American Eagle Realty's Blog
If you plan to conduct a house search, there is no reason to settle for inferior results. Instead, you should dedicate the necessary time and resources to conduct a comprehensive search for your dream house.
Ultimately, there are many reasons why it pays to perform an in-depth home search. These include:
1. You can avoid the risk of buying a subpar house.
As a homebuyer, it is paramount to discover a residence that meets or exceeds your expectations. Because if you purchase a house that falls short of your expectations, you may suffer the consequences of your decision for years to come.
For example, if you want to acquire a home quickly, you may be tempted to submit an offer to purchase the first house you view in-person. You might even choose to ignore house problems that are discovered during an inspection.
In the aforementioned scenario, you may wind up purchasing a home that will require costly, time-intensive repairs in the foreseeable future. Perhaps worst of all, you may struggle to generate equal value for your residence if you decide to re-sell it at a later date.
2. You can boost the likelihood of finding a house that matches your budget.
If you have a limited homebuying budget at your disposal, there is no need to leave any stone unturned in your quest for your ideal residence.
By dedicating time and resources to conduct an extensive house search, you'll be better equipped than other buyers to find a first-rate residence at a budget-friendly price. Plus, you may be able to pounce at the opportunity to buy a home that matches your budget as soon as this residence becomes available.
3. You may be able to capitalize on a buyer's market.
A patient homebuyer may be able to wait out a seller's market, i.e. a real estate market that features an abundance of buyers and a shortage of sellers. And in this situation, a buyer could capitalize on a buyer's market, i.e. a real estate market that boasts an abundance of sellers and a shortage of buyers. As a result, this buyer could choose from a wide selection of top-notch residences in a buyer's market and select a residence that offers a great combination of affordability and quality.
If you plan to pursue a home soon, you may want to hire a real estate agent. Because if you have a real estate agent at your side, you can receive plenty of support throughout the property buying journey.
A real estate agent understands what it takes to conduct a thorough home search. He or she will keep you up to date about new houses that become available in your preferred cities and towns and offer expert homebuying recommendations. Also, if you want to submit an offer to purchase a home, a real estate agent will help you put together a competitive homebuying proposal.
Simplify the homebuying process – work with a real estate agent, and you can streamline your house search.
A successful homebuying experience is a pipe dream for many individuals. However, those who understand the key attributes of a successful homebuyer may be able to transform their homebuying dreams into realities.
Now, let's take a look at three key attributes of successful homebuyers.
A successful homebuyer won't take "No" for an answer; instead, this individual will go the extra mile to ensure he or she can acquire a great house at a budget-friendly price.
Ultimately, a successful homebuyer is driven to accomplish his or her goals. This individual's persistence is distinct, and as such, may help him or her achieve the optimal results.
To be persistent throughout the homebuying journey, it generally is a good idea to monitor the housing market closely. Because if you keep track of new homes that become available in cities and towns where you want to live, you can pounce at the opportunity to acquire your ideal residence.
A successful homebuyer likely realizes that he or she needs to learn about the real estate sector. Therefore, this individual will allocate the necessary time and resources to analyze housing market data.
With a data-driven approach to buying a house, a homebuyer can increase the likelihood of a seamless homebuying experience. In fact, myriad housing market data is available to help a buyer discover the perfect house in no time at all.
Homebuyers may want to assess the prices of recently sold houses in their preferred cities and towns. This information can help buyers differentiate between a buyer's and seller's market and map out the homebuying journey accordingly.
Furthermore, examining a personal financial data may be helpful before kicking off a home search. And if a homebuyer collaborates with a bank or credit union, he or she can get pre-approved for a mortgage and enter the housing market with a budget in hand.
A successful homebuyer understands the challenges associated with purchasing a house. As a result, this individual can take the right steps to avoid such challenges as he or she proceeds along the homebuying journey.
For example, a successful homebuyer won't feel stressed if he or she encounters problems during a home inspection. Conversely, the homebuyer will look at his or her options and determine the best course of action. And if this individual decides to walk away from a home sale, he or she will feel good about reentering the housing market and beginning a home search once again.
When it comes to enjoying a successful homebuying experience, it pays to hire an expert real estate agent as well. This housing market professional can help you evaluate a wide range of houses and find one that matches or exceeds your expectations. Then, a real estate agent will ensure you can put together a competitive homebuying proposal to secure your dream residence.
Consider the key traits of a successful homebuyer – you'll be glad you did. If you strive for success at each stage of the homebuying journey, you should have no trouble acquiring your dream residence.
Entering the housing market may be difficult for a buyer. In many instances, buyers worry about paying too much for a house. On the other hand, the temptation to overspend on a house sometimes can be overwhelming for a homebuyer who is concerned about losing his or her dream residence to a rival buyer.
Fortunately, we're here to help you determine exactly what you can afford to pay for a house, thereby reducing the risk of spending too much on a residence.
Let's take a look at three tips to ensure a buyer can purchase a great house at the right price.
1. Get Pre-Approved for a Mortgage
A mortgage generally is a must-have for a homebuyer. If you get pre-approved for a mortgage, you can start searching for houses that fall within your financial limits.
To learn about your mortgage options, you should meet with a variety of banks and credit unions. These financial institutions employ friendly, knowledgeable mortgage specialists who can teach you about myriad mortgage options.
Also, don't hesitate to ask questions as you search for a mortgage. If you understand all of the mortgage options at your disposal, you can make an informed mortgage decision. Then, you'll be able to start pursuing houses with a budget in hand.
2. Assess the Housing Market
The real estate market frequently fluctuates. As such, you should look closely at housing market data to find out whether you're preparing to search for a house in a buyer's or seller's market.
Oftentimes, it helps to look at the prices of recently sold houses in your area. This will allow you to see how much sellers received for their homes, as well as how long these houses were available before they sold. That way, you can use this housing market data to narrow your price range and establish realistic expectations for your home search.
3. Consult with a Real Estate Agent
A real estate agent is a housing market expert. Therefore, a real estate agent can make it simple for you to pay the right price for your ideal house.
Typically, a real estate agent will want to meet with you before you start your home search. He or she then can learn about you and your homebuying goals and help you craft a homebuying budget. As a result, a real estate agent will allow you to refine your home search, ensuring you can check out high-quality houses at budget-friendly prices.
Let's not forget about the support that a real estate agent delivers throughout the homebuying journey, either. A real estate agent will set up home showings and keep you up to date about new houses that fall within your price range. And if you'd like to submit an offer on a house, a real estate agent will help you put together a competitive proposal as well.
Pay the right price for your dream house – use the aforementioned tips, and you can boost the likelihood of discovering the right home, at the right price.
Are you planning on buying a home by a certain date? It’s unfortunate that life can’t go as we plan it all the time! With a bit of planning finding the right home at the right time is possible. Many times, families are looking to buy a home before the end of the summer. This allows them to get settled in and get the kids started in a new school before the start of the year in September. Just because there are more popular times throughout the year to move doesn’t mean that the inventory of homes changes much as to what’s on the market. Whatever the reason for the short supply of homes, you’ll need to be informed and creative in order to land a house in a high demand market when it’s crunch time. Below, you’ll find some tips to help you on your search.
Research Your Location Ahead Of Time
Every housing market has a bit of a down time. You want to pinpoint that period. Does your location have a time of year where people flee the area for vacations? The holiday season can also be a great time to look. There may still be low supply, but there also will be less competition. Do a bit of research in order to find pricing trends. When the prices dip, you’ll know that’s a time where competition for homes is lower.
Always Have Your Finances In Order
When you’re buying a home, no matter what time of year it is, you need to have your lender on call. Make sure that you have been preapproved and that your downpayment money is at your disposal. Sellers like serious buyers who are ready to pass paperwork.
Know What You’re Willing To Compromise On
When you’re buying a home on a timeline, you may not have the luxury of searching around endlessly to meet your wishlist. You should have a few musts, but there may be many things that you’ll need to work with or compromise on in finding the right property. You may be able to find a home in the right neighborhood, but it might not have the granite countertops that you’re looking for. When time is of the essence, your home search priorities need to be set straight.
Don’t Look For Bargains
When you’re in a time crunch to land a home, you don’t want to fool around with price. In order to land a home that you love, you might have to offer a bit more than the asking price. There’s no space for a bidding war, a low offer, or an extended search when you need to buy a home fast.
When you’re shopping for a home, it’s easy to be overzealous in your attempt to find the perfect property. One of the biggest regrets of home buyers is that of paying too high a price for their dream home. There should be a balance between cost and the right property for you. No matter what kind of house you’re looking to buy or where you plan to buy it, a little planning goes a long way to help you get the most for your dollar when buying a home. Below, you’ll find some tips to help you avoid the dreaded mistake of overpaying for a home.
Look For Amenities That Increase Value
Does the neighborhood you’re looking to buy in have a lot of cool perks? Perhaps the property is close to the heart of downtown or close to one of the most desirable schools in the area. These features add value to the home based on the demand in the neighborhood.
You should also consider if the neighborhood is known as what’s termed “up and coming.” The potential that a neighborhood is also a factor in the price of a home. Is there a lot of construction going on in the area? Is the home you’re buying in a great area but considered a “fixer upper”? High potential properties in desirable areas can actually give you a bargain. A nice property in an area that is still being established can also be a bargain but beware. You may end up paying a higher price as sellers and developers understand that people are eager to move into the neighborhood. Also, if a neighborhood seems to be built up too much, it’s not a good sign. An overdeveloped area can lead to decreased property values over time.
Inside the home, look for things that have been updated to increase the value of the property. An updated kitchen and bathroom add the most cost to a home as these are the most expensive rooms to renovate. Other perks in a home that greatly increase the value include new flooring, new roof, being situated on a cul-de-sac or dead end street, and easy access to highways and main routes.
Know That Some Features Decrease Value
Things like power lines, poor economic growth in the community, high-traffic areas, foreclosures, and unkept homes can all drag down the value of a property. If you happen to be looking in one of these areas, understand that you shouldn’t be paying top dollar for a home there. Look for bargains. Whether you plan to stay or simply flip a property, you need to know at what point the price will be right without overpaying for the home.