Be a Well-Prepared Buyer
Editor’s note: This is the third in a series of articles on the ten steps the smartest buyers make.
The steps abridged 1) Know what you can afford. 2) Know what you need vs. what you want. 3) Working with one Realtor®. 4) Define a timeframe. 5) Pick your neighborhood(s). 6) Do your homework. 7) Search online. 8) View a selection of properties. 9) Negotiate like a pro. 10) Buy. This week I will cover steps 4 and 5.
Step 4. Define your timeframe.
This step is easy for locals because often the timing is set for them, such as a baby on the way, moving here for a job, their current home is under contract… It is the second home buyer who benefits the most from this step. As Realtors, we hear comments like this one: “We should have bought 20 years ago.” Another thing we see is that we will often meet the same buyers over several years because they can’t make up their minds. These are the people who are missing out the most. Over the years of searching for that perfect property, they have missed out on the joys of ownership. In my experience, a one-year timeframe is more than an adequate amount of time to find that dream property.
Step 5. Pick your neighborhood(s).
Once people decide to buy property, they are very excited and are eager to get inside homes to find that perfect one. I slow them down. This step relates to Step 2. Know what you need vs. what you want. You may have defined a need is to have a property that has that “cabin in the woods” feeling. So the next step is to find the neighborhoods that match that need. Drive around to get a feel for the areas. Stop the car, get out and chat with people.
This is a step frequently overlooked because the focus tends to be on the property. However, when I work with buyers, this step is mandatory because the happiest buyers love both the property and neighborhood. Loving the neighborhood comes first. You can change the house to fit your needs, if required, but you can’t change the neighborhood.
Here is a list of five things to think about with neighborhoods in Summit County.
1) Are you OK with having a well for your drinking water?
2) Are you comfortable with the maintenance involved in having a septic system?
3) Are you OK with being part of a homeowner’s association (HOA)?
4) What amenities are most important to you? For example, do you want to be close to hiking/biking trails or shops and restaurants?
5) Is noise a major concern?
These photos are of a home on the market for $549,000. For many buyers, it is ideal because the answers are very favorable. It is on city sewer and water, is part of a very, very low-key HOA, is near tons of hiking trails, and there is little, if any, noise. On top of that, it has four bedrooms, a great room, a separate family room, a garage, and more.
The home pictured is on the market for $549,000. It has four bedrooms,
a great room, a separate family room, a garage and more.
For many buyers, this home on the market for $549,000 is ideal because the answers are very favorable. It is on city sewer and water, is part of a low-key HOA, is near multiple hiking trails and there is little, if any, noise.
Market Insight for the week:
Buyers, on the one hand, don’t rush; on the other, don’t dilly-dally.
Daniel Webster Johnson has earned the national Quality Service Certified® Platinum award in recognition of earning 100% client service satisfaction, as measured by Leading Research Corporation. He is a Broker Associate at Resort Brokers Real Estate in Breckenridge. Contact him at (970) 393-3300 and/or Daniel@YourMountainBroker.com.