Attention Home Buyers: Have you Considered...

It's easy to get sidetracked when searching for your next home, since emotions play a very large part in this process. Below are some tips to help ensure you're making the right decision in buying a particular home.

Do some research. Research recent local news, talk to neighbors about the pros and cons of the area, and get a home inspection and detailed records on home improvements that previous owners have conducted. This will expose potential problems such as an unsafe or unfriendly neighborhood, the exposure of radon gas or lead paint, and what home projects will need to be addressed when.

Don't underestimate location. Visit the home at various times of the day to get a feel for natural light exposure and noise. Close to a school? That's not a big deal in the summer, but could be unfavorable during the rest of the year. Also consider your view: do your neighbors have respectable homes? Does the neighborhood have restrictions about what neighbors can build there? Houses that look like tear-downs may be replaced with larger homes that block your view and limit natural light. Finally, explore the surrounding area. Are you close to railroads or airports that may be too loud? Does your neighborhood back up to a less desirable part of town, or commercial area? Are you close to grocery stores, restaurants, schools, or other highly trafficked places? They say that real estate coms down to location, location, location!

Be conscious of expenses. Remodeling can be more complicated than it seems. While painting a wall is quick and inexpressive, adding bathrooms and other more complicated projects could get messy and pricy. Ask for utility bills so that you can consider these expenses when debating whether or not to buy a certain home. Also ask the seller for taxes, focusing on the amounts for several recent tax bills.

These are just a few things a buyer can do in order to make the best informed decision. Having a knowledgeable Realtor is an invaluable resource. Contact me to see what I can do for you.

4 Stats Homebuyers Should Know

To have the most positive and successful homebuying experience, homebuyers should be as educated as possible about the market they are navigating. Knowing what you're getting into in advance will keep you from feeling too frustrated or overwhelmed. Trulia discusses four points that are good to know when searching for your new home:

1) The number of homes you'll lose before you win.
It's completely normal for buyers to lose out on a few homes before they are the prevailing bidder. When you lose a bid, move forward quickly in search of your next opportunity to make an offer. 

2) Average number of offers per listing.
Ask your agent about what is standard, in terms of competition levels, in the neighborhoods, price ranges, and property types you're looking for. In today's hot market, some people experience multiple offers, same-day sales, and above asking price offers. If this is the case where you are looking--you should know about it. 

3) Neighborhood "run rate."
A run rate mathematically tells you what home prices in an area would be in the future if the continued rate of rise continued for a year. While home price increases can be seasonal (with greater increases occuring in the spring and summer months), our market is still recovering from the recession, so it's quite possible that home price increases will continue to rise throughout the year.

4) Inventory rate and direction
How many houses are listed for sale, and is this number increasing or decreasing? If you're a more selective buyer with a long wish list, it may be hard to find your new home in a lower-than-average-inventory market such as the one we're experiencing today. Knowing this, you may have to sacrifice some of your "must haves" or up your budget. It's best to be realistic about what you can and cannot get in a certain area for a specified price. This will help you make well-timed, well-informed, competitive offers.

If you're not currently working with an agent, and would like to know more about these statistics pertaining to where you'd like to live, contact me. It would be my pleasure to help make your home buying experience easier and more enjoyable.