Today's Real Estate Market
Inventory is at a record low in much of the nation right now and Hampton Roads is no exception. The interesting thing about our local market is that the fall is notoriously a busy market for real estate. This is due to our military community. Many military families receive orders in the fall and will need to suddenly buy or sell a home. For buyers right now, this can mean there is not much to choose from, and for sellers, it means there will be a buyer for your home. It is all about supply and demand.
Working with buyers, I help them get financing in order; have a general idea what they want in a home and where they want to live. As a Realtor, my job is to help keep the frustration to a minimum. The excitement of finding a home can easily wane if buyers lose homes to multiple offers or just having a hard time finding the home that seems like the perfect fit. For example, let’s stick to the community that is right for you. Finding a great home in a neighborhood that isn’t the right fit, will lead to frustration and disappointment. Community is everything. Haven’t you heard “location, location, location”?
Let’s say I find the home that is in your target neighborhood and the kitchen looks dated. It may be the perfect fit since it comes with a lower purchase price and you know you can address the kitchen later. On the other hand, the kitchen may be your number one priority. Once you find the home with that perfect kitchen, it's time to think about what that home is worth to you and how I will structure the offer around that. When buyers are willing to put their best foot forward for a home they absolutely love, it won’t hurt so badly if their offer is beat by a better one.
Lastly, let's get real. Just because the bank says you qualify for a certain mortgage, doesn’t mean that you feel comfortable with that monthly payment. I want to make sure you find the best value for your buck. I suggest making a list of must haves and must not haves to help us find that perfect fit. My last home purchase must haves were schools, proximity to beach, window to the backyard off the kitchen, community pool, open floor plan, laundry room, and bonus room. I found a great home in a great neighborhood, but I didn’t get my laundry room and bonus room. I can live with that decision because I got the other important must haves. It took some time to figure out which ones were most important and once I did, the decision was much less painful.
Remember that for every door that closes, another one opens, and it may be time to get new keys!