Coconut Grove, Coral Gables & South Miami Real Estate
This happened for me just yesterday. I was holding open my listing at 18065 SW 82 Ave. In walked an out of town buyer and it was love at first sight. Because she was well-informed and had done her homework, she immediately knew it was well priced and that it was the home for her. She had decided to live in The Village of Palmetto Bay and saw my advertisement for the open house. By 9:00 last night, the home was sold.
Want to find the same success this buyer did? Here are a couple of things to consider before walking into an Open House…
1. Stay within your price range & determine your most important features
First and foremost, if you have been pre-approved to buy in the $450,000 price range, do not waste your time looking in at homes listed for significantly more. Looking at homes that are 10 – 20% higher than your approval price is fine as sellers are expecting negotiations. Homes listed above your budget, can surely be brought down to your range so long as the listing is realistically close to what you can afford. Knowing what you can get for more or for less than your budget is critical in the house hunting process. For example, you may look at 2 comparable homes in the particular neighborhood that is of interest to you. One home is $50,000 above your budget, and has new flooring throughout while the other, $50,000 below your budget, needs some work. If this neighborhood is where you want to be, you should realize that settling for the home that needs some work might very well be your best option if location is your biggest weighing factor.
2. Know a good value when you see one
If you are just getting started on your house hunt, it might be difficult to know whether or not the home is a good value. One advantage of an open house is to compare homes in the area and see what is available within your budget. Hopefully, at this point you are working with a realtor and are getting their assistance with determining what homes offer you the best value for your buck.
3. Remain Patient
Visiting open houses can be fun but can quickly become exhausting. You may go from one to the other, never finding a home you like until the umpteenth one. This could be how it goes. Be patient and recognize that open houses are a way to learn the market, gather information for comparative use, and perhaps to find a good agent who may be able to support you in your buying process.
If you or someone you know is interested in buying or selling their home and looking for a real estate professional, give me a call at 305-987-2644 or send me a note here.