81% of Buyers Make This Same Mistake
#1 BUYER MISTAKE
The #1 mistake thatBuyer’s make is: they don’t know what market they’re in.
If you’re coming from Cincinnati to Austin, that market’s value won’t overlay over Austin’s real estate market — and most cities don’t. If you don’t understand what market you’re in, you’ll have a hard time understanding the value basis and will think everything’s too high – which is not understanding value.
An easy way to understand and simplify the principle of value is to see if you can beat a deal. All the best deals in any market go first, but if something’s not a steal, then it should be easily replicated by a competitor. If you can’t find this competitor (apartment or house ) this means you’ve found value.
When it’s a Seller’s market, there are not as many houses, but plenty of Buyers. The opposite is true in a Buyer’s market. When your city has less than six months of inventory, this is referred to as the classic Seller’s market; a market where Sellers benefit more than Buyers and sales prices are rising based on limited supply. When there is more than six months of inventory for the city’s housing appetite (absorption rate) this is referred to as a Buyer’s market.
#2 BUYER MISTAKE
The#2 most made mistake in real estate is not comprehending location. Like most people you probably would like to move the perfect house to the perfect location but what’s that perfect house get to the perfect location cost a lot more than it did when it was in the not-so-perfect location That you and your house moving helicopter have moved to a better part of town.
Locational value is all based on the local opinion and presence of factors that constitute a lifestyle or solve a base housing need that buyers and renters will commit to in (buy, rent) an area.
We have represented many attorneys, doctors, bass players, and baristas — and there’s a reason why we’re used when you can always do real estate yourself and we feel that reason hovers closely around the same idea that keep people from cutting their own hair, even though they have a pair of scissors.
BUYER TIPS & HACKS
National real estate news trends and TV shows don’t typically echo the Austin real estate market which is an outlier, although the city isn’t a metropolitan. For instance, Austin’s leasing market is unique, large, and fast moving, rivaling larger cities like New York.
If you’ve purchased in Austin before then you know how quick real estate happens here (about the only thing that happens fast in Austin).
1. Finances – You’ll have to have the last two years of your taxes ready. We have financial affiliates that will look at you ‘on paper’ at no charge
2. Industry – Being at your job, in the same industry for two years or longer — in general is an accepted norm for most mortgage loan approvals
3. Understand Property Type – there are tax and logistical advantages that house have that condos have – vice versa.
4. Lifestyle – you’ll find area by lifestyle. Your agent is an expert in the city. Most may not know where they want their lifestyle to live, but once we know you we can then reduce down to a Location which is when the magic starts to happen. Your home landing should be intentional.
5. Home Ownership Rebate Purchase Program – Ask your agent about local home assistance programs available to nearly anyone — cash back to you to soften the cost or purchasing (down payment, etc.)
6. Always have the Brokers’ cell — say you won’t work with the brokerage if not.
7. Neighborhood Experts – this is a typically rookie tell and telegraphing that you only know one area and you live in the area. Anyone with experience is an expert in many areas, the entire city.
8. Winter Home Sales are typically 30% less – good for buyers, bad for sellers. This may sound trite, but loss in sale price isn’t the only loss when unsuccessfully marketing a property.
WHAT B2H DOES
build2Home is a Home Ownership Assistance program that softens the cost of when purchasing. while delivering to you local knowledge and get you the best rates for your real estate services — with the prices of national big-box, low-fee, low-service business model. We select only the best licensed agents and non-licensed support staff — local market experts.