Buyer Advice

from HGTV.com

Find a Good Real Estate Agent

Buying a new home is a large investment in time, energy and of course, money. A professional real estate agent’s job is to guide you through the process, answer all your questions, and help you make the best decisions possible.

Lender Resources

Take a look at local lender resources here.

Careful Money use and Location

Avoid making any huge purchases or moving your money around 3-6 months before buying a new home. This helps maintain your credit profile. Lenders want see that you’re reliable and they want a complete paper trail so that they can get you the best loan possible. If you open new credit cards, amass too much debt or buy a lot of high dollar items, you’ll have a hard time getting a loan.

Get Pre-Approved

Anybody can get pre-qualified for a loan. Getting pre-approved means a lender has looked at all of your financial information and they’ve let you know how much you can afford and how much they will lend you. Being pre-approved will save you a lot of time and energy, as you’ll know which houses you can afford. It also gives you the opportunity to shop around for the best deal and the best interest rates. Avoid hidden loan costs: learn about junk fees, processing fees and points.

Don’t Try to Guess the Market

Don’t try and figure out when is the best time to buy. Anticipating conditions of the housing market is impossible. If you found your ideal house, see a fair price and can afford it, it’s a good time. Real estate is cyclical, it goes up and down. Don’t miss out waiting for the “best” time.

Larger Isn’t Always Better

We all love bigger. There’s an old adage in real estate that says don’t buy the biggest, best house on the block. The largest house appeals more to a smaller audience and you don’t want to limit potential buyers when you go to re-sell. Your home is only going to go up in value as much as the other houses around you. If you pay $250,000 for a home and your neighbors pay $75,000 to $100,000, your appreciation is going to be limited. Sometimes it might be a better idea to consider a “fixer-upper” as it likely has more investment value.

Avoid Property Boundary Issues

Contact the seller, for the property boundary facts. This can depend on subdividing and contractual issues. It’s absolutely essential to get a survey done on your property (or the property you’re considering)  so you know exactly what you’re buying (or selling). Knowing precisely where your property boundaries are may save you from a potential dispute with your neighbors. Also, your property tax is likely based on how much property you have.

Understand Non-Mortgage costs

The difference between renting and home ownership is the sleeper costs. Most people just focus on their mortgage payment, but they also need to be aware of the other expenses such as growing property taxes, utilities and insurance premiums for example. New homeowners need to be prepared to pay for repairs and maintenance. Budget for these costs that aren’t up front.

Logic Versus “I Love It”

Buying a house based on emotions is often the wrong choice. There’s a big difference between your emotions and your instincts. Using logic and instinct helps you recognize you’re getting a good house that fits you at a fair price. Avoid choosing a place based on just a few nice features.

Take a close look and take your time

A home is a large investment, so look closely at its condition and potential. Hire a licensed home inspector, and one that is good. It may cost $200 but could end up saving you thousands. A home inspector’s responsibility is to provide buyers with information of what repairs may be needed or negotiated with the seller. A licensed inspection gives you negotiating leverage with the seller.

The Bidding Table

Your opening bid should be an affordable one and illustrates what you believe the property is worth on the market. Avoid offending the seller with an extremely low number. Consider location and what the area’s homes are currently going for. Utilize a non-rounded number for your bid, as sellers will know you’ve considered every angle and it’s not the same old bid style.

Check Out the Neighborhood

Several homebuyers moved into a new house and found out several unappealing elements of the neighborhood. How far away is a grocery or gas store? How is the trip to and from your workplace? Even if you don’t have kids, do your research on the area’s schools. Even if

The Best Seller’s advice comes from Running Horse Realty

Running Horse Realty understands the seller’s perspective, current market trends and values, know-how and the team to get it all done!

WHY Choose an RHR Agent for Real Estate service? Because Our Team:

  • Are top sellers and consistently at the peak of selling statistics for the Park County Board of Realtors
  • Have one of the largest market shares in the Big Horn Basin area, with a sales volume comparable to or better than any agency in the area (maybe this is where you can place a link to solds)
  • Closes successfully on 95-98% of all properties under contract
  • Expertise includes a combined 50+ years of experience in all types of Real Estate including Residential, Farm & Ranch, Land & Lots, Commercial and Recreational

RHR has top notch and cutting edge market visibility with:

  • Two locations: Powell & Greybull: Highway 14A location in Powell, and 6th street in Greybull, both are highly visible and easy to access for visiting clients. All of our customers enjoy our comfortable meeting spaces.
  • A cutting edge web site that is easy to use and browse properties as well as digital social marketing and networking (90% of buyers use the internet to search for property)
  • A Brand logo that is very popular and represents your mission. The “eye catching For Sale signs” stand out and draw attention to your property
  • A marketing team consisting of a marketing coordinator, graphic designer and web designer consistently working to update marketing plans and find new opportunities
  • Appropriate media to advertise your property through multiple media channels including but not limited to: print, radio, on-line, signage, specialty ads, events and support of local businesses to reach their audience.

Your RHR Team has an A-1 Reputation for:

  • Honesty and integrity, RHR cares about their clients!
  • Knowledgeable in real estate, land, laws, the community and surrounding counties
  • Friendly, patience and perseverant – working with you to fulfill your Real Estate dreams!
  • Work at exceptional service in business dealings and value relationships with people
  • Strong and co­­­nsistent work ethic