Winston Wells with RE/MAX Universal Northwest Realtors shares how buyers can efficiently shop for a home in today’s climate.
News of a changing real estate market has buyers excited for the potential of stabilized prices and fewer bidding wars. Despite signs of change, however, real estate remains competitive in many locales.
Starting your homebuying journey amid the shifting housing market? Consider these tips for buyers from Winston Wells, REALTOR® & MRP with RE/MAX Universal Northwest Realtors in Spring, Texas.
1. Get prequalified
With interest rates fluctuating – and rising – it’s important to navigate financing options prior to starting the homebuying journey.
“The first step is to get pre-qualified and make sure that the lender has everything they need to close your loan,” Wells tells his clients. “The exception would be if you’re purchasing a home with cash.”
Determining a feasible down payment and getting prequalified for a loan will help set a budget when searching for properties.
Wells advises homebuyers not to get discouraged by the rise of interest rates, noting that rates are still relatively low.
“I like to say, ‘Don’t wait to buy, buy and wait’,” he says. “This investment will benefit you in the future.”
2. Work with a trusted professional
Hiring a qualified real estate agent, according to Wells, is the most important step in a transaction.
“Consider working with a full-time professional,” he says. “When you formally engage a full-time real estate agent, they have their finger on the pulse of the current market and the movement of inventory at any given time.”
“Buying or selling real estate is a major financial investment – of course you want to have the best representation for your investment,” Wells continues. “Establishing a great relationship with an agent can help ensure the well-being of future real estate transactions.”
One of the perks of working with an experienced real estate professional is their expertise in various transaction types, and their fine-tuned skills like negotiation.
“A respected colleague once told me that choosing a Realtor is as important as choosing a surgeon… If you had to have [surgery], wouldn’t you want a surgeon that has years of experience? That same rule should apply to choosing your real estate representative,” he says.
3. Stick to your real estate goals
“I believe that the market is vibrant and positive for buyers,” Wells says. “It’s always a great time to buy and sell real estate.”
In an environment where competition could lessen, buyers may feel they have more choice available. In order to find the ideal home for your needs, start by creating a “wants vs. needs” list to guide the home search and dictate factors that keep a home as a contender or eliminate it as an option.
4. Be patient
While the market may be heading in the direction of normalization, that doesn’t mean competition on homes is gone for good.
“When you put in a new offer for a property, you may not get it – but don’t be discouraged. [The situation could involve] multiple offers, extremely high counter offers, and sometimes even no response from the seller on your presented offer,” Wells explains. “Patience is critical.”
“Most importantly, hire a [real estate] professional you trust to represent you.”
Wells shares other tips for buyers on the all-new RE/MAX TikTok channel. Check out the video and share!
Article originally appeared on RE/MAX.
