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3 Steps to Keeping Your Sanity in a Hot Real Estate Market

RED 42. HUT, HUT, HIKE.

Bear with me while I state the obvious. In order for Peyton Manning and his fellow Broncos mates to take home the big W at Super Bowl 50 last Sunday (24-10, in case you missed it), they had to spend several hours mentally and physically preparing for that game and that outcome.

Uh, yeah, that was obvious…so, what’s the point?

Point is: if you’re like most people, buying a house is essentially the biggest game you’ll play in your lifetime, so I’d encourage you to take a play out of Kubiak‘s book and get ready.

Step 1 to keeping your sanity in a hot real estate market is to be prepared before you start looking at homes. Having your professional teammates selected is vital to your success when it comes to getting the keys to your new front door. It will also save you tremendous amounts of time and stress along the way.

I recommend interviewing and selecting the following professionals the moment you’re even thinking about buying:

  • Your Real Estate Agent. A buyer’s agent to represent you in your transaction won’t cost you anything, even if you don’t buy a home. It’s a pretty sweet deal because an experienced agent will help you set expectations, identify exactly what you’re looking for, walk you through the buying process step by step, and offer invaluable insight into the local market…for free. Once you’ve selected an agent you’re willing to commit to, they will recommend their trusted business partners to you to make the rest of the selection process a little easier.
  • Your Lender. Contact a couple of lenders to discuss their experience closing deals in the areas you’re looking in, current rates being offered, and to see who makes you feel the most comfortable. Once you select a lender, discuss your budget, timeline, and get pre-approved. Fun fact: many buyers can often afford more than they actually think they can.
  • Your Attorney. If you’re a first time buyer, you’ll probably want to find an experienced and patient attorney that will take the time to explain documents and processes, not just ask you to sign next to the ‘X’. As an experienced buyer, you may prefer an attorney who is to the point and doesn’t need to thoroughly go through every little detail. One question I recommend asking up front is: if your transaction doesn’t close, are you still responsible to pay him or her a portion or all of their fee? Select one that makes you feel confident and that can intercept an accepted offer right away to get you in and out of attorney review as quickly as possible.

For a full list of my preferred Hudson County, NJ business partners and their contact info, click here.

BE LIKE THE SKITTLES COMMERCIAL AND DREAM ON. JK, PLEASE DON’T.

Think about the most amazing dream you can ever remember having–maybe you became a celebrity or won the lottery or the World Series of Poker and felt like you had the world in the palm of your hand…Now think about how you felt when you woke up. Bummer, right?

Yeah, we don’t want that to happen during your home search. Step 2 to keeping your sanity in a hot real estate market is to stay realistic with your search parameters when you’re scouting the market for homes. If you cannot comfortably afford the taxes, maintenance, and mortgage on a $1.4 million dollar home, don’t slide that bar so far to the right, because when your agent starts showing you homes for anything less, you’re going to be disappointed and it will make finding your perfect home much harder and less enjoyable. Resist the temptation and keep those searches realistic.

PRETEND YOU’RE BEN ON THE BACHELOR

…and be okay with falling in love with more than just one.

Step 3 to keeping your sanity in a hot real estate market is accepting the fact that you’ll likely have to submit offers on more than one home before the stars align between you and the seller and an offer gets accepted. As you view homes with your agent, the most important thing to keep in mind is your lists of must-have criteria vs nice-to-have criteria. Try to look beyond the paint color or the staging, these can always be changed after closing. More importantly, focus on the details that cannot be changed, like the location, HOA and Tax costs, number of bedrooms/baths, and important lifestyle criteria such as an elevator or low floor if you have a tough time walking up stairs or have young children, included parking if you own a vehicle and can’t cope with street parking, or a building that allows pets if you have furry friends.

Remembering to focus on the important must-have criteria will allow you to identify multiple homes that could be a great match instead of spending too much time looking for ‘the one’ while the others get away.

IN CONCLUSION

I want you to become a homeowner without pulling out your hair or needing a box (or 5) of tissues in the process.

Be prepared, focus on what’s really important to you about your next home, and as always, if at first you don’t succeed…try, try again.

 

 

Have you been a buyer in a hot market, how did it go? Leave comments/replies below! Questions? Email me at Cheybanks@kw.com.

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Cheyanne Banks-Griffin

Licensed Real Estate Salesperson

Cheyanne@nestseekers.com

207-358-4508207-358-4508 main

Banks Griffin Properties at Nest Seekers International

140 Bay Street, Suite 1 Jersey City, New Jersey 07302