Buyer Resources
Do you Really Need a Realtor?
I regularly get inquiries from people who are interested in buying a new home they have seen on the internet. Often people do not have a Realtor advising them, so they are seeing homes that are already under contract or even sold (it takes a while for the consumer sites to get updated, which is why you will get more accurate data if you are working with a Realtor). Also, the consumer sites often don’t tell you if a particular listing is a short-sale or foreclosure, which is critical information in your home-buying process.
It's kind of a no brainer to not use a Realtor to help buy a home. A Realtor can save you a lot of time and money in your home search and can also advise you about important steps a buyer must take during the home-buying process. Buyers don’t pay for Realtors, the Selling party does.
A few important reasons for having a Realtor work for you:
1. Your Realtor can provide you with the most accurate, up-to-date information about whether a property is active, under contract, pending sale, or sold. They can also advise you about whether a property is a foreclosure, short sale, or an investor selling a property “as is.”
2. Your Realtor can help you navigate the steps of the home-buying process. You don't know what you don't know, and believe me when I say there are lots of things that go into a purchase that unless you buy and sell homes regularly and frequently you just won't know about. A Realtor can help you find a mortgage broker to let you know how much you qualify to purchase in a new home, and whether there are any credit issues you should be concerned about. A Realtor also can refer you to service professionals they know and trust to help with inspections and other due diligence activities.
3.Deadlines, rules, and contracts. When buying a house, the buying party must present an offer to the seller that will protect themselves in the home buying process. There are all sorts of rules and deadlines that you really want a Realtor to help you understand and abide by. To get the best deal for a buyer, you really want a Realtor who can make sure you get the best deal for your circumstances (due diligence period, financing and appraisal contingencies, earnest money). For instance, if a buyer doesn’t know to get an inspection during the due-diligence period, there could be something majorly wrong with the house and the buyer might not know, or if they do the inspection after due-diligence, they won’t be able to renegotiate with the seller or back out of the contract.
Real estate transactions are complicated and usually involve a significant amount of money. This is not where you want to make a mistake which could have been easily avoided. Use a Realtor.
4. When you are searching for your dream home, your Realtor will often point out issues you may not have thought about–particularly issues related to resale which you may not be thinking about. Realtors work with buyers and sellers everyday. We know what you should be thinking about when buying a house.
5. When you have found your dream house, how are you going to get a good deal if you don’t have a Realtor negotiating for you? A Realtor can tell you how much a home is truly worth and can negotiate hard to get you the best deal.
As a Realtor, I do my best to protect and negotiate for my clients every day. Get someone to protect and negotiate for you even if you think you don’t need someone. It costs the buyer nothing, and can save you big $$$$.
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Now that you've hopefully hired a Realtor, or intend to do so, you can begin the search for your perfect home by following these steps:
Establish your priorities
Before a Realtor can begin to help you look for a home, you (and your spouse or partner) should develop a list of needs and wants. For some buyers, the home itself is of paramount importance: they want a particular style or size or a big yard. For others, the neighborhood is more important. If you have an unlimited budget you may be able to find the perfect home in a desirable neighborhood, but since most buyers need to meet a budget, you may have to compromise on either the house or the community.
Next, think about what amenities you’d like to have nearby or whether you’d like to live in a rural area without neighbors. If you like to swim or golf or play soccer or your kids do, facilities for those sports should be on the list of things you look for in a neighborhood. On the other hand, you could be more focused on easy access to cultural amenities or nightlife. Think about whether you’d like to live in place where residents interact often or whether you prefer to have cordial but distant relationships with your neighbors.
Schools matter – even if you don’t have kids
If you have children or are planning to have a family in the future, buying a home in a community with good schools is already likely to be a priority. Even if you don’t have children to educate, though, you should be aware that homes located in a good school district typically hold onto their value better than those in less highly regarded districts. In fact, Redfin real estate company completed a nationwide study in 2013 that shows that Americans pay $50 per square foot more for homes served by a top-ranked school than for homes served by an average-ranked school.
The Fair Housing Act prevents Realtors from providing information directly to buyers about specific schools, but they can share links to websites that rate schools and to local school systems.
Transportation issues
A major consideration for most home buyers when it comes to choosing where to live is how they’ll get to the places they go regularly. In communities near or in a city, prime locations are typically close to public transit options. Many suburban communities are being designed around a “town center” concept so that residents can walk to restaurants, shops and entertainment and sometimes even to work.
When you’re looking for a home, you should consider how convenient it is for you and for future potential buyers when you’re ready to sell.
Homes that are located close to a subway station or to popular commuter routes are often more costly than those that require a longer commute to a city center, so ask your Realtor to show you areas that may have similar attributes but are less expensive. Alternatively, if living in a particular neighborhood is your number one priority, you may need to compromise in terms of the size home you buy or its condition.
How to compare communities
It’s important to visit a prospective neighborhood at various times of day and on both weekdays and weekends to get a feel for what it would be like to live there. Look at how the homes are maintained to see if they meet your standards. Try to talk to residents about what the community is like and test out your commute at the time of day you typically go to work.
Finding the right neighborhood takes some legwork, but it’s important to choose a place to live where you want to come home every night.
Below are links to articles that you may find useful as you embark on the home buying journey.
Eight steps to buying your home
Deciding how much house you can afford
Opting for new home construction
How can a real estate agent help me?
