John and Anthony discuss Tips for Buying a Home on Fox 25 Morning News
Related blog: 4 Tips for Buying a Home in Spring
We are on the brink of the peak time to buy or sell a house the spring season traditionally very active time in the housing market and who better to give us a breakdown than our real estate experts John McGeough and Anthony Lamacchia of Lamacchia Realty good to see you this morning. How big is snow a factor here, do people say hey I don’t want to deal with it or if you want to find a house you’re going to look for a house anyway?
We’ve seen it delay things by just a couple of weeks but there is so much pent up demand right now that it hasn’t had as big an impact as you might have thought. The blizzard of a couple weeks past, that did impact us a little more, this one, we’re hoping just a little speed bump.
All right you guys have a few trends you’re going to share with us this morning as we head into the spring market and we saw this a little bit last year you guys said, bidding wars, Anthony, we’ve had them before and they’re going to be back is that correct?
Last year was the first time in at least a few years that we really saw them come back, this year I think it’s happening even more. We’re seeing them all over the place, last year it was just some hot towns, now we’re seeing them in many towns, it’s becoming much more common, and now I think buyers are more accepting of it, a year ago they were like, “what? How is there a bidding war?” Now it’s a little more common.
So does the seller say take an offer and sit back a little bit to see if something else is coming in or are they going to respond quickly?
Sometimes they do that it depends on the situation. And it depends on how much activity we’re seeing but sometimes the seller will say I want offers by a particular day maybe giving buyers 48 hours or so to respond. Sometimes it comes as a surprise, so you’re scrambling a little bit you’re putting together some type of schedule but ideally buyers should be aware they need to move quickly.
So if you see a place you like you better jump because it may not be there long.
That’s absolutely correct.
All right let’s go on to another tip you have here, work with a buyer’s agent. I’m not sure a lot of people know what a buyer’s agent is and what they can do for you.
That’s right, well it’s more common now but when a seller has their own agent, and that’s the listing agent and buyers in most cases have a buyer’s agent. But there are still buyers out there who think they can get a better deal or they can do better going at it on their own ,and to go at it on your own you got to call, you want to see 4 properties? You got to call each listing agent .
And it doesn’t cost you anything either you don’t have to hire one.
Right, because the listing agent splits the commission so it’s more important than ever now to have a buyer’s agent because of the fact that inventory is low you’ve got to move fast on properties and agents are going to have a better inside track in most cases than going at it on your own.
Especially experience-wise that’s important too in that area
No question, when you’re hiring the right buyer’s agent they’re going to give you some information that the listing agent may not be providing to you so as Anthony said exactly why some people don’t want to use a buyer’s agent is they think they can get a better deal themselves. Well guess what, if they have the right buyer agent no different than a sports agent or anybody else they’re working for you they’re getting paid from the seller, there’s a huge motivation for them to help you out.
Not a bad deal, actually, let’s talk about another tip, get pre-approved before you go shopping for that new home, that’s huge.
That’s a big tip that we put out there because when things were moving slower over the last few years buyers got accustomed to well I’ll get a pre approval when I find the house I want. No, you need to have a pre-approval in hand now, because if you go out on Saturday afternoon at 3 o’clock and see the house you like, and you want to make an offer, you can’t be scrambling to call your mortgage broker to get your pre-approval at that time. You’ll have to wait til Monday and you can miss a property, so you should have your pre-approval in hand and you should get it updated every 30 days.
That gives you an idea of how much you can afford.
Yes also get pre approval maybe on the higher side it doesn’t mean you have to spend that, but the seller always likes to that they’re pre-approved for more and sometimes you ‘ll be shopping and oh I forgot I got to go higher and that will give you that can discount your offer a little bit.
Are we now in a seller’s market?
Well yes It think so, I wouldn’t say it’s screaming hot seller’s market but last year we saw the balance come about where it was buyers’ market for 3 or 4 years, and then last year it was more balanced this year we’re definitely leaning more towards a seller’s market. But that doesn’t mean sellers can price their house any price they want or anything like that
Price is still key we know that. Lamacchia Realty, John and Anthony thank you very much.
Back to In the News