Our Real Estate Blog
The definition of a "dream house" varies from homebuyer to homebuyer. Fortunately, there are many things you can do to determine if a residence is right for you.
Now, let's take a look at three tips to help you evaluate a home so you can decide whether to proceed with an offer to purchase.
1. Review a Home's Features
Think about why you are searching for a home and what you want to find in a house. For example, if you require a home that features a deluxe kitchen, you can narrow your house search accordingly. On the other hand, if you want a home that boasts an above-ground swimming pool, you can focus on houses that offer this amenity.
Consider where you want to reside too. That way, you can hone your home search to a select group of cities and towns and find a residence that is located in one of your preferred locations.
2. Examine a Home's Price
The cost of a home depends on a number of factors, including the residence's age and condition. Of course, the housing market itself plays an important role in a house's cost as well, so you'll want to examine the real estate sector closely. By doing so, you can differentiate a buyer's market from a seller's market – or vice-versa – and determine if a home's price falls within your budget.
In a buyer's market, there may be an abundance of quality houses available at budget-friendly prices. If you shop for a home in a buyer's market, you may be able to purchase a house at or below a seller's initial asking price.
Comparatively, in a seller's market, there is a shortage of premium houses, and top-notch homes that become available may be in high demand. In a seller's market, you may need to act fast to acquire your dream home. Plus, you may need to submit an offer to purchase that exceeds a seller's initial asking price so you can purchase your ideal residence without delay.
3. Consult with a Real Estate Agent
A real estate agent is a home selling expert, and he or she is happy to help you weigh the pros and cons of buying a house. In fact, a real estate agent will go the extra mile to ensure you can make the best-possible decisions throughout the property buying journey.
With a real estate agent at your side, you can receive lots of support so you can enjoy a seamless homebuying experience. A real estate agent first will learn about you and your homebuying goals and help you search for a residence that matches your expectations. Next, a real estate agent will help you craft a competitive offer to purchase your dream home. And if your homebuying proposal is approved, a real estate agent will help you finalize your house purchase.
Use the aforementioned tips, and you should have no trouble deciding if a house is right for you.
If you plan to buy a house and want to achieve the optimal results, you should perform a home inspection. In fact, there are many reasons why you should allocate significant time and resources to conduct an in-depth house inspection, and these include:
1. You can gain unprecedented insights into a home's condition.
Although you might have fallen in love with a house when you first saw it, a home inspection may make you rethink your decision to purchase a residence. To better understand why this may be the case, let's consider an example.
If you conduct a home inspection and discover a wide range of problems with a house, you have a tough choice to make. In this scenario, you can continue with a home purchase as planned. Or, you may be able to make a viable argument that a seller should perform assorted house repairs or reduce his or her sale price based on the inspection results.
Ultimately, a home inspection provides you with insights that you may struggle to gain anywhere else. And if you perform an extensive home inspection, you may reap the benefits of this evaluation for years to come.
2. You can avoid the risk of paying too much to acquire your ideal residence.
As a homebuyer, it is important to do everything possible to get the best price on a house. But even if you conduct real estate market research, you risk spending too much on a house if you ignore a home inspection.
With a house inspection, you can learn about various home problems, along with the costs associated with such issues. Then, you can use this information to determine whether your initial offer is sufficient, or whether you should request a reduced home price based on a residence's condition.
3. You can limit the possibility of costly home repairs.
Thanks to a home inspection, you can identify home issues that otherwise may lead to costly repairs down the line. You then can use this information to decide whether you can complete myriad home repairs on your own, or whether professional support is needed to perform house improvements. And if you are overwhelmed by the costs associated with many potential home repairs, you can always walk away from a home sale at this time.
Clearly, there are many reasons to perform a home inspection before you finalize a house purchase. If you hire an expert real estate agent, you can receive plenty of support as you prepare for a home inspection too.
A real estate agent is happy to put you in touch with the top home inspectors in your area. Plus, a real estate agent will attend a home inspection with you and is ready to provide guidance throughout the evaluation. Perhaps best of all, a real estate agent can meet with you after a house inspection, go over the inspection results with you and help you make an informed decision about whether to proceed with a home purchase.
The more you know about the process of buying a house, the better prepared you'll be for doing it successfully.
How might you define "success" when it comes to purchasing a home?
There are a lot of standards that could be applied to successfully navigating the home buying process, but here are a few that immediately come to mind:
- Finding the house of your dreams: While very few people find a home that is absolutely perfect in every way, it is possible to come close to achieving that ideal. Although a certain amount of flexibility goes a long way, knowing what you want and prioritizing important features are among the main prerequisites to getting what you want. As baseball legend Yogi Berra once said, "If you don't know where you are going, you'll end up someplace else." Thanks to the variety of websites devoted to home ownership, home decorating, remodeling, and landscaping, it's easy to find pictures online that can help inspire your imagination and clarify exactly what the house of your dreams might look like.
- Minimizing setbacks and frustrations: The process of house hunting is a journey that often involves bumpy roads, detours, and dead ends. One secret to getting through it successfully is to work with an experienced real estate agent who knows the ropes and can keep you on track. It also helps to approach house hunting with a sense of optimism, resourcefulness, and commitment. Although you probably have a lot of competing priorities in your life, finding a house that you and your family will be happy in for the next few years deserves a top spot on your list!
- Avoiding unpleasant surprises: Knowing your credit score and understanding the impact it will have on getting loan approval and a favorable interest rate will help prepare you for the financial side of buying a house. The ability to get prequalified for a mortgage and come up with sufficient down payment will also set the stage for a successful home buying experience. On the plus side, a higher down payment can potentially result in a lower interest rate and not having to pay private mortgage insurance (A 20% down payment is necessary to avoid PMI.) Since many loan programs and lenders require at least a 3-5% down payment, that can be a stumbling block for first-time home buyers. To purchase a $200,000 home, for example, you'd need to come up with a cash outlay of between $6,000 to $10,000 -- not an easy feat for everyone!
Ready to launch a search for your dream home? Ultimately, you'll want to do everything possible to streamline your home search to boost your chances of getting the best possible results.
There are many best practices for conducting a successful home search, and these include:
1. Define Your Homebuying Criteria
The definition of the "perfect" home varies from property buyer to property buyer. This means that your definition of the perfect home is unlikely to match that of a friend or family member.
Think about what separates an ordinary home from a can't-miss residence. Then, you'll be able to narrow your home search and map out a successful homebuying journey.
As you consider the perfect home, make a list of homebuying "must-haves." For example, if you want a garage where you and your wife can park your cars, a two-car garage is a homebuying must-have. Or, if you want a home that's close to high-quality schools that your kids can attend, buying a house in a great school district is a must.
2. Get Home Financing
Although your ultimate goal is to acquire a top-notch residence, you'll likely need financing to help you transform your homebuying dream into a reality. Fortunately, many banks and credit unions are available to teach you about a wide range of mortgage options.
Meet with several banks and credit unions – you'll be glad you did. These lenders can educate you about the different types of home loans and help you get pre-approved for a mortgage.
After you receive pre-approval for a mortgage, you're good to kick off your home search. In fact, with a mortgage in hand, you can tailor your search to homes that fall within a specific price range.
3. Work with a Real Estate Agent
Regardless of your homebuying goals, it pays to work with a real estate agent. That way, you can receive expert assistance as you search for houses in various cities and towns.
A real estate agent is happy to teach you the ins and outs of purchasing a house. By doing so, this housing market professional can help you become a real estate expert in no time at all.
Furthermore, a real estate agent will set up home showings, keep you up to date about new houses that become available and help you submit home offers. This housing market professional is committed to your homebuying success and will do whatever it takes to assist you along the homebuying journey.
Perhaps best of all, a real estate agent is available to respond to any homebuying questions that you may have. No homebuying question is ever too big or too small for a real estate agent, and as a result, this housing market professional will make it simple for you to make an informed homebuying decision.
Launch a successful home search today – use the aforementioned best practices, and you can increase the likelihood of discovering your dream home.
A home showing is a valuable opportunity for a property buyer. In certain instances, buyers will set up dozens of showings to review a wide range of residences. Meanwhile, a buyer sometimes finds the perfect residence during his or her first home showing.
Ultimately, there is no set number of showings that you will need to attend before you find your ideal house. It also is important to note that there is no time limit on a showing, and some showings may be shorter or longer than others.
Regardless of how many house showings you schedule, it is paramount to do everything possible to get the most out of a showing. Lucky for you, we are here to teach you about property showings and ensure you can optimize their value.
Now, let's take a look at three tips to help you prepare for a house showing.
1. Review a Home Listing
A home listing may include various information about a house's age and condition, but you likely will require additional details about a residence before you decide whether to submit an offer to purchase. Fortunately, a home showing enables you to gain additional insights that may be unavailable in a listing.
Take a look at a home listing and put together a list of questions about a home. Then, when you attend a showing, you can receive instant responses to your queries.
2. Give Yourself Plenty of Time
There is no need to rush through a home showing. As such, you should give yourself plenty of time to check out a house and walk through it during a showing.
Oftentimes, it is beneficial to bring a pen and paper so you can jot down notes during a showing too. You also may want to take a camera with you. This will allow you to capture photographs of different areas of a home so you can review them after a showing and decide whether a house is right for you.
3. Consult with a Real Estate Agent
A real estate agent is happy to help you prepare for a house showing. He or she will learn about a home prior to a showing and may be able to provide you with insights that you won't receive elsewhere. Plus, a real estate agent will offer honest, unbiased feedback about a residence and ensure you can make an informed decision about a house.
In addition, if you find a home that suits you perfectly, a real estate agent will help you craft a competitive offer to purchase. And if you ever have concerns or questions during the property buying journey, a real estate agent can provide in-depth responses.
For those who want to get the most out of a home showing, it generally is a good idea to plan ahead. Thanks to the aforementioned tips, you can prepare for a home showing and use this event to analyze all aspects of a residence.