Hello everyone, it's Sabrina again with another blog for Levi Cox - Realtor with United Country Blue Ridge Land and Auction. While the summer was wonderful, we are getting excited for Fall. Levi is preparing to harvest the second cut of hay for our farm and our children are enjoying their fall sporting activities with our local high school. Fall is one of our family’s favorite seasons.
On the last blog Levi provided some insight into the preparation and selling process of your home or property. Now, let's shift with the focus solely on buyers and what this process entails. Levi is sharing his wisdom with us, so if you are in the market for a home/property this blog is for you!
As shared in the previous blog the current market continues to show as a seller’s market. What does this mean for buyers and how does it affect them? According to Levi “buyers are paying premium prices for some property and it is extremely competitive at times with offers.” Don’t fret, Levi is here to help with the process! Knowing your need to purchase a home/property it is important to “have your players lined up” Levi informed. The players he is referring to are a realtor and lender. With the high demand market this is necessary. Levi shared “in a sellers market often you have limited time after viewing a home therefore having a realtor and lender already involved is a first step to success.” In other words, it is crucial to have a preapproval letter in hand. Levi stated, “you don’t go to the grocery store to fill your cart with groceries then go to the register and have no funds to pay, the same idea is important for real estate.” A lender will help a buyer understand the different loan types they qualify for as well as the amount they are able to afford. Having a lender you trust and can build a relationship with is important for this process as well.
Once you contact Levi and explain what you are looking for he is able to look for property that may meet your needs/wants. Levi also explained there are several different websites that assist consumers in their search. These are your popular sites such as Relator.com and Zillow, to name two. Let’s say you have found a home/property you are interested in, Levi will help schedule a time to view the property. During the showing it is important to take your time. Levi informed, “in this market you may only have one chance to see the home/property before it is under contract. Look beyond the obvious and consider resale, location and any future repairs such as HVAC, roof, etc.” If you like the home and are comfortable making an offer Levi will begin with the negotiation process with the seller/seller agent with the end goal to receive an acceptable offer. “Most of the time the agent will prepare a written offer with the negotiated details and buyers will sign, Afterwards the written offer will be presented to the seller,” Levi exclaimed. Sometimes negotiations take time and Levi will be with you throughout the whole process. He excels in communication! Sometimes buyers will look at multiple homes until they find one they are comfortable purchasing and this process may take time. Once your offer is accepted you are on your way to the closing table. Levi said to think of this as a relationship, “Looking at properties is considered the dating phase, offer accepted is considered engagement, closing day congrats your married.” There is plenty of paperwork at the closing table to help you remember your purchase. The closing process takes 15 to 30 minutes to complete and if often less time than purchasing a car or cell phone.
Not everyone uses a loan to purchase a home, so what about cash buyers? “Cash buyers may be accepted more willingly by sellers due to financing not being a factor”, according to Levi. He also stated, “closing expenses will be lower with a cash purchase.” It is important for a cash buyer to ensure they are not paying over expected appraisal value of the home/property.
Our hope is this blog answered some questions regarding the property buying process, especially for new home buyers. We plan to focus again on buyers in our next blog with identifying loans and that process with local mortgage lenders. Be sure to check out Levi’s website LeviCoxRealtor.com and his facebook/instagram pages for properties as well as upcoming listings. Levi looks forward to your call or message either to assist with purchasing a home/property or to #listwithLevi. Until next time, enjoy your little piece of the country.
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