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Yes, times are tough, but there are willing and able buyers out there looking for a home.  If you’re a Seller, how do you attract that perfect buyer?  First and foremost, you need a real estate broker who will give you an honest comparative market analysis (CMA).   It’s unfortunate, but sometimes brokers will attempt to “buy” your listing by inflating the value.  This hurts you in a few different ways:  you get a false hope that you’re going to sell for a price that isn’t realistic in the current market; if you get a lower offer, you might be insulted and refuse to negotiate; your property may sit on the market for a long, long time; you may feel that you have a representative that you can’t trust to tell you the truth.  Also beware of a broker who says they have a buyer for your property if only you will list it with them. 

How do you avoid this situation?  Ask for referrals from your friends and associates.  Ask if they’ve dealt with a broker they felt treated them fairly and honestly, whether they were a buyer or seller.  Referrals are as good as gold and probably the broker is too!  Discovery Coast Real Estate is lucky to be on the receiving end of referrals several times a month and that’s what keeps us going when times are tough.  This is a big thank you to those of you who have referred us to your friends and families!

And now that you’ve selected that lucky representative, how can you make your house “FHA Loan Friendly”?  This handy flyer might help: FHA Flyer.  As always, your real estate broker should be able to help so take advantage of their expertise!

And Buyers, I’m thinking about you too.  You need a broker (agent) that will be looking out for your best interests, showing you all the homes that fit your needs regardless of which agency has the listing.  They will be prepared with all the info you need about the homes you’ll be looking at.  They will know how much you qualify since they will want you to talk to a lender before you start searching for a home.  If you haven’t done this, you’re not only wasting your time, your agent’s time and the sellers’ time but you may be disappointed when you find the house of your dreams and can’t get financing!  This can be devastating to your home buying enthusiasm. 

Ask yourself these questions and then hustle yourself to the lender of choice.  (Your broker may have recommendations based on his/her experiences with different lenders.  Beware of those that seem “too good to be true”.)

Questions:  How much money do you have in savings?  You’re going to need funds for a down payment, closing costs, inspection, etc.  If you think you qualify for down payment assistance, do you have 3.5% of the sales price of a home set aside?  Do you have family that would be willing to make a down payment gift?  There are so many different programs out there!    How’s your credit score?  Now more than ever this will affect your ability to borrow money.  (Just for fun - video about saving)

Once you’ve confirmed that you have what you need and you’ve contacted a lender to be pre-qualified, start working on your wish list!  You know what your budget is (pre-qualification) so figure out how to spend it!  3 bedrooms a must?  Need granite counters?  Garage?  Certain neighborhood or access to public transportation?  While the list will be very helpful, don’t rule out looking at homes that don’t meet all your requirements.  That two bedroom home may have a den; the counters might be ready for an upgrade anyway; the carport might be huge!  Keep an open mind and open eyes.  Pour out your heart to your agent and see what comes up.

Patience is a virtue  (The ability to wait for something without excessive frustration is a valuable character trait).  This is an unusual market for both Sellers and Buyers.  Mortgage interest is extremely low but lender requirements are stringent.  Sellers, the Buyers are out there but inventory is high, giving them a lot to compare your home to.  How does it stack up?  What incentives can you offer to make it stand out from the crowd?

And finally, remember to seek expert advice!  We’re looking out for you at Discovery Coast Real Estate!  Start your search online (84% of buyers do).