August 23, 2017 | Bob Myers

No. 1: Low inventory means you have to act fast ...

In many cities around the U.S., inventories are tight, meaning there are  too few homes on the market for potential homebuyers. Homes in good  condition that are priced appropriately sell fast. The competitive  market means buyers may find a home and make a serious offer in just a  few days (sometimes 24 hours!). In extremely low inventory markets like  Denver, Seattle and San Francisco, buyers may end up in bidding wars,  paying more than the home's asking price.
Professional real estate agents understand the unique trends in your market and can help buyers zero in on the right house and act quickly.

No. 2: ... But closing can take longer than you think

According to Realtor.com, the average home sale takes approximately 50 days from  the moment your offer is accepted to the time you move in, but this is  contingent on a variety of things. As the days tick by during this  comprehensive process of inspections and appraisals, you may find  yourself impatient to move in and add Pinterest-worthy decor.
The  good news? Advanced technology has helped streamline the exchange of a  vast amount of paperwork. And, an experienced real estate agent will be  able to set expectations and keep you informed every step of the way.
While  you anxiously await the keys to your new place, you can occupy yourself  by preparing your things for the move and planning an epic housewarming  party.

No. 3: Home inspections leave nothing uncovered

For the benefit and protection of a new buyer, most home inspectors conduct  a very thorough inspection of your new home, leaving a detailed and  often intimidating list of recommended repairs and improvements.  Remember, not every item on the list may need to be repaired for the  home to be safe or for you to take possession. Yet again, your real  estate agent will be able to walk you through this lengthy report,  advising you on what you can and should ask the sellers to consider  fixing.

No. 4: Closing costs may leave you asking:  "I owe WHAT?"

Just  when you think you know the bottom line, some additional closing costs  can sneak up on you. Things like loan origination fees, prepaid property taxes, title insurance and more can add up at the end of the process.  In fact, on average, closing costs can range from 2% to 5% of your  home's purchase price.

Now that you know, you can ask  me for more details and factor this in when you prepare to buy.

Please consider The Myers Team your resource for all things real estate.  We have over 30 years of real estate experience, specializing in the Montgomery County area. If you are refinancing, want a recommendation,  need a service provider or just have a home related question, please give me a call at 301-910-9910 or email me at bobmyersteam@gmail.com.
           
             
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