A Happy Meal Could Cost You Your Dream Home

A Happy Meal Could Cost You Your Dream Home

You have seen the articles ranking Raleigh among the best places to get a job, live, raise a family, etc. The word is out, the time is right and everyone seems to know it. What does that mean for those looking to buy or sell a home in the Raleigh area?

The bottom line is there is no time to waste.  If you see the right home, move quickly. Multiple offers are common place. Being in a multiple offer situation means that you must be ready to bring your best offer the first time. The time when buyers had the luxury of back forth negotiations is gone. If you bring less than your best offer, you will likely lose the home to someone who is willing to bring their best.

The current median time on market is just 12 days. If you see your dream home this weekend, count on it being sold next weekend. Keeping in mind that each $1000 in principle is less than $5.00 per month in mortgage payment, many people who are losing their dream home are doing so for the cost of a couple happy meals. From that point of view those meals don't seem so happy any more.

The solution. Work closely with your buyer's agent. Contact your lender and get your pre-approval ready in advance or have a proof of funds letter prepared for a cash offer. Be prepared to make your best offer first. 

Happy home buying!


Michael Johnson Headshot
Author:
Phone: 919-413-0495
Dated: May 28th 2015
Views: 493
About Michael: After choosing a career in real estate in 1990 I had one pressing question to answer. Do I want to b...

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