Lions Realty Group
Taunee English, Lions Realty Group
Email: [email protected]

Should You Overspend to Acquire Your Dream Residence?

by Taunee English 12/08/2019

Once you discover your dream house, you probably want to do everything possible to acquire this residence. However, it is important to remain calm, cool and collected as you navigate the homebuying journey. Because if you act too hastily, you risk overspending to purchase your ideal residence.

Let's face it – the temptation to submit an offer to purchase your dream home that may require you to break your homebuying budget can be overwhelming. Lucky for you, we're here to help you consider your offer to purchase closely and ensure you provide a competitive homebuying proposal that won't force you to exceed your budget.

Now, let's take a look at three tips to help you craft a competitive offer to purchase your dream house.

1. Analyze the Housing Market

The real estate market may have major ramifications on the offer you submit to acquire your dream residence, and perhaps it is easy to understand why.

For example, if you are operating in a buyer's market, there likely is an abundance of sellers and a limited number of buyers. If you find your dream house in a buyer's market, you may be able to acquire this residence by submitting an offer to purchase at or near a seller's initial home asking price.

On the other hand, navigating a seller's market may prove to be tricky. In a seller's market, there is a shortage of high-quality houses available and an abundance of buyers. Therefore, if you want to purchase your dream residence in a seller's market, you may need to submit an offer to purchase at or above a seller's initial home asking price.

Consider the housing market closely as you prepare an offer to purchase. If you can differentiate a buyer's market from a seller's one, you can submit an offer to purchase your dream house that falls in line with the current housing market's conditions.

2. Weigh a Home's Strengths and Weaknesses

When it comes to putting together a competitive offer to purchase, it helps to consider a house's strengths and weaknesses. That way, you can account for the costs of any potential home repairs or improvements in your homebuying proposal.

You should consider a home's location as well. For instance, a home in a remote town may prove to be more affordable than a comparable house near a big city. And when you craft an offer to purchase, you should always account for a house's location.

3. Consult with a Real Estate Agent

A real estate agent can help you submit a competitive offer to purchase at any time. This housing market expert is happy to provide a recommendation about how much to offer to acquire your dream home. And if you have homebuying concerns or questions, a real estate agent is ready to respond to them at your convenience.

Want to buy your dream residence? Use the aforementioned tips, and you can avoid the risk of spending too much to acquire your ideal house.

About the Author
Author

Taunee English

Taunee English is both a Principal Real Estate Broker and a Business Broker of Lions Realty Group Dba Business Caretaker Inc

She is a third-year award winning Real Estate Broker experienced in Trust and Probate transactions. Taunee is deeply passionate about helping families after a loved one has passed away because she had personally experienced the unexpected challenges of settling both Probate and Trust estates for her family. 

Besides representing families as their Realtor, Taunee also has acted in the capacity of Personal Representative/ Administrator and Successor Trustee of Probate and Trust Estates for both family members and clients due to her 20+ years of experience in real estate, accounting, business management and trust administration. She was an Enrolled Agent certified by the Internal Revenue Service as a Tax Specialist and ran a CPA firm for six years before starting Business Caretaker Inc., with a Real Estate Division - “Lions Realty Group” and Business Brokering and Management Division - “The Business Caretaker”.

Taunee proudly served our country and is an U.S. Naval Veteran.

As devoted as she is to our country, she is AS devoted to the IMPORTANCE of EDUCATION and has over eight Real Estate Designations which includes: Certified Probate Real Estate Specialist, Seniors Real Estate Specialist, Certified Negotiation Expert and National Commercial Real Estate Advisor designation. She provides monthly real estate educational classes as Chair of Professional Development Committee at Beverly Hills/ Greater Los Angeles Association of Realtors®. At the state level, Taunee is a State Director of California Association of Realtors® and serves on the committees: Taxation and Government Finance, Investment Housing, Education and Communications Advisory Committee.

A side note, Taunee is a avid fan of Shark Tank which has earned her three social media titles of #1 Fan of Barbara Corcoran ,#1 Fan of Marc Cuban and Shark Tank Social Media Guru.