Avoid the Classic Mistakes of First Time Buyers

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There are a common set of mistakes made by first time home buyers. I wanted to give you some advice to avoid them when buying in Richmond.

The first thing to do is get pre-qualified for a loan. It's important because then you'll know what you can afford and what your payment will be. I also recommend dealing with a local lender; your real estate broker can recommend someone if you don't know of any. They should treat you fairly, get back to you quickly and meet closing dates.

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Use a qualified professional when inspecting your home.

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Secondly, don't fall blindly in love with a home because of decorations. Buyers can see well-staged homes and fall in love with the furnishings but overlook the practicality of the space. Keep in mind the expensive things like the age of the roof, water heater, and systems. See if the siding and windows are made with good materials.

I also see first time buyers get hesitant. They see a home and say they want to think about it. I tell people not to think about it because the person who saw it yesterday is thinking about putting in an offer today. If you like it, be prepared to act quickly. In this market, houses come off the market in a matter of days, and sometimes hours. 

Next, always use a qualified professional when inspecting your home. Bring in specialists for things like chimneys or radon inspections. A professional home inspection lasts three to four hours, so don't trust your cousin, Randy, to do it in 30 minutes (even if he built houses at one time). Professionals are there to help you and protect you from problems down the road. 

Another thing that gets overlooked is keeping resale value in mind. When you go to buy, you don't want to spend $300,000 and have the only $300,000 house in the neighborhood.

These are all important factors to keep in mind. If you have any questions for me at all, please don't hesitate to call or email me.

Are You Sabotaging Your Richmond Home Sale?

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation 
Call us at (804)218-3409 for a FREE home buying or selling consultation

There are thousands of ways to sell a home, and there are thousands of ways to mess up a home sale. As we head into the spring and summer selling seasons, I’ll show you some things to avoid when you list your home.

1. Don’t set an unrealistic selling price. Buyers are savvy and they know when they’re getting a good deal or not.
2. Don’t sell your home without a licensed real estate agent. We can sell your home more quickly and at a higher price than you can. Selling a home is a full-time job, and we doubt you have the time to do it yourself. Call me and let me come out to view your property. We can make the necessary repairs that will bring top dollar for your home.

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An agent will sell your home more
quickly and for more money.

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After you’ve sold your home and you’re searching for a new one, it’s important to establish a good relationship with a lender. The market is very competitive right now and sellers will not even entertain your offer if you have not been pre-approved beforehand. I recommend speaking with Charles Merrill, our preferred Senior Loan Officer. If you have a letter of pre-approval in hand when you make an offer, you would be the equivalent of a cash buyer.

If you have any other questions about buying or selling in Richmond, please don’t hesitate to reach out to me!

Tips for the Competitive Richmond Market

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation 
Call us at (804)218-3409 for a FREE home buying or selling consultation

As a home buyer in the competitive Richmond housing market, there a few things you can do to increase your likelihood of getting your offer accepted. You need a strong offer to compete in multiple offer situations.

First off, work with a Realtor. They understand the market, especially specific neighborhoods you’re interested in. They’re also tied to an official Code of Ethics. If you view a new construction home, you’ll encounter a site agent that’s an employee for that builder. They’re not bound by ethical standards to treat you honestly and fairly.

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Familiarize yourself with different areas by driving around to see what’s best for you and your family.

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Secondly, interview a couple different agents. Ask questions about their status as a full-time or part-time agent, their sales track record, how long they’ve been in business, and their availability on short notice. It’s not ideal to use your neighbor, friend, or relative that recently got licensed. Learning takes time and you want top talent.

Thirdly, get pre-approved. Know what you can afford and what your future payments will be. If you see that perfect home, you want to be able to put an offer in quickly.

Next, familiarize yourself with different areas by driving around to see what’s best for you and your family. Consult your Realtor. They can give guidance that helps save you some time, energy, and money.

When competing against multiple offers, my buyers always write personal letters to the seller. Most of the time, our buyers with lower offers get accepted because of this personalized touch.This note explains how much they love the home. Sometimes, buyers will even include a family photo.

If you have questions about buying or selling a home, or you have topic suggestions for future videos, please feel free to reach out to me.