7 Things To Do Before You Make An Offer on a Home

You have looked at several homes with your real estate agent at the Lake of the Ozarks and are finally ready to pull the trigger. But, before you make an offer and make the home yours, there are several things to consider. Let Devine & Associates assist you through the home buying process to avoid problems with your purchase, so you don't get buyer's remorse. Below are 7 things to do before signing a purchase contract:

1. Research the Market

Your Lake of the Ozarks Realtor®, can let you know what type of real estate market your area is currently experiencing. A "buyer's market" consists of a large inventory of homes for sale. In a "seller's market", homes sell rapidly and buyer's have less pull. The more information you have, the better off you will be with coming up with an appropriate offer, and the more leverage you will have at the bargaining table.

2. Look at Comparable Listings

By researching the Multiple Listing Service (MLS) for your area, your agent will be able to research homes that have recently sold in the neighborhood you are considering purchasing a home in. By looking at the ones most similar to the one you like, you can get an idea of what buyers might pay, and how much you want to offer. These homes are called comparables and should have the same number of bedrooms and baths, and be in about the same condition. You may also want to take a look at other homes currently listed to see how the prices stack up to the listing price of your target home. 

3. Check the Days on Market

The amount of time a home has been on the market is referred to as the "days on market" (DOM). Devine & Associates can find out how long the home has been for sale. The longer the home has been on the market, the more anxious the seller may be to sell. Likewise, a home that has only been on the market a few days will be less likely to accept a bid below asking price.

4. Inspect the Home

The home may show great, but you need to look beyond the recently painted interior and nicely landscaped yard to determine the true condition of the home. Find a close friend or family member who may be able to spot expensive and troublesome problems such as leaks, cracks in the foundation, or termite damage.

5. Test Out the Commute

Even if this is the home of your dreams, you may find you do not enjoy the drive to and from work. Make sure to test it out during the hours you would normally be travelling to work. Also, make sure your commute to gas stations, grocery stores and schools is tolerable.

6. Get Acquainted with the Neighborhood

The home you choose may be perfect, but be sure to explore the neighborhood as well. Get to know the surroundings to determine if it is a good fit for you. A small quaint neighborhood by day could turn loud by night. Go on different days and at different times of the day. A neighborhood is full of distinct neighbors, noises, and even smells. 

7. Secure Financing

Look at you finances and determine how much you can afford to spend on a home. Don't forget to include money for closing costs and a down payment. If you plan of getting a home loan, talk to a lender, and get a pre-approval letter. After you have completed the previous steps, and decide you are ready to purchase a home, a pre-approval letter will put you in a better position with the seller.

Let Devine & Associates Help You With Your Home Purchase

There are lots of things to do once you find a home and you are ready to make an offer, but Devine & Associates will guide you through the process. When you are ready to buy a home at the Lake of the Ozarks, let us go to work for you. Contact us at (573) 392-9900 to start your home search today!

Where Your Best Interests and Our Best Efforts Meet!

Devine & Associates Real Estate
(573) 392-9900

Follow Us On...


Popular posts from this blog

Featured Property - Hurricane Dolly's Restaurant and Bar

Staging Your Home for a Summer Sale: Indoors

Unexpected Expenses to Prepare for When Buying for the First Time