Greensboro Triad Real Estate Blog

Well, if any of you have satellite radio I am sure you have heard that line.   But, think about it.  How many homes have you looked at as a buyer?  How many have you found that you really liked?  If only the interest rate would go down just a llllliiiiiittttttttlllllleeeee bit more!   Or maybe the homeowner will drop the price just one more time.  As a buyer I think you need to look at a bigger picture.  That of the market A)as a whole and B) the individual market you want to buy in.  To wait to long you could end up being one of those left standing on the sidelines while you missed one of the best opportunities ever. 

The Author:

Larry is a Greensboro Residential Broker, CARTUS Certified Relocation Specialist, Previews luxury homes trained, SRES & CHMS who can assist you with the purchase and/or sale of real estate in the Piedmont Triad Area that include but, not limited to Greensboro, High Point, and Winston Salem, NC.  If you're relocating to or from any other area of the country, Larry connects you with a member of our national team of relocation specialist in your destination or exit city of choice.  The destination service is of no cost to you!  The Coldwell Banker Triad's service guarantee puts us way ahead of the competition by providing customer service that is equal to none.  Your complete happiness is our top priority!  Larry Story - Coldwell Banker Triad Realtor's - 336-327-1841 also at www.storybookhomes.ws

Copyright© 2009 By Larry Story, All Rights Reserved...

Don't you just love listings?  I have gotten three possibly four listings this week.  I just got one new one in the MLS and the sign up.  Well, of course I and my assistants have started the task of marketing the new listing.  Well, of course one of the many steps we do is to put the new listing in Craigslist.org.  The listing went in this morning.  I got a call this afternoon from a potential buyer.  Of course you know how the conversation goes "So are you working with an agent yet?"  don't you love when the answer is NO!  One of the few times we like to hear that.  So I am meeting them tomorrow and we will also be sitting down to discuss selling the condo that they own now also. 

Today's Business Journal published a fact that some of us had already known.   CP Morgan is pulling out of the Triad.  While this in itself is not a problem what is now apparant is that any of their remaining inventory is now going to be on Fire Sale!  This spring when Beezer Homes pulled out one of my buyers was smart enough to take advantage and we got him a two bedroom townhouse with numerous upgrades for over 25% off of the original list price.  New Construction!  Believe me I am contacting all my buyers and we are going bargain shopping for the next few weeks until we use up all this inventory.

I do seriously hope some of my fellow agents out there in the Piedmont Triad are paying attention.  So come guys let's have some fun. 

Well I don't know about you but my buyers are JUMPING off the fence.  Maybe it is because the end of the year is drawing near, or maybe because the election is finally over.  Not sure exactly what the reason is.  Anyway it does look like maybe an early Christmas.

So don't you want to see if those buyers of yours out there want to have an early Christmas present for themselves?  I mean hey they deserve one to.  With interest rates still at an extremely low rate we know how good a time it is to buy.  So let them open their present early and live in it.

After all I think my clients deserve it don't yours.

Well in Home Buying 101 first we can advise you one what to do.  By no means do we have the perfect formula for home buying for every person out there shopping for a new home or that investment property.  What I would like to do is give you some guidelines that will help you in your decision making process and also some tips for tools in our area of North Carolina that are available for you to use. 

A) Home Searching vs Mortgage shopping

                   Now while some will tell you to speak to a mortgage lender first which in many cases is a great idea some of you are alittle wary of going that far right off the bat.  I do understand your being hesitant.  But, what you really mush understand is that the broker that will help you or maybe you want to go it alone needs this information in order to direct you and help you in your search.  You can jump right into looking for your "Perfect Home" and find the most wonderful home you can imagine only to have those dreams crushed when you find out you cannot afford it.  Rejection is a terrible thing.  So why even set yourself up for that.  Go to a couple of mortgage lenders and lets see just how much you can afford and what you will be approved for. 

B)  Shop smart $$$

                    OK now we know what the lender will allow you to borrow.  BUT, what can you really afford depending on your lifestyle.  As one client I recently worked with put it he "likes to go out once in awhile".  So the question stands is your idea of going out McDonalds, or P.F. Chang's ?  You maybe quailified for one number but, when you work that payment with property taxes and insurance escrow-ed in to your day to day budget does that mean a life of beenie weenies, or can you still have steak once in awhile.  Plan now for what you are willing to sacrifice.

C)  Buyers Agent

                   Now you need to pick a buyers agent you are comfortable with.  Let's face it some personalities just do not mix.  Oil and Vinegar is great on a salad but, they don't mix so choose someone that you can talk to comfortably.  This person is paid for and their commission has already been decided by the sellers agent in the listing agreement.  So USE THEM!

D) Tools

                  Your agent in the Triad needs to sign you up on Listingbook.com.  This is a tool here in the Triad that will allow you the consumer to surf through all of the homes for sale in the Triad area MLS.  So with gas prices what they are do you want to spend hundreds of dollars just driving around or do you want to sit in the comfort of your own office or home for your search.   You can put in a large number of specifics to help you narrow down your search and therefore preview the homes in the price range, the size, and the features that you want.  I get so many positive comments from clients that once they have logged into the site they love it!  It is much more comprehensive then the national sites like Realtor.com since not all the MLS listings go to Realtor.com.  Yes of course mine do but, there are alot of small brokerages out there that do not.  Some flat fee brokerages that list homes for FSBO's don't go on Realtor.com but, they will be in the MLS site.  Plus you can communicate with your broker through the site.  The website will notify the agent immediately by email if you leave them a question check a listing as a favorite or any number of things. 

E) Take your time.

                   This is a very, very important decision in your life.  For many of you it is one of the largest financial decisions you will ever make.  So please do not ever fell pressured to make a decision always talk it out with your broker, your lender, family and friends.  I encourage you to always be sure of your decision.  I always make my clients fell as secure as possible by giving them all the facts on the home, the mortgage, the neighborhood, and the community at large.  I want them to be happy and I want them to always be able to come back to me with any questions or concerns. 

So HAPPY HOUSE HUNTING AND ENJOY YOURSELF!

So you want to buy a home eh. We need to backwards engineer this process to help you realize what you need versus what you want as well as what you can afford versus what the bank will lend you.  So do you know how much you can borrow to buy your palace?  So first off get pre-qualified to see what you will be allowed to buy!

Ok now that we know what the bank will let you borrow now how much can you really afford?  I mean do you want to live off PBJ sandwiches and EasyMac's?  Be realistic in your budget to allow for living a life outside of that home. 

Now we are rolling!  How large of a home do you want.  Ever heard the line champagne on a beer budget.  Ok well we should have decided our budget with the first two questions.  So seriously how many bedrooms and bathrooms do you NEED.  Not want but need.

Fun time.  Ok now we now some true basics so let's look at everyone's favorite real estate term; location, location, location.  Where do you want to be.  Are schools important?  If so just keep in mind that school districts change periodically.  Is that waterfront lot more important then say the one on the 5th tee at the local country club.  Or maybe you just want to be close to work with the price of gas nearing your mortagage payment.

Now how about that buyer's agent?  How many did you interview or talk to before you decided on " the one".  Do you have your questions ready for the interview?  How will we communicate? How are you going to find my "Perfect home" for me? 

Now you have made an offer on a home and the negotiations have begun.  Are you going to stay with the plan and not go over your top price.  Another common mistake is are you going to wait to make an offer on a home you love because you are still looking and don't want to miss a home that is not on the market yet.  Then be prepared for that home to be bought out from under you.  Don't be afraid to commit!

Now follow-up.  You have a contract.  GET A HOME INSPECTION!  At the very least a home inspection.  If it were me there would also be a pest inspection and depending on the house (age, condition, etc) an HVAC inspection, plumbing, and electrical.

Ok you have a contract you are getting ready to close please remember this;  DO NOT GO OUT AND BUY A CAR!!!  You may have the approval for the home but, the lender is going to pull another credit report just before closing to make sure you have not purchased any big ticket items that will push your percentages out of the approval zone.  There are too many people out there that get ready to have their home and at the last minute pull this move and crush there dreams of buying that house. 

Well you now have cramps in your writing hand but, you own the home.  So move in and enjoy!

Happy house hunting to those of you out there that are in the process.