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Do The Homework Before Buying A Home!
Buying a home is the largest single purchase that over 99
percent of all homebuyers will ever make during their lives from a financial
standpoint. Taking the time to do your research before committing
yourself to buying a new home can save you (and possibly your heirs) a
lifetime of potential frustration and unhappiness. The basics of what you
need to consider when doing your research include the following key areas:
Research Markets
Review your notes and decide where you want to conduct your home search. Use
our community research checklist to help you decide on the right location.
Your agent can help you review recent sales activity in the area to get some
idea of what you can expect to find in your price range.
Gauge Market Conditions
Real estate markets are highly cyclical. The current status of the market
can have a significant effect on your homebuying strategy. Try to develop an
understanding of the state of the market, so you'll have some idea of the
conditions to anticipate when shopping - and a feel for how hard you can
bargain when negotiating.
What's Best - Hot or Cold Market?
Unless you're a first-time buyer, you've probably got a house to sell while
you're shopping for a new home, so it's not easy to determine if a strong
market is helpful or harmful. As a general rule, if you are moving up -
looking for a new home significantly more costly than your old one - you may
want to act during a weak market, when the savings on an expensive, new
property will more than outweigh the losses on the older one. Conversely,
empty nesters looking to switch to a smaller home may want to plan their
move during a hot market, when they can maximize gains on the sale of a
larger home.
When is the Best Time of Year to Sell?
In most markets there are two primary selling seasons - spring and fall.
Spring is the strongest, since many buyers want to move in before the next
school year begins. Summer and winter are generally poor selling periods.
Avoid marketing your home at these times if you can. Of course, some areas
have their own specific seasonality. If you are selling a home in a seaside
vacation spot, for example, summer is an excellent time to be on the market.
Understand Recent Area Sales
Don't listen to anecdotes about bidding wars and homes getting snapped up in
one day. There is no substitute for accurate information. Check out the
actual sales prices of area homes, and try to get a feel for what is really
happening in the marketplace. One easy place to start is by asking Tom
for his take on the pulse of the local marketplace (without any obligation
or pressure to buy anything!).
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"It is my mission to be an expert source for your home buying or selling needs, and I will guide you through the entire process so that you get the most from your investment!"
Thomas Kay Mayer
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