Tips to Help You Find the Right House in Today's Market
To search for a home you need to have an idea of what you want and be able to navigate the market successfully to negotiate and buy your dream home. From getting qualified for a mortgage to analyzing properties for their current market value, you want to make sure you work smarter and not harder in your search to find a home. Here are some recommendations to make your home search in the current real estate market much easier and the buying process less stressful.
Look at the Market
When you start looking for a home to buy, the number of properties available can be overwhelming. To help cut down on stress, focus on how the homes are priced per square foot to see what you can realistically buy. For example, in the market today you might not be able to buy a home with as much square footage as you thought you could afford. Or, the market has a lot of buyers competing for the same homes. These situations can drive up home prices and make homeownership more difficult.
If this has happened to you, talk to a home finder service about searching for homes that are more affordable, such as condos, townhomes, a duplex, or a smaller or older home. This can help you to buy a home now and invest in building its equity so you can sell later to potentially buy a house that is more expensive. On the reverse, if the market is a buyer's market where there are more homes for sale, the home prices could decrease and your ability to buy can increase.
Hire a Realtor
Your realtor will be able to help you look at the market's condition when you start to search. For example, your realtor can let you know if there are a lot of homes on the market and they are priced affordably, or if the inventory of homes is tight and you should expect to have a lower selection with higher prices.
Your realtor will also be a great resource for you to get information about home values in various neighborhoods and in a specific size of the home. For example, give your realtor your home wish list details and they can help you focus on a neighborhood to search in that fits your budget. Or they may recommend adjusting your wish list to fit the current market better and the sales prices of homes. With this information, they can help you find a home that works for you.
When you find a home you like, they can then look at comparable sales to confirm a home's true market value, then help you make an offer that is competitive but still attractive to the seller. Once you come to an agreement, they will oversee the contracts. Your realtor can recommend a good home inspector and appraiser to help you complete the due diligence before closing on your home sale. Your real estate agent will then make sure you check all the boxes in the home-buying process.