Last chapter we discussed the importance of getting a mortgage loan pre-approval before you head out to look at Door County homes. Now what?
What Can You Afford
Your mortgage loan pre-approval tells you what you can afford to pay for a Door County home, condo or piece of land.
That does not mean you need to buy real estate for as much as you have been approved for. In fact, it would be great if we can find you the just-right property for less than you are pre-approved for. As long as it fits your wants and needs…
What Are You Looking For
What does your new home need to have? What does that piece of land need to be?
When we work together I will ask you to give me a list of “must-haves” in your new property and a list of “I wish it had”.
We are now ready to start looking at properties!!
I have a tip: Consider looking at properties that don’t have everything on your lists. Be open to looking at homes that don’t exactly meet your criteria. It is surprising how many of my clients find the just-right property by looking at property that may not have been on their list, but that I suggested.
An example is Judy. Judy had criteria and one absolute must was a main level laundry–it could NOT be in the basement. The home Judy bought has the laundry in the basement. The rest of the home was so perfect in every way–structrually, mechanically and aesthetically–and the main level laundry because not important at all.
Current Market Conditions
Have you ever noticed that when you buy a new car, or are even just looking at a certain model and color, that, that car appears everywhere? Now that you are in the real estate market, you are going to notice every little thing you hear about the housing market.
You might hear it on television, you might read it on the web, or it may be friends, family, and co-workers. Everyone has an opinion on what the real estate market is doing.
The problem is, most of what you might hear is based on national, state, and regions within a state–the information is too broad and general.
Then How Do I Know WHAT the Market Is?
What the market is doing–are homes in a certain price point selling fast, more slowly, are there many listings for sale or not very many–all of those questions will affect your ability to find the property you want.
A generality for Door County is that we have buyer’s markets and we have seller’s markets–all at one time–it really just depends on the location, property type, and price point.
I know, that still does not answer your question, and it cannot be answered in a single blog post. When we meet we will talk in-depth about the current market conditions and what they might mean in your price range, your property type interest, or location interest.
The bottom line is, do not form your mindset on what the market is doing based on what you casually hear from day to day. Don’t be impressed by spreadsheets and percentages alone–I’ll provide those too–what you need is complete market knowledge!
Have you started your list of “must haves” and “I wish it hads” yet. Do it, we’ll need those to get out and see some homes!
Start Your Door County Home Search Here