What Makes a Home a Good Buy?

There is no perfect home, but some homes are more ideal for your household than others.  When you begin looking for your next home, carefully consider these four criteria...price, features, location and condition.  The closer you to get to meeting all four criteria, the better your chances are of making a good buy.

PRICE

In any market, price has to come first.  To determine what you can comfortably afford, take to your Realtor.  She can recommend a lender who will prequalify you for a mortgage loan.  When you know how much you can spend, it will be easier to shop for homes within your price range.

FEATURES

The size of your family and your activities determine the features you will want in your next home.  The number of bedrooms, bathrooms and living areas are a matter of comfort and convenience.  You may want an extra bedroom for guests or a second master suite for parents.

If you work at home, you'll want a private home office or a computer nook.  You may want a playroom for the kids, a separate laundry area, and a fenced yard and covered patio or deck for entertaining.  Perhaps an eat-in kitchen is more important to you than a formal dining room.  You may even desire an outdoor kitchen for entertaining.

Think about your daily life from morning to bedtime and how your next home can make these activities more pleasant.  This should be your "must-have" list and will help you look at homes more objectively.

LOCATION

Some areas will always be more expensive to live in than others.  Neighborhoods that are well-kept tend to maintain higher home values.  Homes that are close to jobs, schools and shopping centers tend to sell for more money than homes without as much infrastructure.

What is the best home you can find in the area where you want to live?  If these homes are out of your price range, you can compromise...buy a smaller home or a home that needs lots of work in the best neighborhood you can afford.

CONDITION

Condition refers to the state of repair.  Does the home curb appeal?  Is it updated and well-maintained or does it need extensive and expensive remodeling.  Don't forget to consider any deferred maintenance, such as a roof that may need to be replaced soon.  Also, consider the design and functionality...is the kitchen too small and would you be able to afford to remodel it?  Look closely at repairs, cleanliness and room layout.

The one advantage of buying a home that needs updates and repairs is that these properties cost less than updated homes in the same neighborhood.



Be prepared to compromise.  Don't frustrate yourself or your family looking for the perfect home.  Sometimes the home of your dreams does not have to have every feature on your checklist, or it may be a bit further away from your favorite neighborhood, but you'll be happy if it has most of the criteria you want at the price you can afford.

The Four Reasons Not to Buy a Home in the Winter

Can you purchase a new home now while interest rates are still low and there are great deals during the Holidays or do you think you need to wait until Spring?  If you're planning to wait it out, it must be because of one of the following four reasons.

1.     You Want to Pay More

Waiting for everyone else in your area to get up off the sofa and decide to jump in the market to start looking for a new home, you will pay the price.  Really!  Sellers who have their homes for sale during the Holiday months...October through January...are extremely serious and motivated.  This works in your favor (the savvy buyer) who is looking to get a deal on a discounted home.

2.     You Like Competition

 



Of course, you are not the only ones who desire to get through the Holiday season and the winter before taking on a massive life change with a move to a new home.  Spring is called the buying season for a reason...it's when buyers list their home and look for another, hoping that the timing of the finding, selling and moving all line up perfectly timewise, when the kids are out of school.  Makes sense...which is why everyone does it.  That's exactly why you should be doing it now...which few people are!  Less competition from other buyers during the Holidays might mean you'll be able to negotiate a more favorable price for the home you want to purchase.

 

Winter is a Buyers' Market! 

With less competition and fewer house-hunters, the winter months give you an opportunity to get a good deal.  Not only are asking prices lower, you'll find fewer instances of multiple offers occurring, as they did over the Spring and early Summer months.

3.     You Hate Getting a Great Deal

 

There is a tendency for sellers to avoid the end of the year...due to the short days, wintry weather, holiday parties and their perception that homebuyers are occupied.  However, those who do choose to sell their homes at the end of the year are often under pressure and highly motivated to cut a deal.  That's why the year-end might be a smart time for you to buy!

4.     You Want to Wait For Interest Rates to Go UP

 

 

Who cares if the current interest rates are at extremely low levels, but are projected to go up next year?  You've already established you're okay with the idea of paying more!  (See Items 1-3).  The Holiday season may be the last time to lock in a low loan rate that could potential start to climb in 2016.

 

 

Relaxing with a plate of goodies, some egg nog, and a holiday movie sounds great.  But, you know what would sound even better?  Relaxing in your new home knowing you made a great investment.  The ability to kick up your feet isn't going anywhere, but the ideal house with the perfect layout that just listed in your desire neighborhood for a reasonable price definitely is!  That movie can wait...but will that perfect home you've been dreaming of still be there when it's over?

 

 

 

To get started in finding your ideal home, contact me right away.  I can show you the array of value-priced homes that are currently on the market, as well as fabulous homes that are COMING SOON!

 

Judy Wrozier, ABR®

Coldwell Banker Premier Group

 

(314) 348-4033

 

Judy.Wrozier@ColdwellBanker.com