Real Estate: It’s Still a Lack of Supply, Not a Lack of DemandOne of the big questions real estate professionals are asking these days is whether prospective homebuyers still believe
Where do I start in the home-buying process?
Dated: August 2 2021
It's August already and my favorite time of the year is right around the corner... football season!!! Whether it's that first Friday night under the lights, or the first Saturday afternoon at Donald W Reynolds Stadium to watch the Razorbacks, football season creates buzz in Northwest Arkansas. Imagine if you will, the Hogs coming out for their first offensive possession of the year. The players have no clue where to line up, or who is supposed to be on the field for that matter. The ball is snapped and the opposing team comes rushing through the line because no one knows their blocking assignment. The quarterback throws the ball, but the receiver turns the wrong way on his route. The ball is intercepted and ran back for a touchdown. No, Chad Morris is not back in town (thankfully), but this is what an unprepared, uncoached football team might look like. They didn't prepare for the task ahead. Much like competiting in a sporting event, when buying a home the first step is getting your coaches and gameplan in place.
Who are your home-buying coaches/teammates?
-Your Realtor: Finding a realtor that you like and trust is imperative, especially in the market we are currently in. After all, in most cases you will be competing with other buyers when putting in an offer on a house. What purchase price should you come in at? What ways can you make your offer stand out amongst the crowd? What other steps are involved? A good realtor will be able to guide and advise you through the process. Plus, as a buyer your realtor's services are generally free to you, as they are in most cases paid for by the seller. Whether it be a referral from a friend, or maybe a realtor who has contacted you about your home search, it's a great idea to meet with a realtor early on to see if you'd be a good fit to work together.
-Your Lender: Once you have your realtor in place, you'll need to get in touch with a lender. Your realtor will be able to make some recommendations on local lenders, or you could use your bank if you prefer. After looking at your financial situation, a lender will be able to tell you how much of a loan you are pre-qualified for. You don't want to start seriously looking before you know this information. One, it would be a waste of time to look at houses that are outside of your price range, and two, you don't want to fall in love with a house you can't afford. Also, if you are not in a position to get pre-qualified for a loan, a lender will be able to give you advice on how to get where you want to be.
Getting your home-buying team (realtor and lender) in place before you start looking is key. Waiting to find the house you want first could prove costly. In this hot, fast selling market, that house could be gone by the time you get your ducks in a row. Buying a home is the biggest purchase of most people's lives. Having professionals in your corner from the start to prepare, educate, and guide you will make your home search less stressful and more successful.
My name is Patrick Foresee and I'm a Realtor with 12 Stones NWA, Brokered by Exp Realty Rogers. I'd be honored to help guide you through the home-buying process. Call, text or email me anytime!
614 N 2nd Street, Ste D,
Rogers, AR 72756
I was born in Ft. Smith, Arkansas. I have lived in numerous states including Oklhaoma, New Mexico, and Illinois, and I can honestly say that Northwest Arkansas is the best place I’ve ever lived. The....
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