What Albuquerque home buyers should be doing before looking for a home

(Transcript Snippet):

"Tego:

So tell us some of the things that that home buyer should be thinking about before they, they be, let's say even before they start going out, looking at homes what's, what are some of the top things that buyers should be doing right now? Let's, I'll, I'll throw that to you first,

Melissa:

Making sure that you're working with a local reputable lender that makes it easier to get, make sure you're pre-qualified pre-approved versus qualified. And that basically just means that the lenders taking those extra steps to check your financial qualifications in versus just saying guests, I believe what they said versus actually looking at it and verifying that it is true. It makes you a little bit of a stronger buyer. And then also having some flexibility, if a house hits the market and you can't see it for four more days, you may not make it to that house.

Tego:

If it's a good house. I mean, median days on market for March was, was four days, which means what was the stat I pulled the other day? It was 65% of the homes in our current market are selling within six days, basically immediately, as soon as they come on the market. And so, so Corey, what other things are you doing to, without giving away any?

Corey:

I know, I get nervous.

Tego:

No, we don't mind educating other realtors. We want everybody to be good, but what what other tips would you say for buyers when they're, when they're thinking about getting out there,

Corey:

Especially when they're first time home buyers, you really want to say put the seatbelt on because we're going to go for a ride because there is a lot of offers that are being put out there and you want to make sure that you're looking out for your buyer. And so when somebody comes in with, you know, 40,000 over cash and no appraisal, when everything looks so good, that may not be the best one for your buyer. So I like to definitely talk to them about the reality and just talk about how exciting it's going to be and how we're going to get there.

Tego:

Yeah. And I think, you know, preparation and setting expectations is anything. Obviously, we're kind of doing that right now. So, so what are you telling like Corey, what would you actually tell a buyer right now? Let's say you just pick up the phone and somebody, somebody, you know called, called and said, Hey, I'm interested in this house. I want to make an offer. What are the things you're going to be asking them?

Corey:

Well, I want to make sure first that they're pre-approved with the lender. Obviously we're not going to write an offer without going to look at that house, whether I'm going to be FaceTiming home in that house and going through each room and showing absolutely everything of the home, absolutely closed it. And exactly, and then making a good relationship with the listing agent is extremely important.

Tego:

Right? Right. You want to, you want to know you want the listing agent to be able to basically pass onto the seller. That's like, look, this is somebody that really wants a house they're really engaged or communicating. Well, you know, they're, they're not just fly by night, Melissa, what other little tips or tricks should, should buyers be thinking about right now

Melissa:

In this market, they need to have some skin in the game. They need to be willing to pay for inspections, appraisal, home warranty, their closing costs, and potentially even some of the seller's closing costs to make it just that much more of a competitive offer. Yeah. When it's a buyer's market, you could ask for the seller to pay some of your closing costs, but this is just not where we're at, right?

Tego:

No, definitely not the market we're in right now. And, and you know, we have earnest deposits. We also have this thing called time off market fee, or it's just, the buyer pays the seller to take the home off the mark