Wilson Wolfe Real Estate


Posted by Wilson Wolfe Real Estate on 4/19/2020

As a homebuyer, you may want to consider the seller's perspective before you submit an offer to purchase your dream house. That way, you can boost the likelihood of receiving an instant "Yes" to your homebuying proposal.

Now, let's take a look at three tips to help you analyze the seller's perspective.

1. Review the Prices of Comparable Homes

Once you find your dream home, you may want to take a look at the prices of comparable residences in the same city or town. This housing market data can help you narrow the price range for houses in a particular area.

With insights into the prices of houses that are similar to your dream home, you can put together a data-driven offer to purchase. Perhaps best of all, you can avoid the risk of submitting a "lowball" homebuying proposal that misses the mark with a home seller.

2. Assess the Housing Market

The current state of the housing market may have far-flung effects on how much you should offer to pay for a residence.

For instance, in a buyer's market, there is an abundance of available houses and a shortage of buyers. This often means buyers can browse dozens of outstanding houses and won't necessarily face steep competition to acquire the right residence at the right price.

On the other hand, a seller's market favors sellers. It generally features an abundance of buyers and a shortage of top-notch residences. Therefore, if you're searching for a home in a seller's market, you may need to submit a competitive offer to purchase to secure your dream house.

Review the housing market closely so you can differentiate a buyer's market from a seller's market. If you find houses are selling quickly at or above sellers' initial asking prices, you likely are operating in a seller's market. Or, if you find houses linger on the real estate market for many weeks or months and sell at or below sellers' initial asking prices, you may be working in a buyer's market.

3. Collaborate with a Real Estate Agent

A real estate agent is a homebuying expert who can provide you with housing market insights that you may struggle to obtain elsewhere. Plus, he or she can help you evaluate the seller's perspective so you can submit a competitive offer to purchase the home of your choice.

Let's not forget about the assistance that a real estate agent provides throughout the property buying journey, either. A real estate agent can help you hone your home search and find your ideal residence in no time at all. Furthermore, if you have concerns or questions at any point during the homebuying journey, a real estate agent is ready to address them.

Want to purchase your dream house at a price that matches your budget? Consider the seller's perspective Ė you'll be glad you did. If you review the seller's perspective, you can craft a competitive homebuying proposal and move closer to acquiring your ideal house at a budget-friendly price.




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Posted by Wilson Wolfe Real Estate on 3/22/2020

After you complete a condo inspection, you'll need to make a major decision: Should you move forward with your condo purchase or rescind your offer?

Ultimately, there are several important questions to assess before you finalize your decision on a condo, including:

1. What was discovered during the property inspection?

Study the results of a condo inspection closely. By doing so, you'll be able to learn about a condo's strengths and weaknesses and plan accordingly.

A property inspector will evaluate a condo both inside and out. He or she also will provide honest, unbiased feedback, enabling you to make an informed decision about how to proceed with a condo.

Take into account major and minor condo problems that a property inspector discovers. And if this inspector finds minor flaws associated with a condo, you may want to stay the course and move forward with your initial proposal.

On the other hand, if a property inspector finds significant problems with a condo, i.e. issues that may prove to be costly and time-consuming, you may want to consider rescinding your offer. Or, in this case, you can always ask the condo owner to complete property repairs before you finalize a condo purchase.

2. How much will it cost to perform assorted condo repairs?

The costs associated with condo repairs will vary. However, if you allocate the time and resources to learn about condo problems and the costs associated to fix these issues, you may be able to avoid expensive, time-intensive mistakes.

For example, consider what might happen if a property inspector discovers a defective kitchen light switch in a condo. Although this light switch is a problem, the time and costs needed to repair or replace the faulty light switch likely are minimal. As such, a condo buyer may choose to ignore this problem, or a condo owner may be willing to complete the fix quickly.

Conversely, consider what could happen if a property inspector finds that a condo's furnace is defective. It may cost thousands of dollars to fix or replace a faulty furnace. As a result, a condo buyer may ask the property seller to repair or replace the defective furnace. And if the condo owner fails to do so, a buyer may choose to walk away from the condo purchase altogether.

3. Can I enjoy this condo both now and in the future?

It is essential to consider both the short- and long-term ramifications of a condo purchase. That way, a condo buyer can determine whether a property can serve him or her well for years to come.

A property inspection offers valuable information that a buyer can use to assess the pros and cons of purchasing a condo. Furthermore, a condo buyer who works with an experienced real estate agent can get the support needed to make the best decision possible.

Consider the aforementioned questions as you evaluate your options following a condo inspection, and you should have no trouble deciding whether a particular condo is right for you.




Tags: Condo   Buying a home   buyer tips  
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Posted by Wilson Wolfe Real Estate on 3/15/2020

Shopping for a home is a long, arduous process. When you finally find one that you love, think you can afford, and spend the time to formulate an offer, it can be crushing when your offer is rejected.

However, getting rejected is simply part of the process. If youíve ever applied to college, you might be familiar with this process. You send out applications that you poured your heart and soul into. Sometimes to get accepted, other times you donít.

Making an offer on a home comes with one big advantage over those college applications, however--the opportunity to negotiate. As long as the house is still on the market after your offer is rejected, youíre still in the game.

In this article, weíre going to talk you through what to do when your offer is rejected so you can reformulate your plan and make the best decision as to moving forward.

1. Donít sweat it

One of the most common fallacies we fall into as humans is to think the outcome is worse than it really is. First, remember that there are most likely other houses out there that are as good if not better than the one you are bidding on, even if theyíre not for sale at this moment.

Next, consider the rejection as simply part of the negotiation process. Most people are turned off by rejection. However, you can learn a lot when a seller says no. In many cases, you can take what you learned and return to the drawing board to come up with a better offer.

Donít spend too much time scrutinizing the sellerís decision. Ninety-nine percent of the time their decision isnít personal. You simply havenít met the pricing or contractual requirements that they and their agent have decided on.

2. Reconsider your offer

Now itís time to start thinking about a second offer. If the seller didnít respond with a counteroffer it can mean one of two things. First, they might be considering other buyers who have gotten closer to their requirements. Alternatively, your offer may have been too low or have had too many contingencies for them to consider.

Regardless, a flat-out rejection usually means changes need to be made before following up.

3. Making a new offer

This is your chance to take what you learned and apply it to your new offer. Make sure you meet the following prerequisites before sending out your next offer:

  • Double check your financing. Understand your spending limits, both on paper and in terms of what youíre comfortable spending.

  • Check comparable houses. If houses in the neighborhood are selling for more than they were when the house was previously listed, the seller might be compensating for that change.

  • Make sure youíre pre-approved. Your offer will be taken more seriously if you have the bankís approval.

  • Remove unnecessary contingencies. Itís a sellerís market. Having a complicated contract will make sellers less likely to consider your offer.

4. Move on with confidence

Sometimes you just canít make it up to the sellerís price point. Other times the seller just canít come to terms with a reasonable price for their home. Regardless, donít waste too much time negotiating and renegotiating. Take what you learned from this experience and use it toward the next house negotiation--it will be here sooner than you think!




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Posted by Wilson Wolfe Real Estate on 2/23/2020

The definition of a "dream house" varies from homebuyer to homebuyer. Fortunately, there are many things you can do to determine if a residence is right for you.

Now, let's take a look at three tips to help you evaluate a home so you can decide whether to proceed with an offer to purchase.

1. Review a Home's Features

Think about why you are searching for a home and what you want to find in a house. For example, if you require a home that features a deluxe kitchen, you can narrow your house search accordingly. On the other hand, if you want a home that boasts an above-ground swimming pool, you can focus on houses that offer this amenity.

Consider where you want to reside too. That way, you can hone your home search to a select group of cities and towns and find a residence that is located in one of your preferred locations.

2. Examine a Home's Price

The cost of a home depends on a number of factors, including the residence's age and condition. Of course, the housing market itself plays an important role in a house's cost as well, so you'll want to examine the real estate sector closely. By doing so, you can differentiate a buyer's market from a seller's market Ė or vice-versa Ė and determine if a home's price falls within your budget.

In a buyer's market, there may be an abundance of quality houses available at budget-friendly prices. If you shop for a home in a buyer's market, you may be able to purchase a house at or below a seller's initial asking price.

Comparatively, in a seller's market, there is a shortage of premium houses, and top-notch homes that become available may be in high demand. In a seller's market, you may need to act fast to acquire your dream home. Plus, you may need to submit an offer to purchase that exceeds a seller's initial asking price so you can purchase your ideal residence without delay.

3. Consult with a Real Estate Agent

A real estate agent is a home selling expert, and he or she is happy to help you weigh the pros and cons of buying a house. In fact, a real estate agent will go the extra mile to ensure you can make the best-possible decisions throughout the property buying journey.

With a real estate agent at your side, you can receive lots of support so you can enjoy a seamless homebuying experience. A real estate agent first will learn about you and your homebuying goals and help you search for a residence that matches your expectations. Next, a real estate agent will help you craft a competitive offer to purchase your dream home. And if your homebuying proposal is approved, a real estate agent will help you finalize your house purchase.

Use the aforementioned tips, and you should have no trouble deciding if a house is right for you.




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Posted by Wilson Wolfe Real Estate on 12/29/2019

The right time to purchase a home varies from person to person. Meanwhile, buying a house is one of the biggest decisions an individual may make in his or her lifetime. As such, it is important to weigh your options closely to determine if now if the right time to buy a house.

There are several things you can do to get ready to pursue and buy your dream home. These include:

1. Make a Plan

Think about the steps you'll need to take to go from homebuyer to homeowner. Then, you can craft a plan to put these steps into action.

Also, it often helps to create a list of homebuying criteria. This list will help you narrow your home search and speed up the process of finding your ideal residence.

You should stay flexible as you conduct your home search too. The housing market fluctuates constantly, and if you maintain flexibility, you'll be ready to adjust your homebuying strategy as needed.

2. Get Home Financing

It usually is a good idea to get pre-approved for a mortgage. If you have a mortgage in hand, you'll know exactly how much you can spend on a home.

Banks and credit unions are available to teach you about all of your mortgage options. Thus, meeting with these financial institutions will enable you to learn about different types of home financing and make an informed mortgage selection.

Of course, you should not hesitate to ask home financing questions. Banks and credit unions employ courteous, knowledgeable mortgage specialists who are happy to respond to your queries. Therefore, if you are unsure about which mortgage option is right for you, these mortgage specialists can help you evaluate all of your options.

3. Hire a Real Estate Agent

A real estate agent offers expert guidance throughout the homebuying journey. He or she will help you find your dream home and submit a competitive offer to purchase it. Plus, a real estate agent will negotiate with a seller's agent on your behalf, help you prepare for a home closing and much more.

In addition, a real estate agent can provide plenty of support during your house search. He or she first will help you craft an effective homebuying strategy and search for properties that meet your criteria. Next, a real estate agent will set up house showings and keep you informed about open house events in your preferred cities and towns. And if a seller accepts your offer to purchase his or her home, a real estate agent will help you set up a property inspection and finalize your house purchase.

For those who are ready to purchase a home, it helps to be prepared. If you take advantage of the aforementioned tips, you can enter the real estate market as an informed property buyer. As a result, you may be better equipped than other homebuyers to enjoy a quick, successful property buying experience.




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