The market is improving; inventory is low. Check this countdown list to make sure you are ready to purchase:
1. Get Pre-approved. You are pre-approved when your credit has been checked and confirmed and your income, assets and employment history have been verified. Be careful; some so-called pre-approvals are not worth the paper they are written on. I have received “pre-approval” letters from lenders and submitted them with offers to purchase only to find out later that the buyer was not able to obtain a loan. Sometimes it is advantageous to work with loan officers at the bank with which you do business, as they have a vested interest in your continuing to do business with them.
2. Temper your expectations. Listing inventory in the Palos Verdes area and the entire South Bay is only 50% of what it was last year. This means that if you want to stick to any sort of budget, you are not likely going to get everything you want or you will have to be patient. Have a clear understanding of your needs, wants and wishes, so you will take action when the right home becomes available.
3. Be ready to compete. Unless you are willing to purchase a home an outlying area or in need of a lot of repairs, prepare yourself to make multiple offers and compete with other buyers in the market.
4. Be prepared to act quickly. When you find the home of your dreams, you need to be ready to rush to get it. If you do not act quickly and start making preparations right away, you may find yourself left out in the cold when it comes time for your offer to be accepted.
5. Watch your behavior at open houses. Everything you do and say when in front of the listing agent (seller’s agent) or his representative will inevitably be shared with the seller and may come back to haunt you when your make an offer the purchase the home. Both being too excited about the home or nit-picking the condition of the home can put you at a disadvantage at the negotiating table.
6. Call your real estate agent. Actually, this step should be first. Contact me at 310-995-3754 or Katie@katiemuckrealestate.com as soon as you would like to begin the process!
