Beginning the search for your next home is an exciting and fun process as you tour through a variety of different homes and living spaces. But when it comes down to making an informed and financially smart choice, there are some recommendations you can use to make your search more successful. Here are some tips to help you find the right home for you and your family's needs.
Hire a Realtor
One of the best steps you can take to buying either a newly built or an existing home is to find and hire a realtor to help you. Your realtor is a hired professional who knows the real estate laws and the market to guide you through the search process. As a buyer, your realtor's fees are paid for by the seller of the home you eventually buy, so you don't have to pay anything out of pocket for their professional service and knowledge.
Your realtor will have access to a database of home listings to customize a search for just the amenities you want in your new home. And your agent will do all the calling and leg-work to arrange a viewing, help you make a competitive offer, and negotiate the best terms on your purchase.
Know the Current Market Conditions
It is also a good idea to know the current conditions of the real estate market, such as if the market is a buyer's or a seller's market. For example, if there are a great deal of homes for sale in your local market, it is a buyer's market and will be more easy to get the home you want at a great deal.
But, if the market has little inventory and many buyers shopping for a home, it is a seller's market and the competition is going to be increased to buy a home. When there are more buyers than there are homes available, you need to be ready to act quickly and make a competitive offer that will attract the attention of the home's seller to accept your offer. In a seller's market, you may need to expect to pay full price and sometimes more for a home you want. Talk to your realtor about the market conditions so you can move into your home search ready and informed.
Complete a Comparative Market Analysis
When you find a home you are interested in buying, you should also request a comparative market analysis, or CMA, which can be completed by your real estate agent. This analysis compares the home you are looking at against other homes in the area that have sold recently, usually in the last one to two months.
This analysis will calculate the home's value based on these recent sales, which establishes a home's true value or what other buyers are willing to pay for a home. With this CMA information, you can adjust your purchase price offer for a home to ensure you pay a fair price.
Whether you want to look at new homes in the city or new homes in hill country, reach out to a local realtor today to begin your search.