find that these conveniences, such as being closer to your work for a shorter commute, will pay off in the long run, as they’ll let you spend more time with our family and make each day a little bit easier.
After conducting an in-depth home search, you probably have discovered that many outstanding houses are available. Yet you're still on the fence about whether to submit an offer to purchase a residence.
Ultimately, there are many signs that now may be the ideal time to submit an offer to purchase a residence, and these include:
1. You find a house that matches or exceeds your expectations.
If you view a home and find that it matches or exceeds your expectations, you may want to submit an offer to purchase this residence. Because if a home seller accepts your proposal, you then can conduct a house inspection to alleviate any potential concerns.
Remember, a house that matches or exceeds your expectations now may fail to do so following an inspection. Lucky for you, an inspection provides a valuable learning opportunity. If you discover you no longer wish to purchase a house following an inspection, you can rescind your offer to purchase and reenter the housing market.
2. You're operating in a seller's market.
A seller's market generally features a shortage of high-quality houses and an abundance of buyers. Thus, if you find a home that you want to buy in a seller's market, you should not hesitate to submit an offer to purchase. Because if you wait too long, you may miss out on the opportunity to buy your dream residence.
If you submit an offer to purchase a home in a seller's market, it is important to provide a competitive homebuying proposal. By doing so, you can increase the likelihood of receiving an instant "Yes" from a seller and move quickly to acquire your ideal house.
3. You're facing a time crunch.
If you want to move to a new home soon, there is no need to wait to submit an offer to purchase. In this scenario, you should submit an offer to purchase as soon as you discover your dream house. That way, you can speed up the process of relocating from one address to another.
Of course, if you face a time crunch, you should map out your home search as much as possible. Just because you have a limited amount of time at your disposal does not mean you should be forced to settle for an inferior home. Fortunately, if you create a homebuying strategy, you can find ways to optimize your time and resources throughout your home search.
For homebuyers who are uncertain about whether to submit an offer to purchase a house, it may be beneficial to work with a real estate agent too. A real estate agent can offer expert insights into the housing sector. As such, this housing market professional can help you determine whether now is the right time to submit an offer to purchase a house.
Hire a real estate agent today, and you can get the help you need to discover your ideal residence and acquire this house at a price that matches your budget.
If a seller rejects your offer to purchase his or her house, there is no need to panic. At this point, there are many things you can do, including:
1. Craft a New Offer to Purchase
If at first you don't succeed, try again. Remember, if you find your dream house but your initial offer to purchase is rejected, you can always create a new homebuying proposal. And if you submit a new offer to purchase that falls in line with a seller's expectations, you may receive an instant "Yes."
For those who decide to submit a new offer to purchase a residence, it is important to avoid making the same mistake twice. Thus, you should analyze the home you want to purchase, along with the current housing sector. Because if you use a variety of real estate market data, you could submit a competitive offer to purchase your dream house.
2. Reenter the Housing Market
A seller may reject your offer to purchase his or her house, and as such, you may need to continue your home search. Fortunately, quality residences are available in cities and towns nationwide, which means there are lots of great houses at your disposal.
Of course, you may want to put together a homebuying budget, too. If you have a homebuying budget in hand, you can search for houses that match your price range.
To craft a homebuying budget, you should meet with banks and credit unions. These financial institutions can offer home financing insights and help you get pre-approved for a mortgage. And once you have a mortgage, you will know exactly how much you can spend to acquire your ideal house.
3. Consult with a Real Estate Agent
A real estate agent is happy to help you determine the best course of action after a seller rejects your offer to purchase. In fact, he or she will do everything possible to help you streamline the homebuying journey.
Typically, a real estate agent will learn about you and your homebuying goals. He or she then will create a homebuying plan designed to help you achieve your desired results. Next, you and a real estate agent will work together to transform your homebuying vision into a reality. And as you navigate the homebuying journey, a real estate agent will provide comprehensive housing market insights you may struggle to obtain elsewhere.
Let's not forget about the assistance a real estate agent will provide as you get ready to submit an offer to purchase a house, either. A real estate agent will help you craft a competitive offer to purchase any home, at any time. Best of all, if your homebuying proposal is accepted, a real estate agent will help you finalize your house purchase as quickly as possible.
Clearly, there are many things you can do if your offer to purchase your ideal house is rejected. If you start planning ahead for the homebuying journey, you could boost the likelihood of enjoying a seamless property buying experience.
A "lowball" homebuying proposal is unlikely to do you any favors, particularly if you want to acquire your dream residence as quickly as possible. In fact, after you submit a lowball offer, it may be only a matter of time before you receive a "No" from a home seller.
When it comes to buying a house, it helps to prepare a competitive offer. That way, you can increase the likelihood of getting a seller to accept your home offer and speed up the homebuying journey.
Now, let's take a look at three tips to help you avoid the risk of submitting a lowball offer on your dream residence.
1. Analyze the Housing Market
Are you searching for a house in a buyer's or seller's market? Are homes selling quickly in the current real estate market? And are houses selling at, above or below their initial asking prices? These are just some of the questions that homebuyers need to consider as they assess the real estate sector.
With a diligent approach to buying a house, a homebuyer can become a real estate market expert. This buyer can assess a wide assortment of housing market data, and by doing so, gain the insights that he or she needs to submit a competitive offer on any residence.
2. Understand a Home's Condition
A home purchase is one of the biggest transactions that an individual will complete over the course of his or her lifetime. As such, the decision to submit an offer on a house should not be taken lightly.
To make the best-possible choice, it helps to look at all of the available information about a residence. You should review a home listing closely and attend a home showing. In many instances, it may be beneficial to check out a house a few times to get an up-close look at it before you submit an offer.
The condition of a home will play a major role in how much you are willing to offer to acquire a residence. Therefore, you should learn as much as possible about a house's condition. And if you feel comfortable with a home, you should be ready to submit an offer that will match a seller's expectations.
3. Collaborate with a Real Estate Agent
Hiring a real estate agent generally is a good idea, particularly for a homebuyer who wants to reduce the risk of submitting a lowball offer on a house. A real estate agent can help a homebuyer prepare a competitive offer, as well as ensure that a buyer can enjoy a seamless home transaction.
Furthermore, a real estate agent will allocate the necessary time and resources to help you analyze a house. He or she will even offer homebuying recommendations and teach you everything you need to know about the homebuying cycle.
Avoid the temptation to submit a lowball offer on a house – use the aforementioned tips, and you can submit a competitive proposal to acquire your dream residence.
If you decide you're ready to purchase your dream house, you should submit a competitive homebuying proposal from the get-go. Otherwise, you could risk missing out on the opportunity to acquire your ideal residence.
Submitting an offer to purchase your ideal house that meets the expectations of a property seller can be simple. Now, let's take a look at three tips to help you craft a competitive offer to purchase your dream house.
1. Examine the Local Housing Market
The price of a home in a big city may prove to be much higher than the price of a comparable house in a small town. Much in the same vein, a housing market that features an abundance of sellers is likely to be far different from a market that includes many buyers. However, if you assess the local housing sector closely, you can identify real estate market patterns and trends and craft your homebuying proposal accordingly.
Oftentimes, it helps to look at the prices of recently sold houses in the city or town where you want to live. You also may want to find out how long these homes were available before they sold. That way, you can differentiate a buyer's market from a seller's one and put together a competitive offer to purchase based on the present's real estate sector's conditions.
2. Analyze a Home's Age and Condition
A brand-new home may prove to be more expensive than an older house that is in need of major repairs. Comparatively, a recently renovated house is likely to be a great choice for buyers who want to avoid property repairs, while a "fixer-upper" home may be a top option for those who are ready to tackle property repairs on their own.
As you analyze a home's age and condition, you should consider how much you are willing to pay for this residence. It sometimes helps to consider potential home upgrades and repairs that may need to be completed. And if you evaluate possible home improvement costs, you can account for these expenses in your offer to purchase.
3. Consult with a Real Estate Agent
A real estate agent is a homebuying expert, and his or her goal is to ensure you can acquire a great house at an affordable price. Thus, if you collaborate with a real estate agent, you can put together a competitive offer to purchase in no time at all.
Typically, a real estate agent will offer housing market insights that you may struggle to find elsewhere. And when you're ready to submit an offer to purchase your dream home, a real estate agent will help you craft a homebuying proposal that is sure to get a seller's attention. Plus, a real estate agent will negotiate with a seller's agent to help you get the best price on your ideal house.
Ready to submit an offer to purchase your dream home? Use the aforementioned tips, and you can put together a competitive homebuying proposal and quickly accomplish your homebuying aspirations.