Wednesday, February 12, 2014

Downtown Raleigh Home Buyer Information

Downtown Raleigh Home Buyer Information

5 Tips for Finding Your Next Home in a Competitive Market

Are you looking for your next home in Downtown Raleigh?

The Raleigh real estate market is heating up! Homes Inside the Beltline have always been a hot commodity, but now more than ever they are in demand. With the revitalization of downtown Raleigh in recent years and many more future development plans in the works, more people want to live and work downtown. Homes in Downtown Raleigh Neighborhoods and Downtown Raleigh Condos are being snapped up.

As a Buyer, it can be very intimidating competing for properties. The last thing you want is to feel pressured by multiple offers or just "settle" on a house because you felt like that's all you could get.

Here are 5 Tips for finding the perfect home in a competitive market.

1. Work with an Agent Experienced in Downtown Raleigh Properties
Yes, this is an obvious plug for our services, but in reality, working with a local agent with local knowledge, you will gain more insight into the inner workings of the market. Local agents also have the pulse on new properties coming available and have connections for finding properties not yet listed. A local agent can also help you when determining fair market value of a property.

2. Know the Market
The best way to feel comfortable and confident in any real estate decision you make is to be informed and educated. Your Realtor can send you sales comparables of homes that have sold over the past year. Don't rely on Zillow or Trulia! Those numbers are aggregated from a variety of sources and are often skewed. It's good to add that to your resources, but be advised to not assume the numbers and listings are accurate. Even if you aren't ready to buy right now, take the opportunity to look at new listings so you can get a good feel of the value of properties. Price per square foot isn't the only indicator of value. There are many other subjective factors, like location and condition for example. Start working with an Agent now. Tell them that you aren't ready to buy yet, but you need their help in learning about the market. But when you are ready to buy, use them since they invested time in you. Buyer Services are free. The Buyer Agent is paid at the close of the sale by the listing broker.

3. Talk to a Lender
Even if you aren't thinking about buying for a year or so, you can still talk to a lender now. They can pull your credit report and assess your current financial situation and give you a game plan going forward. You might have issues on your credit or debt to income ratio that you weren't aware of. Or you might qualify for more or less than what you had in mind. Having this knowledge ahead of time can help you develop a more solid plan. Also, if you are ready to make an offer when the right place comes available - you need to be armed with a pre-approval from a lender. If you find yourself in a multiple offer situation, the best offer wins. And if you haven't even talked to a lender, you probably won't even be considered - unless you are paying cash of course.

4. Read the Local News
Follow the Triangle Business Journal, The News & Observer and our Blogs to stay current on local happenings. New employers or hiring announcements, openings and closing of businesses and commercial real estate projects play a role in the local residential housing market. Anticipating future demand based on upcoming changes could put you ahead of the curve.

5. Be Prepared and Ready
If you are ready to buy now and want to avoid multiple offer situations and losing out on your dream home, get yourself in a position to make an offer fast. Focusing on all of the tips above, plus making yourself available to see properties as soon as they come on the market will ensure you are in the best possible position to make an offer. Work with an Agent who is also committed to alerting you to new listings before or as soon as they come on the market and an Agent who will show you homes when you need to see them.

If we can help you in your home search, Contact Us today for a no-obligation consultation.