There are dozens of buyers for every house on the market. Many of them have time constraints, many of them are frustrated with losing houses, have a true understanding of the meaning of the word compromise, are well read and market savvy and understand that picky, petty problems that “bug” them about a house, are going to be overlooked by more savvy buyers. They have told their boss that buying a house is a major life project they have going on, they are willing and able to pop out at lunch and look at a house. They’ve saved up money and continue to save up more because they are buying a house. They are not spending money frivolously because life is not “normal” right now. Attempting to buy a home in this market is extremely hard. It is a MAJOR life change, project and focus. Moving, marriage, birth, death, divorce, sickness. These are all the major life events that make us pause and do things differently. Buying a house in Northern VA in a hot seller’s market is one of those major life events. You need to focus your time, energy and MONEY on this project, of buying a house.
So here is a handy list of what you should never do when trying to buy a house right now.
- Spend a bunch of money. Now is not the time to make any major purchases. The more money you have to put down, the more likely you are to beat out another bid. Just because FHA and 5% down financing is available, it does not mean the seller has to take it. If it takes you a year to find a house, you should have more money saved. There’s a bright side to everything.
- Open new lines of credit. Any new line of credit you open COULD affect your credit rating. It could knock you out of your price range, curb your buying power by thousands of dollars. Put you into FHA financing territory and keep you from buying a house for years.
- Take big vacations. I am not kidding when I say that taking a vacation could keep you from getting a house. If you are gone, and “the house” is listed and you can’t see it or write on it, someone else will by the time you get back.
- Have no imagination. There are great homes out there that need some cosmetic improvements. If you fail to see that changing some paint or carpet is the only thing in the way of a great home, you will continue to not be a homeowner. These are the houses that might not get dozens of offers, these are the ones that you might be able to buy and make perfect with some vision and TLC.
- Not know EXACTLY what you want. Other buyers have thought about compromises and priorities and will walk in a house and know within a few minutes that the house is right or wrong. Being indecisive, needing days or weeks to figure out if it is going to do, will keep you in place.
If you are in the market for a house. Please don’t do any of these things. Keep focused, try to take time off, be reasonable, have some vision, sock away cash, and don’t mess with your credit.
I will be there for you, work 7 days a week, give you the strategies and advice you need to buy a house, and you need to do your part too.