Dallas Real Estate Blog | VIP Realty » Buyer Tips

How to Determine the Best Time to Buy

Grace — Wed, 21 Mar 2012 21:17:28 +0000

Determining the best time to buy is often a tricky prospect. And no one wants to surge ahead on the path to homeownership if they aren’t prepared. Luckily, there are a number of ways to determine whether now may be the best time to buy:

Your finances are in order – If you don’t know your credit score or are struggling to pay credit card bills each month, chances are you are not financially prepared to purchase a Plano home. Having your finances in order means paying down your debt, understanding (and following) a household budget and getting your credit report in order. Anything less than that and you can be sure that a lender will not look favorably upon your loan application.
Your job is secure – If you like your job and feel confident about your position in the company (or in your chosen profession) in the years to come, it may be a good time to buy. However, if you don’t feel like you’ve settled down into a good profession or a solid job then you may want to wait to make the leap into homeownership.
You’ve established a nice nest egg – You may think you have your financial house in order, but if you are lacking a nice nest egg, you may not yet be ready to make the leap into homeownership. In addition to having money for a down payment, make sure you have at least three to six months’ worth of your salary in a savings or money market account. Many times, home buyers completely deplete their savings accounts to purchase a home, only to find themselves short on emergency funds when they need them the most.
You are ready to buy – You may have a nice down payment, an impressive credit score and a job you love, but if you are not emotionally prepared to purchase a Plano home, take some time and think it over. Although many financial analysts will tell you that homeownership is the best financial move you can make, the truth is that you should never purchase a home because you think it’s the right thing to do. Instead, make sure it is something you really want.

A First-Time Home Buyer’s Guide to What Not to Do

Grace — Mon, 23 Jan 2012 19:55:45 +0000

As a first-time homebuyer, you may find yourself learning as you go. Although the home buying process is a learning experience, there are a few, tried-and-true lessons that every new homebuyer should take care to avoid:

Don’t get hung up on the aesthetics! – It is often difficult to look beyond a room’s paint color or a homeowner’s carpet choice, but the truth is that all of these things are merely aesthetic and are easily remedied if they aren’t to your liking. If you focus on a home’s aesthetics, instead of its bones (e.g., room size, home location, and its overall condition), you could be missing out on a great North Dallas property.
Don’t compromise your comfort level! (financially) – It may be quite tempting to push your comfort level and go for the home that has the higher price tag, but you could find yourself regretting that choice for years to come. Instead, determine your maximum budget amount and stick to it. One of the easiest ways to avoid doing this is to only look at homes that are within your budget.
Don’t overlook the importance of the neighborhood! – A North Dallas property is only as good as the neighborhood in which it is located. In other words, regardless of how fantastic you feel your home is, if the home values in the area are on the decline, your home may not be the investment you had hoped it would be. Instead, only consider areas that are growing, both in terms of residents and property values, so you can better protect yourself against a poor investment.
Don’t go too fast! – The home buying experience is often an exciting one, and it is quite easy to get wrapped up in the excitement. But it is just as important to slow down so you can be sure you are making the best decisions for you and your family. An overly excited home buyer is often an overwhelmed home buyer, and that could spell disaster when it comes to embarking on the largest financial decisions you will ever make.

Condos vs. Single-Family Homes: Which One is Best for You?

Grace — Thu, 14 Apr 2011 15:29:25 +0000

You may have heard the debate about condos vs. single-family homes: which one is better? Well, the answer to this question will likely depend on your personal situation, as well as your personal needs, wants, likes and dislikes.

If you are trying to solve the condos vs. single-family homes debate in your household, there are a number of things you should consider about both of these types of homes:

Condos

Little maintenance

The Home Builders Association of Greater Dallas

Grace — Mon, 18 Oct 2010 15:47:07 +0000

Do you have plans to buy a new home or build a home of your dreams? If so, then your first stop should be with the Home Builders Association of Greater Dallas.

The Home Builders Association of Greater Dallas, which was founded in 1944, is an

How to Choose a Custom Home Builder

Grace — Thu, 07 Oct 2010 14:15:11 +0000

If you are considering custom homes, you may be wondering where you need to start in this process.

Highland Park custom homes are some of the finest real estate in Dallas, and homes in this area are both beautiful and architecturally significant. It is therefore important to consider all of your options regarding choosing a home builder.

In particular, your first order of business when considering Highland Park custom homes is to choose a reputable home builder. And here

New or Old? How to Choose the Home that

Grace — Fri, 20 Aug 2010 22:59:12 +0000

There is a seemingly endless array of decisions to make when purchasing a home. Where do I want to live? How much home can I afford? What amenities and features do I want in my home?

Another important question that many buyers face is: do I want to purchase a new home or an existing home?

The answer to this question may be a bit tricky, as there are a number of pros and cons to purchasing both a new home and an existing home. Here are some factors to consider when making your decision between new and old:

Workmanship and craftsmanship – Many home buyers gravitate towards older homes because, often times, there is more attention paid to craftsmanship in older homes. Although this is often the case, many of the newer homes also have beautiful features that are reminiscent of older homes.

Why a Pre-Inspection may save you from Considerable Hassle

Grace — Mon, 26 Jul 2010 13:06:29 +0000

As sellers, we all know about the dreaded inspection process. This is the time our potential buyers hire a professional inspector who will pick apart nearly every aspect of our home.

Because the home inspection process is usually the most stressful for sellers, it only makes sense to avoid going through this hassle. If you want to avoid surprises when it comes to inspection time, consider hiring a professional inspector to critique your Coppell home before you list it.

The Advantages of a Pre-Inspection

A pre-inspection is almost always worth the couple hundred dollars, as it gives you an insight on the home

Your Responsibilities when Working with a Buyer

Grace — Fri, 23 Jul 2010 16:40:43 +0000

Choosing a buyer

Questions to ask when Buying a Condo

Grace — Thu, 22 Jul 2010 13:43:06 +0000

Buying a condo is decidedly different than buying a single-family home. Condo ownership comes with its share of unique circumstances, so it is important to understand the many ways in which condos differ from single-family properties. In short, there are a number of questions you should be asking when you begin looking at condo properties:

What are the Homeowners Association (HOA) fees?

HOA fees are additional fees that you must pay when living in a condo. Also called association fees, HOA fee funds go toward building upkeep and maintenance, grounds maintenance, garbage removal, and building amenities, such as swimming pools and fitness centers.

HOA fees are typically paid each month, and vary widely from one condo building to the next. HOA fees can have a large impact on your budget, so understanding these fees is a very important aspect of owning a condo. Expect HOA fees to be higher in condo buildings that offer many resident amenities and services.

Who supervises the disbursement of HOA fees?

Most HOAs are run by a condo association, which is commonly made up of a board of condo owners.

Making an Offer on an Overpriced Home

Grace — Wed, 14 Jul 2010 17:31:41 +0000

You see a home you love, but the sellers have it way overpriced. If you walk away, you could be walking away from owning a fantastic home. However, if you put a realistic offer on the home, you could be in for a straight rejection or a supreme battle.

Why Buyers Shy away from Overpriced Homes

There are many reasons why homebuyers shy away from the overpriced home. First of all, they want to avoid a fight; or, at the very least, they want to avoid offending the seller. It may be quite an embarrassing situation for the buyer to be caught in.

Many buyers assume that sellers with an overpriced home already know the home is overpriced and that there will be little room for negotiation. If you knew a Coppell property was overpriced on purpose would it even make sense to waste your time putting in an offer? You would probably also assume that the sellers have received a low-ball offer at some point along the line, and that they already rejected it.

Should you still make an Offer?

So the question becomes: should you still go after an overpriced listing?

The best way to find an overpriced listing is to examine the number of days the home has been on the market. Next, ask your agent to perform an analysis on the home and to give you an estimate of what the home is worth. One of the most important things to realize is that, more often than not, the sellers are not even aware that their home is overpriced. Many times their listing agent is afraid of offending them by telling them that their home is overpriced!

Because of the condition of the real estate market, and the number of homes that are on the market at any given time, it may be a really good idea to make an offer on an overpriced home. It is important, however, to come armed with the information you obtained from your own market analysis. A great way to get the ball rolling is to offer the sellers a large earnest money deposit to show your interest.

Finally, understand that, although the seller may have turned down other low-ball offers from buyers, you could be entering the picture at the right moment when the seller is ready and willing to sell the home for less than the asking price. In other words, never assume anything when it comes to buying an overpriced home!