SUCCESSFUL HOME BUYING
The following three factors must be carefully considered while making your home buying decision. As your representatives, counselors, and advocates throughout the home buying process, we will guide you through this.
1. Selecting the Right Home
Homes considered "blue chip" are those with the fewest negative features in whatever area or price range you are looking. These homes appreciate the most and hold their value in all markets. Our advice is to buy the best home you can find in your price range – a "blue chip" property. Our goal is to educate you about the most important factors that determine a home's potential resale value. The following factors should be considered generally in this order of declining importance:
- Real estate zone
- Zip code
- City
- School district
- Neighborhood
- Street
- Block
- Adjacent properties
- Lot size
- Building location and orientation on the lot
- Floorplan
- Building condition, amenities, and landscaping
- Price (relative to comparative properties)
For a more detailed explanation of each of these factors, please contact us.
2. Market Timing
The ebb and flow of supply and demand in the real estate market (and therefore periods of home appreciation/depreciation) moves in a predictable cycle. We will help you determine the best time to buy within a cycle, while balancing your personal needs.
3. Interest Rates
Interest rates move in a supply and demand cycle that is independent of the real estate cycle. Prevailing rates need to be considered carefully as they can dramatically affect what kind of home and neighborhood you can comfortably afford.
THE FOUR PHASES OF BUYING YOUR HOME
In our effort to educate you on the home buying process, we have summarized the entire process into four distinct phases. As your agents, and with our team, we will walk you through each step with confidence and competence. We encourage you to contact us for more details about each stage of this process.
STEP 1: PRE-SELECTION
Initial Meeting
- Define your goals & objectives
- Overview of Multiple Listing Service (MLS) areas, statistics, and maps
- Discuss qualities of “blue chip” properties
- Loan pre-approval
- Create plan of action
Finances
- Meet with mortgage representative and submit application
- Verify purchase price
- Estimate timeline to closing
- Liquefy necessary funds
- Receive pre-approval
Insurance
- Meet with broker
- Verify availability of insurance
- Determine specific information/actions needed by broker to issue insurance
Contract
- Review contracts
- Clarify questions with Jeff or Steve
- Write letter of introduction
STEP 2: SELECTION
Search
- Narrow options for MLS areas, home type, and price range
- Establish MLS auto-search
- Tour neighborhoods and begin process of elimination
- Visit open homes within price range
- Tour properties with Jeff or Steve
- Move quickly when a winner is identified – call Jeff or Steve
Confirmation
- Tour property with Jeff or Steve
- Determine offer date and time
- Drive and walk around neighborhood
- Review disclosure documents
- Verify school districts (if appropriate)
STEP 3: CONTRACT NEGOTIATIONS
Offer
- Meet with Jeff or Steve to write offer
- Tender deposit check
- Deliver letter of introduction
Counter-Offer Strategies
- Make the other person walk away
- Look for trade-offs
- Seek a win-win solution
- Determine if new inspections and/or a walk-through are needed
- Negotiate any newly discovered fix-its
- Verify appraisal and ability to close of escrow on agreed-upon date
- Remove contingencies
STEP 4: ESCROW MANAGEMENT
Details Handled by the Stricker/TenBroeck Team
- Generate buyer’s file
- Meet appraiser at property
- Submit deposit to escrow
- Submit contract to lender
- Monitor loan process closely
- Meet with inspectors (if any)
- Review all reports and disclosures
- Review final settlement statement
- Accompany you to escrow sign-off
- Final walk-through checklist
- Verify possession from seller
- Final review and update of buyer’s file
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