TAMPA, FL, April 17, 2009 – Cristan Fadal, Senior Associate with CENTURY 21® Fisher & Associates in Tampa, provides three key strategic steps all buyers should consider when preparing for a new home purchase in this market.
“Many of the clients we work with are initially unprepared for the entire buying process and it takes some education and time to really help them understand and prepare for what lays ahead” states Fadal.
Fadal suggests the first step is establishing your purchasing power. “One of the worst situations for any buyer is finding the perfect house only to learn they can not secure the necessary financing” states Fadal. If you have not done so already, locate a lender to at least get pre-qualified, if not pre-approved. A pre-approval letter goes much farther in this market than just an offer. Also there is greater due diligence taken by lenders in this market, so the underwriting process can take much longer than in the past, start the process early.
“Helping our buyers clarify their “wants and needs” is the second critical step to finding the right property in the least amount of time” says Fadal. He suggests that buyers write down specifics such as square footage, lot size, bedrooms/baths, amenities and location to name a few. This list can then be utilized to do more refined market scans, thus reducing the search process. “With the vast inventories in today’s market, the selections are endless, the more specifics we have the easier the process will be for buyers in the long run” states Fadal
Finally, Fadal recommends utilizing an experienced Real Estate Agent that is knowledgeable about the locations and property types a buyer is most interested in. “While some buyers may believe they can do it all online, using an Agent can cut their search time in half as well as keep them in the know before the masses find out” says Fadal. Additionally, it is more likely than not that your Agent has already seen the property you might find online, thus giving you an added perspective before time is wasted going to see the property in person.