Is buying a new property or home on your horizon? It’s the most exciting, stressful time and likely the biggest purchase of your life! There’s no doubt that the whole process of buying a home or property can be overwhelming. Luckily, real estate agents and brokers provide local expertise and are a great resource to help you find exactly what you are looking for.
Select an agent with the right credentials for your buy. While you may want to immediately pick up the phone and call me to help find your DREAM HOME, there is some groundwork that can be accomplished beforehand. Here are five things that you can do before calling a real estate agent:
1. Get pre-qualified for your loan.
Hands down, this should be your first step as it is the most important! Getting pre-qualified means that a lender (your bank) has looked closely at employment history, credit reports, income, etc. The lender will then determine loan programs that you qualify for and find what works best for your financial situation. Basically, you can’t go spending more than your credit limit will let you!
Going through the pre-qualification process helps your real estate agent find a property that is in your price range. Most of the time clients get very eager and want to look at homes before speaking with a lender or bank, but I prefer not to show them homes without knowing their limits. You can really sour the house hunting process by showing a home out of a client’s price range, letting them fall in love, only to realize that they can’t afford it. Getting pre-qualified can be as simple as a phone call so it doesn’t have to take up your whole day. I do highly recommend meeting with the lender in person just to make the initial connection and help build a relationship.
If you don’t know where to start or who to call to get qualified, I can guide you in the right direction to help find a mortgage lender or bank that fits your needs.
2. Know the area that you want to purchase.
When it comes down to it, you need to know the location or area of where you plan to purchase a property. This decision can come down to the school districts, access to hospitals, or dining. Determining the location of the property helps the real estate agent zero in on where the buyer is focused on living or investing and eliminates questions about other locations. Real estate agents have great programs in the MLS systems that allow us to map out or search specifically by district.
Knowing the location you want to purchase a property in may take some time. I always recommend that my clients take a cruise in the areas they’re leaning toward in the morning and evening. It really helps you get a feel of the neighborhood. Wanting a neighborhood perfect for a growing family? Take a look and see if there are kids playing basketball outside or families going for walks in the evening. Looking for something quiet like a retirement community? Do a night drive by to see if the nightlife is popping in the neighborhoods you’re interested in. These little cruises can really cut down the house-hunting search. There’s nothing worse than when a real estate agent takes a client to a home they requested to see and the client pulling up and not even wanting to look inside the home (that you made clients leave so you could show) because they’re not a fan of the neighborhood. Yes, your agent is there and happy to help you in the elimination process, but help them out too!
3. Study the market.
Look at the economic situation that surrounds you. Research the market for homes in the area where you want to purchase. While a real estate agent can share the length of time homes have been on the market and estimated closing costs, research done ahead of time gives buyers expectations of costs in the location area of where they want to purchase a property. It can also help you see when the competitive times are in the market (typically in the spring/summer).
4. Know the usage of the property that you plan to purchase.
Typically, I’m searching for residential or luxury homes for my clients. So while is seems like an obvious answer that most clients want a subdivision, your real estate agent needs a little more information than that. Clarifying the usage of the property can narrow down the selection to more ‘prime’ choices. Do you want a minimum of five acres so you have room to breathe? Do you want a property where the Home Owner’s Association (HOA) takes care of the lawn? These little tid bits of information can really help narrow it down for your agent’s search.
Another potential deterrent can be deed restrictions on some properties. Some clients want to build a shop or add a pool to their backyard. Having those deed restrictions let’s you know what you’re allowed to build and add-on in neighborhoods. It can really make or break a decision.
5. Research your real estate agent.
Shopping for a real estate agent can be time-consuming, but knowing that you are using the right person for the type of property you want can help make the buying process a breeze. When looking to purchase a property, look at what your agent has listed or helped buyers purchase in the past. I’ve listed and helped as a buyer’s agent in luxury, residential, waterfront, commercial and other types of properties. Having an agent that has knowledge and a proven background in what you want to buy ensures a smooth process. It also doesn’t hurt to check out an agent’s Zillow or Facebook pages to see what properties and clientele they work with to find the right fit. Reviews can also be useful! But, trust me; I know I can help you find the PERFECT property!
Buying a property brings in a roller coaster of emotions. Doing homework ahead of time and keeping expectations clear between the buyer and the real estate agent can make this exciting journey a simpler one. These five simple steps to take care of before calling me to be your real estate agent helps set you, the buyer, up for success when looking for a property. Call Bethany Nolan with Murray Real Estate Services, LLC to get started on your house hunting today!