The Carr Report

Savvy Home
Buyers Have
a Plan

I know a lot of you want to do your own research on the internet. Trust me, the realtor's computers can still zero in homes that meet your wish list a lot quicker and with more accuracy than any of the internet sites. If you insist on looking, the best sites are realtor.com, homes.com, homescenes.com, century21.com, viewtownelakehomes.com and www.ginacarr.com.

Put your current home on the market. If you have a home that you must sell before you buy, don't spend a lot of time looking around for your new home. The reason that you don't want to get your heart set on a particular home is that you seriously hurt your negotiating ability on both ends — the buying of your new home and the selling of your current one. An offer to purchase a home with a contingency to sell your home first is much weaker than a straight offer. This is not a good position! There should be plenty of time after a buyer starts getting serious about your home for you to pound the pavement to find the perfect home for you.

Negotiate wisely. In order to determine a good offer price for the home you like best, your agent can pull "comps." These are comparable homes in that same neighborhood that have sold recently. This information, combined with the knowledge you have gained from looking around at the current competition, should give you a good starting point for your initial offer.

Currently, we are seeing a lot of buyers making very low initial offers (less than 90% of asking price). Sellers just are not that desperate! Here is a typical scenario: Buyer A submits a low offer, offending the seller. Buyer A spends the next several days negotiating with the seller. Then, a new buyer, Buyer B, submits a reasonable first offer on the home. The seller drops Buyer A and Buyer B gets the house. Don't make this mistake! If you find a home you really want, go in with a reasonable offer in the first place (around 95 — 97% of asking price).

After you've found the perfect home and negotiated a fair price, there is still a lot of work to do. Next month, we'll look at what needs to be done after you get your dream home under contract. In the meantime, call a good agent and good luck with your next house hunt.

As the number one seller of homes in the 30189 zip code, Gina's team members are recognized as the experts in helping people buy and sell Towne Lake area homes. We hope that you love Gina's magazine, The TowneLaker, and that you will think of us, CENTURY 21 Advantage, first when you need to buy, sell, or lease real estate in the Towne Lake area. Visit us at www.ginacarr.com or www.viewtownelakehomes.com

Gina Carr
Advantage Team Leader.

Now that many of you have regained your confidence in the economy and your jobs, you are ready to buy while the rates are still low. Smart move! Let me give you a few pointers.

Assemble a good team. Even if you've done it before, buying a new home can be a scary process. There are lots of decisions to be made and many of them can either be costly or profitable. You need to assemble a good team of professionals to help you make good decisions every step of the way.

Choose a good agent. In today's marketplace, the buyer's agent is critical to the home buying process. This professional can assist with everything from finding and evaluating homes to choosing other good team members — inspectors, mortgage professionals, etc.

Your buyer's agent represents you and puts his or her professional experience to work for you to help you make the wisest decisions. Choose an agent who is experienced and is knowledgeable about the area you desire. The best part is this valuable representation doesn't cost you a cent. The buyer's agent's fee is paid by the seller!

Get pre-qualified. There is nothing worse than getting your heart set on a particular home only to find out that you can't qualify for it. Speak with an experienced mortgage professional before you go looking at your first house. You need to fit all the parameters and requirements of the lender. You will also have greater negotiating power if you go in as a "pre-approved" buyer.

Make a list of must-haves and like-to-haves. Once you know your price range, work with your buyer's agent to develop a list of things that you absolutely must have in your new home. Look ahead a few years. How many bedrooms and baths will you need? Can you live without a basement? What neighborhoods appeal to you most?

Start your search. Ask your agent for a "drive-by list" to get you started. Your agent will take your must-have criteria and generate a custom list of homes that match, complete with pictures and directions. Drive by these homes to get a feel for the neighborhoods and to see if you like the home from the outside first. Then, call your buyer's agent to set the appointments to see them. (Remember, the listing agent represents the seller, not you!)