Today’s real estate market is one of the fastest-moving in recent memory. With record-low inventory in many market segments, we’re seeing multiple offers—and sometimes even bidding wars—for
Love At First Sight Is A Terrible Idea
Dated: October 31 2016
Are You Truly In Love With This House?
When I was a younger mother, I fell for the temptation to buy more house than my family really needed. Austin was a good place to make such a mistake, and I didn't lose money, but I still kick myself when I think how much money I could have saved by buying more sensibly from the start. All because I fell in love with one of the first houses I saw.
Austin's got some gorgeous homes and neighborhoods. It's hard not to fall in love. But here are some pointers for those of us who might be inclined to move too fast:
1. Don't think of your pre-approval amount as necessarily being in your range. Ask your realtor (Kate Ward, hopefully) for an estimate of your PITI (Principle, Interest, Taxes, and Insurance) at a few different prices in the area you're buying in, to get an idea of what your full monthly payment might be.
2. Decide on a number - Do you want to see at least five houses before you make an offer? Twenty? Unless you are under a huge time-crunch, try to avoid putting an offer on the first house you like. If you do put an offer on the first house, at least go look at some other ones first.
3. Take your most critical friend to give the place a look. Family members can also be great for this!
4. Research the area - visit the street late at night, during school dismissal - listen for sounds that happen nearby. Things can change, but if there's a breeding kennel nearby with 100 dogs barking every day, you might want to take note before making an offer.
5. Don't avoid hearing bad news. Sure, you don't want to learn anything that will mess up the deal, but if thousands of dollars of repairs in the next months or years will be hard to manage, then pay extra $150 or so for the inspection. The owner will likely work with you on costs and you will know what you're up against.
Home buying is a financial investment, but it's also extremely personal. It can be tempting to follow your heart all the way. Aim for balance between the love you have for a home and how you're going to feel about that home in the coming years. If having a few hundred more square feet means fewer vacations, then get back out there and look at more houses. I'll help!
As a realtor, my customers' needs and concerns are my number one priority. My mission is to be available to my customers and to work with their best interest in mind all the time. At Team Price we ....