A showing on Saturday inspired a blog post about a buyer looking at houses for sale here in Manchester NH. Before they focused in on this home we looked at everything including short sale listings, foreclosures, bank owned homes and re-sales. This buyer is experiencing what other buyers are which is a delay in completing the purchase.

There are several reasons buyers are afraid to make the jump from "LOOKER" to "HOME BUYER". I have heard various reasonings and multiple questions which are all basically similar.

 
A buyer needs every advantage they can so they can make an informed decision whether now is indeed the right time to buy for them

THE MOST IMPORTANT PRE-BUYING RITUALS

1. Get Pre-quailifed. The most important thing to do before you start to look at homes is to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for

2. Hire a Buyer Broker. You can usually hire a buyer broker at no cost to you, they get paid their commission from the fee advertsised in MLS by the listing agent and paid at closing. This way they can get the information for you and you will have someone assisting you through each step of the buying process.

3. Know what type of property you should look at. Depending on the type of mortgage you are getting, they may require the property to be in move in condition such as FHA. if houses need work, you may not be able to purchase.

4. Making an offer. When you find that dream home, the first thing you should do before making an offer is to assess what that house is worth in todays market. Never base an offer on an asking price, you  dont know ifthat asking price is priced at market value, priced way to high or already priced low to atrtract more buyers.

5. Contingincies you need to include and some to avoid. Price is not the only thing a seller looks at in your offer. The Other is contingincies. The only 2 contingincies you should include are getting a mortgage and a home inspection. You can reduce the negatIve affects of each by including your pre-qualification letter and keeping your inspection to within 7 days.

IN CONCLUSION

Buying may not be right for every buyer, you need to assess your financial situation, the condition of the  Real Estate market where you live and lastly if you are ready, willing and able to purchase. Every other aspect is ready for you. Some say "the stars are aligned" for buyers with such low interest rates and low sales prices. Mortgages are harder to get but banks ARE loaning money to quailified buyers. Interest rates will not get much if any lower. With prices stabilizing in alot of NH markets if you are buying at or below market value, you are still in a comfortable position with equity.

Hiring a buyer broker who can assist you through each step of the buying process would be the next step to start looking at homes. If you live in NH, i can let you know how we can represent you often at no additional cost to you, as a buyer.