One thing is pretty clear as we enter the new year in 2013 is that buyer have to act much quicker than they did in 2012. There are fewer properties for sale and more eager buyers. If the condo is nice and is priced right then it will sell quickly. That is why doing your homework is so important in a market like this. Rates are 3.5% and rents are getting higher so now may be a good time to start.
It’s foggy in Jackson Square but its clear to myself and many buyers that decisions have to be make faster these days. You just need to be clear on what you are looking for, have a good idea of financing, and be ready to look when I call you. It’s Like that saying…”You Snooze you Lose“…
Being Prepared in this market means we have to do our homework as we beginning our search.
1. Have a good idea by contacting a qualified lender who can make the process happen and give you the best advice on terms, type of loan, downpayment, taxes, insurance and expenses of that loan. This will give you an idea of your note and cost. They should be able to have you a qualifying letter when we present the offer so you are in a better position to obtain an accepted offer.
I have had only one loan for my buyers in the last 100 sales not go through. My client was using an out of town lender that someone had advised him to use. It cost him time and money to find out that he could not qualify. It cost the seller selling time and he ended up with a lower price. Sometimes it is odd how it works out. I sold that condo to another client that got a great deal. I am currently selling the same client another condo a year later and he is using a capable lender that I would recommend to anyone.
2. Study the market by seeing the complexes so you can know what will suit your needs. Recently I am showing units in various complexes so the people can get an idea of the complex so when one does come up they will be ready. Its OK to see overpriced units as it will still give you a good idea of the buildings and units. I then send the clients all the sales from 2012 that will match what they are looking for. The last couple of time I have done this, its been about 10-12 units at most. Sometimes its much fewer as clients add more criteria.
You do not have to depend on the library for your information as your real estate agent should be able to send you all the information that you need. You can use the Internet to find out a lot of good information on your own that is very valuable.
You put that together with a capable real estate agent and experienced New Orleans lender then you are ahead of the game and can expect much smoother sailing. I know the lenders who can get it done as you may use 3-4 different ones in a year depending on your situation.
Just stay away from large banks and out of town lenders as they know little about the New Orleans Market and take much too long to process a loan. Louisiana may be backwards in some areas but this is not one of them…..Lets just say its a very competitive market these days for agents that work for purchasers. Let get stated by sitting down and going over the process….