2013 proved to be an extraordinary year and I am truly grateful for the wonderful clients I had the opportunity to work with. Through the opportunities this year I’ve learned so much, and have narrowed down my list to the top seven lessons I, and my buyers and sellers, have learned this past year that will hopefully help you in 2014:
1. When inventory becomes tight expect multiple offers. Buyers should be ready with their highest and best offer if they really want a certain property.
2. Interest rates can rise quickly so have a conversation with your mortgage professional on when/how to lock in your interest rate.
3. Not only are the buyer and seller involved in setting the value on a home but the appraiser as well. Many homes appraised below agreed upon value and sellers were surprised to find that purchase prices were being re-negotiated. Sellers should be well prepared with lists of improvement/upgrades and their own comparable property list if necessary.
4. 17 day loan contingencies are often not long enough in the current lending environment. When writing your offer a more realistic time period would be 21 days.
5. Interest rates below 4 percent will likely not been seen again for a long time. But rates are still at historic lows, it’s time to buy!
6. There is a lot of buyer remorse for not buying in 2012. See point #5… purchase now before rates go even higher.
7. Paperwork and paper trails are the reality of getting a home loan. Be prepared and do not move money in and out of checking accounts without first speaking to your mortgage professional.
To get the best deal, be prepared, be realistic and work with a hardworking, professional real estate agent!
