Five Home Buying Tips

There are plenty of people out there looking to buy a home or are waiting for what they perceive as the bottom of the real estate market to make a home purchase. Many of them are looking for a “deal.” I am a Realtor and speak with buyers frequently. Almost all of them mention the need to find a great value or a steal. Here are five tips to help you find a good value:

1) Dose of Reality – The first thing you need to do is be realistic. I am contacted frequently by people who want to score a home run. They envision making a killing by buying homes for half their true value. Sure you see some sweet deals here and there but for the most part the real estate market is efficient. Knowledge and information is very easy to access with the internet. That makes the real estate market more transparent.

2) Hire Good Help – Find a good Realtor. It will not cost you anything as most real estate agents are paid by the seller. A home purchase will probably be your largest transaction ever. It is good to have smart and experienced people helping you out. A good real estate agent will help you get educated on the real estate market by sending you what homes are for sale, what has sold and what homes have expired or failed to sell.

3) Know the market – How are you going to know what a good deal is if you don’t know the real estate market? Before you can realize a great deal you need to know what things are selling for in your area. Have your Realtor send you what has recently sold in the area and neighborhoods that interest you. Become an expert in your neighborhoods. When something great comes on the market you will know it is great.

4) Preparation is needed – Get all of your ducks in a row ahead of time. You don’t want to find a deal and then lose it because you are not prepared. For example, get your financing or cash arranged. Lending guidelines have changed so get pre-approved for a mortgage. Waiting to do this until after you find a good value might cause you to lose it. Ready – aim – fire, not fire – ready – aim.

5) Act Swiftly – Do not let paralysis of analysis get the better of you. If you are educated on the real estate market, have financing arranged, hired a knowledgeable Realtor and a great value comes on the market then act on it. Do not get into the “there will always be a better deal out there” syndrome.

These 5 tips will help you buy a good value. Be an educated, well prepared, knowledgeable home buyer who hired a good Realtor and you stand a good chance of finding that great home value.

Marc Rasmussen sells Homes For Sale in Sarasota, FL