1. What if I purchase property and its value falls?
Market values are cyclical, but there are ways to minimize the risk that your recently purchased property will retain its value. Primary among these is making sure you partner with real estate agents like Mike and Micah Brady who have extensive local market knowledge, excellent negotiation skills and respect from other agents.
Second, it is always best to purchase a home or ranch when you are certain you will own it for a minimum of three to five years. Depressed markets usually turn around in that amount of time.
Finally, think about choosing a property that needs improvement. Updating the kitchen and bathrooms or adding appealing exterior treatments for a house, or adding a barn or planting at least a small vineyard on a ranch can add value.
2. How do I determine the right price point, then negotiate to reach that amount?
The internet has made researching local market activity much easier. Properties for sale in your area as well as recent sales prices for properties below, above and within your budget range. All of this information, and much more, is available from websites such as Zillow, Trulia and others. Ultimately, however, Mike and Micah should be entrusted with the bulk of the research. In fact, if you do some investigating on your own, or if you receive advice from your friends, make sure you run the information you glean from it by your agents.
Even if you think you are the best negotiator, when purchasing a home or ranch it’s best to leave it to the Brady team. Market knowledge and objectivity are paramount when it comes to achieving the best outcome. As the buyer, you are naturally more subjective and emotional. If negotiations do not achieve the desired end, then you and your agents can move on to another transaction that will.
4. How do I prevent getting slammed for repairs after I purchase a property?
As is wise with other aspects of purchasing and owning property, obtaining expert professional advice is extremely important. No second guessing. Before you make the offer, your agents can have one of their preferred contractors do a walk-through to provide preliminary advice. If your agents believe it to be necessary, pay for a comprehensive general building inspection prior to making an offer. Ask Mike and Micah Brady about the time involved and the price.
After the offer is made, the usual contingency gives you 10-17 days for general and specific inspections.
5. Where do I find time for the sometimes extensive and involved property search and purchase process?
Try to find perhaps a half-hour a day to peruse the Featured Properties and MLS Search pages on the Brady team website. Those two sections of the site will provide virtually every listed property in the Santa Ynez, Los Alamos and Santa Maria Valleys as well as in the Santa Rita Hills area. It shouldn’t be any chore to get out and explore if you already live in the region. If not, you might consider having Mike and Micah assist you with planning a trip, and acting as your guides once you arrive.