Buying a home can be a particularly stressful and trying experience, but it will be much smoother for consumers who relax and take their time during the search for a house.
One of the key issues that will arise during the whole process involves knowing exactly how much to pay for a property. To prepare, house-hunters should take careful notes on each property’s marketing data such as selling price, price changes, length of time the home has been on the market, and differences in the list and sales price. This will enable the potential buyer to get a better feel for what is a good deal and what is not.
In addition, making the transaction contingent upon a property appraisal that matches the purchase price can greatly help buyers avoid paying too much for a home. Home-seekers should also keep in close contact with their REALTOR®, as this will also make the process less stressful.
Finally, buyers should have high expectations at the start, but be ready to make compromises eventually. There is no such thing as the “perfect home.” However, with a little give and take, buyers should be able to find a house that comes close to meeting all of their needs and desires.
Finding a new home can be exciting. But deciding what you truly want and need – and can afford – can be challenging. Making these decisions begins with setting priorities among many different preferences.
Most homebuyers invariably face trade-offs. Your buyer’s representative can play a key role in helping you sort out your options. He or she can also offer important insights specific to your local market.
BASIC HOME FEATURES
OTHER HOME PREFERENCES
NEIGHBORHOOD & LOCATION
LIFE AT HOME
Before you buy the home of your dreams, take the time to gather the following information and make sure you are okay with what you find:
1. RESEARCH BEFORE YOU LOOK.
Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you’d be willing to spend each month for housing.
2. BE REALISTIC.
It’s OK to be picky, but don’t be unrealistic with your expectations. There’s no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property.
3. GET YOUR FINANCES IN ORDER.
Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can’t afford.
4. DON’T ASK TOO MANY PEOPLE FOR OPINIONS.
It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.
5. DECIDE YOUR MOVING TIMELINE.
When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.
6. THINK LONG TERM.
Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that will best suit you.
7. INSIST ON A HOME INSPECTION.
If possible, get the seller to purchase a home warranty for you to cover defects for one year.
8. GET HELP FROM A REALTOR®.
Hire a real estate professional who specializes in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. Buyer’s reps are usually paid out of the seller’s commission payment.
You are searching for real estate to purchase. This means you need to be connected online so you can be informed and know about all of the current listings that meet your criteria.
Eufaula Lakeshore Realty provides you with several options that allow you to stay connected and informed so you will know about current and new listings as soon as they go on the market. Consider these options:
INNOVIA MLS SYSTEM
Ask your REALTOR® to set you up on your very own “My Listing Cart.” He/she can enter your house/property criteria into the Multiple Listing Service (MLS) online program and establish your own listing cart. This program will then email you properties that meet your criteria as soon as they appear on the MLS. Criteria changed? Just ask your REALTOR® to update your criteria in your listing cart.
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INFORMATION SOURCES USED IN HOME SEARCH
Real Estate Agent 87%
Yard Sign 53%
Open House 45%
Print Newspaper Advertisement 27%
Home Book/Magazine 18%