Posts Tagged ‘property’

November 17, 2009 — Realty Times Feature Article by PJ Wade

“Ignorance is bliss” was never said about real estate purchases for 7 good reasons:

1. “Knowledge is bliss” may not make it as a buyer’s slogan either, because you don’t have to know it all—just what’s relevant to success as you define it. Different sets of knowledge are important in different buying situations, so the “bliss” generalization may not be specific enough to be useful. “If it is to be, it’s up to me” could be an excellent mantra since determination will drive buyers, both to discover what they don’t know and then, to fill that knowledge gap. This combined effort will assure a buyer is well equipped to make confident buying decisions.

2. Generalizations are self-defeating when evaluating properties since it is how each is unique that addresses specific value to a specific buyer—if you’ll excuse the generalization. All first-time buyers should not seek the same type of real estate solution just because they have never owned real estate before. Each of these buyers, whether they purchase alone, as a couple or with several friends or family members, has a different set of needs, weaknesses and advantages. When generalities are stressed, real estate solutions often concentrate on weaknesses like low down payments. Customized solutions, based on real estate knowledge, should focus on strengths which would counterbalance apparent weaknesses. For instance, first-time buyers may have more creative determination, which can allow them to tolerate living with boarders or tenants. These contributors to mortgage payments create a number of financial benefits and can turn an otherwise financially-out-of-reach property into a great investment solution. (See Pur-Plexing for more on this topic.)

3. Assumptions cost money and waste time. Assume nothing, including that you know what you don’t know. Experienced real estate professionals have a wealth of practical knowledge available to fill your knowledge gaps, but you have to be receptive to gain the full benefit. For instance, do you ask questions and listen to the answers? Find out what you’re assuming when you view properties, evaluate value and prepare an offer to purchase. The conscious effort and deliberate intent of this clarification means money in your pocket. Determination will enable you to put your advantages into action and use the real estate professional’s knowledge to overcome weaknesses. Remember the parsing of “assume” ( make an “ass-[out of]-u-[and]-me” ) if you find yourself thinking or saying, “But I assumed…” and get back in control.

Read the rest of this entry »

There are multiple ways to set up your area search. Many of them overlap. For example a subdivision may lie in a ZIP code that includes other subdivisions. Or a Multiple Listing Service (MLS) area will contain several ZIP codes. If your search criteria do not return the right property, then try choosing an alternate area search. Sometimes you will notice properties when driving in communities which are not returned using your search criteria. Try choosing an alternate area search to more accurately match what you are looking for.

The initial home buying phase is spent learning what properties are available. Over time you will come to better understand the concessions that you are willing to make. When the search process begins you may find that you are very open to several different kinds of property. As the search continues, you will prioritize wants and needs and fine tune your idea of the ‘right home.’ This is a natural and normal home buying process.

The advanced search criteria help you hone in on the amenities that are critical. Many users will use their advanced search criteria for on-going searches after the initial basic search. For example you have narrowed in on the subdivision. Your lender has qualified you for a certain price range. You have seen enough homes now to know that you really want a lot on a golf course. This is the time to set the advanced search criteria. If the urgency of your search changes and you find that you are no longer willing to wait until the ideal golf course property comes along, you can remove this requirement from your advanced search criteria at any time.

Remember that your sales professional is there to help you refine your search and answer any questions. Begin searching now or learn more about setting up your basic search.

For more information, call Prudential Vision Properties at 573-449-6200 to speak with a real estate expert. You can also email your questions to info@PrudentialVision.com (email responses usually come back within the hour)