If you're having
difficulty finding a home to buy, here are six ways to maximize
your opportunities:
1. Find a
good agent in the area or areas where you want to buy. To
protect yourself when you buy a home, adopt a long-range horizon.
Don't buy unless you plan to hold the property for at least 5-10
years. This way you can ride out any downturns in the market and
sell when the market improves. Try to avoid getting into a
situation where you are forced to sell in a down market. If you
have any questions about how long you'll be staying in the area,
postpone your buying plans until there's more certainty in your
life.
2. Make sure
that you and your agent are on the same page. Share your
wish list with your agent. It's a good idea to visit at least
several homes with your agent initially to make sure that you and
your agent agree on what it is that you want.
For example, one
agent didn't show a contemporary-style home to a buyer because she
thought the buyer wanted an older, traditional-style home. The
buyer bought a contemporary home through another agent. It turned
out what she really wanted was a home with architectural
distinctiveness. It made no difference to her whether the style
was traditional or contemporary.
3. Look at
every listing that might work for you. This is how you
learn the idiosyncrasies of the local housing market. After you
look for a while, you may find that your wish list is too
restrictive. You'll have to compromise no matter what or where you
buy. But, before you can decide how you'll be willing to
compromise, you need to know what your options are.
For instance, you
may ideally want a three-car garage. After looking, you discover
you'll be lucky to find a two-car garage in the neighborhood where
you hope to live. So, you will need to make a choice. Either you
drop the requirement for a three-car garage, or you start looking
in neighborhoods where three-car garages are available. Be sure to
let your agent know if you make changes to your wish list.
4. Broaden
your search to increase your options. You might consider
more than one neighborhood or area. Or, you might open yourself to
different architectural styles. The broader your options, the more
listings you'll see and the less frustrated you'll become.
5. Don't
overlook expired or withdrawn listings. Recently, home
buyers who were having a difficult time finding a home to buy
asked their agent about a listing
