Nervous about entering the Richmond, VA real estate market as a Buyer? The key is to know what to expect, have your ducks in a row and follow these 4 home-buying guidelines.
1. Get your credit healthy, financing nailed down, and have that pre-approval letter in hand. If you need a mortgage advisor, we can help with that.
2. When you are competing with other aggressive offers, you may have to give a little on some of your must-haves. Be prepared to decide which home features are most important to you and which you can be flexible with. If you find the one that you can’t live without, a luxury updated bathroom may be able to wait.
3. Multiple offers are the norm, so be prepared with your absolute maximum budget in mind. An agent with real estate negotiation expertise can help you figure out what other line items like appraisals, inspections, and contingencies can make your offer stand out. Here are 4 areas to consider.
What you offer on a property depends on a number of factors, including its condition, length of time on the market, buyer activity and the urgency of the seller. While some buyers want to make a low offer just to see if the seller accepts, it’s wise to read the current market and understand that might not be the best strategy right now, given low inventory. To be most competitive, choose a home that is comfortably within your budget and allow for some potential escalation of price.
The Move-in Date:
If you can be flexible on the possession date, the seller will be more apt to choose your offer over others.
Often, the seller plans on leaving major appliances in the home; however, which items stay or go is often a matter of negotiation.
If you are comfortable, making an offer that is not contingent on the sale of your home is often looked upon favorably. Additionally, you may consider an inspection waiver if the home looks to be well-maintained or newer.
4. Our home becomes a part of our heart, but during this part of the process, keep it all business. You don’t want to get caught up in a frenzy, offer too much for your comfort level and end up regretting anything later. Your agent can help you manage emotions and keep things in perspective.
Give us a call so we can talk about what you need, what your options are, and how to be best-prepared to purchase a home in Richmond, VA.