Why is searching for a home important? The home search is an important aspect of the home buying process - getting a feel for price ranges and availability in the neighborhood(s) you are looking in, learning about new neighborhoods, and fine tuning your list of criteria for a potential home is a must when you are getting ready to buy. Buying a home is often the largest financial commitment a person will make in their lives - shopping around is more than worth the effort. Have you ever bought something just to find something you like a little bit more or at a lower price a day later? You do not want to have that feeling after buying your home! You want to feel confident that you got the best deal for the best price. Be persistent and look at house-hunting as a second job. Home buyers who work hard at it end up getting a good deal on a home they love. So can you.
How should I conduct my home search?
You've lived in some sort of residence your whole life, so you're likely to have a lot of ideas about the features you are looking for. For that reason, shopping for a home doesn't have to be intimidating. It's not like getting a mortgage, which you've probably never done.Establish priorities
During your first meeting with your agent, your goal shouldn't be to start looking at properties. It should be to develop criteria that you would like your prospective home to meet. Of course, you will have already been pre-approved for your loan and been introduced to your mortgage lender and real estate brokers. With these things done, it's time to start thinking seriously about the kind of home that will meet your needs. Make a list of the ten most important criteria for a new home. Then, divide your list items equally under two categories: "top priority" and "nice to have." Take this list with you as search for homes, as it can be difficult to remain objective when you are home hunting. You might find a home you fall in love with---one that has huge windows and hardwood floors. While these features might be desirable, they may not be your top criteria. It's not as fun having a beautiful home if your commute is two hours each way. Keeping your list of "top priorities" and "nice to haves" will help you stay level-headed when searching for a home. As you search - you may shift some of your priorities. If you do, be sure to update your list, keeping it with you as you search.Search online and in-person
In the olden days, searching for homes was done while looking through the windshield of the agent's car. Today, the Internet allows you to see homes that are available in your search area, at any hour of the day or night, from the comfort of your own home. You can visit the website of the National Association of Realtors, www.realtor.com, as well as the many sites managed by the large real estate brokerage companies.Also, while you're online, you can check on the estimated value of the type of homes in the areas in which you're looking. Don't take the seller's word for it; look up the value online. Once you've identified homes you're interested in, go see them in person with your realtor. As you search, take detailed notes about each home you see. It can be easy to forget the differences between properties when you are looking at several homes a day. Make a note of anything that needs to be fixed so you can evaluate the cost of these repairs. You may also want to bring a digital camera along with you.
Forge a partnership with your Realtor
You and your agent should agree to shop for homes together, as partners. Use the same system your agent uses, and develop a means of communication that allows you to share information about and evaluate homes that are on the market. That way, if he or she finds out about a new listing, you can get a call, an e-mail, or an instant message that alerts you to it. At the same time, if you discover a listing you like, you can pass it along for your agent to evaluate. It's important to develop this partnership!What happens next is a function of the marketplace in your area. In many markets today there is a huge inventory so you and your agent will have a lot to choose from. You can review all of the existing listings that meet your criteria, then narrow down the list to the best ones. Then you can arrange to see them and, if one happens to strike your fancy, you can make an offer on it.
With so many homes available in the overall marketplace today, it is inconceivable not to find one that you like. If you can't, you are probably being too picky. And that indicates that you're not committed to buy---a surefire way to turn off a good agent. Nevertheless, if you happen to live somewhere that the real estate market is particularly strong, you can ask your agent to use the multiple listing service (MLS) database, which will alert you when a home meeting your designated needs enters the marketplace.
Remember, too, that there are other buyers out there competing for housing. When you find the right home, be prepared to move quickly.
Phillip King
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