Words of Wisdom For Buyers
Whether you're a first time home buyer or a rookie, consider your long term plans because price is just one of many pieces. Know how much you can afford. In other words, get prequalified and preapproved before going house hunting. Nothing worse than finding that “dream” property only to find out that it's not within your price range, that is unless you're fortunate enough to buy with all cash. Work with a REALTOR® who you trust and will be with you throughout the entire transaction process. Yes, the entire process. From helping you determine the most creative price negotiation strategy, through closing of escrow because purchasing real estate involves a contract that will be quite specific to the property you desire to buy as well as being fully negotiable. Going one step further, don't commit until you are ready. Your trusted REALTOR® will be able to help you see the bigger picture including property taxes, HOA fees (if any), and other expenses associated with your dream property. A final pointer here is not to spend all that money you qualify for. By looking at homes in the middle of your price range, you may qualify for a better interest rate, open up more options that you may have overlooked, and allow you more ease to do those amenity feature upgrades you really desire.
Inspect, inspect, and inspect that property. It is just as important as location, location, location. Seller’s Terms of Disclose do protect you, because memory recollection matters can occur. Moreover, inspections provide you with leverage on price when a recollection matter transpires. Should your dream home involve HOA fees, read the entire covenants, conditions, and restrictions document that you are given. I know it's not what you want to read, but it helps you understand the community standards as well as avoid unnecessary thorns down the road when you want to paint something or modify your front landscaping. Last, don't be afraid to ask your REALTOR® to explain anything you don't understand, reads or seems unclear, or vacuous.
Last, remember that real estate is not recession proof. Yes, it's a reasonable tool to help hedge against inflation; however, real estate can slow down. It's cyclical. Selling out of anxiety when a down cycle comes about generally is an unwise decision. Owning a desert home is an exciting journey, and most people who sell their desert home do so to buy another. Don't wait. Start your desert house hunting early, try buying during summer or holiday time, and keep an open mind as well as be ready to move.