Real Estate Search Direct

One of the problems that many first time home buyers have is being intimidated by the overwhelming task of searching for the perfect home, so they usually seek the help of a real estate agent. To greatly increase your chances of finding a perfect home, you should take the time to do online research about the area you would like to live in before using the services of a real estate agent.

“100 Questions Every First-Time Home Buyer Should Ask” author, Ilyce Glick, expertly stated that new home buyers should take the time to study the area by doing online research and interviewing several realtors to find themselves the best match. This strategy has proven highly effective in helping many new home owners find the right home.

You can actually screen out real estate agents to find out which one will service your needs the best. Here is a list of pertinent questions that you can ask to help you decide who to choose:

1. How many years have you been selling houses in this neighborhood? A well-established real estate agent in your target area will be able to give you more details about what are the advantages and any disadvantage of living there.

2. What is the average price of the houses that you deal? It is to your advantage to find a real estate agent who will show houses that you can afford, rather than someone who will present you with expensive places that are not in your budget range, so you will not waste your time or get into large payments you may not yet be ready for.

3. What is the average number of clients that you handle at a time? The answer to this question will give you an idea as to how much time the real estate agent actually has to pay attention to your needs.

4. Do you have an assistant? Since communication is a vital part of the buyer and realtor relationship, it is better for you to know if you will be dealing directly with the agent or coursing most matters through the assistant. Whatever the case maybe, make sure you will be comfortable with the arrangement so you can get all your inquires and concerns answered within a short period of time.

5. What percentage of your business is with first time home buyers? Finding out how frequently your prospective real estate agent works with first time home buyers gives you some indication of their experience and may help you make a better decision for your final selection.

6. How many years have you been working with the company? If the realtor or agent is well-established, you will see that they have a good track record, and you will be better dealing with an experienced one rather than those who have just started their career in the real estate business. You can even ask for references from a supervisor get to know the credentials of the person you are going to be dealing with.

It may take a little time before you find the right real estate agent to aid you in your home buying needs, and it is to your advantage to review several qualified agents before deciding. The help of a professional and reliable real estate agent will be invaluable and you can get to achieve your goal of purchasing the perfect home.

Homebuyers looking for houses for sale in Minnesota for sale can go online and search for homes by price, location and neighborhood by using the Minnesota MLS listings to find properties throughout the state.

Comments (0) Feb 07 2010

If you are a first time home buyer or planning to buy another house, you can get a better purchase by conducting extensive research without having to first seek the aid of a real estate agent. An important step to house buying is the showing, and the ideal way to use this opportunity is to have 3 showings at least per house to facilitate your inspection and inquiries. If the house seems viable to you after the first showing, during the second showing, take notes as you examine each area of the house for physical defects.

“100 Questions Every First Time Home Buyer Should Ask”, book author, Ilyce Glick recommends that first time home buyers should use the time of the second showing to reconfirm what they had found appealing during the first showing and to identify any problems that it may have to be able to save time and money. Here is a list of things to do a closer inspection of during the second showing:

Check the roof. You can inquire in detail to the property owner or the agent how old the roof is and if it has ever been repaired or renovated. Roof replacement or repairs are rather costly, so knowing if you have to shell out money for it in the near future will help you make a wise decision. Look for signs of wear and tear inside the house. Crack in the walls, peeling paint, loose steps and other similar defects may not cost a lot to repair, yet it is better to be prepared for it.

Checking for signs of wear and tear in the interior. Look for cracks on the walls, creaky floorboards or shaky stairs as you walk through the home. While touch-up work may not be too costly, you should still have a strong understanding of the extent of damage.

Check the mechanical systems. Are all the heaters and furnaces functioning well? Is there any sort of insulation that is installed? Get all the details you can about the mechanical system so you can make provisions for repairs or replacements.

Do an assessment of the area. Check out the front and back view of the place. Do you like what you see? What is the noise level? These details can only be derived by actual observation and is needed to be done so you will have an idea about the area you will be living in.

Check for pests. Do you see any tell-tale signs of rats or termites? Are there roaches or other bugs? Find out if the house is infested with pests and if the property owner has done any pest control so that you won’t be walking in this kind of problem unprepared.

Imagine yourself living there. Visualize yourself in the house going about your daily routine. Does the furniture you have complement the house? Visualizing yourself living in that place will aid you immensely in deciding if it is the right house to be called home.

Time spent wisely during the second showing to do the necessary preliminary inspections will already help you trim down your choices. Having a list of the things that you have observed will greatly aid you in deciding which house to buy when you sit down to make your final decision.

When looking for Minnesota homes for sale, the internet is an invaluable resource. New homebuyers can use the MN MLS to view current listings of properties throughout the state.

Comments (0) Dec 31 2009

Seller’s agents, as the name suggests, are hired by home sellers to represent them in real estate transactions. They are paid a fixed fee or a commission and are primarily concerned with bringing the seller and a buyer to a deal. Homebuyers often end up transacting with seller’s agents. As a homebuyer, it is important for you to understand the duties of a seller’s agent.

Regulations vary from state to state, but there are certain things they cannot do according to national law. The author of ‘100 Questions Every Home Buyer Should Ask’ encourages all buyers to review the agent’s forms and disclosures thoroughly to understand exactly what types of services they will be offering; if you do not understand anything, do not sign the form. It’s also important to understand the key things that a seller’s agent can and cannot do for you:

A seller’s agent can give you information regarding similar homes in the area. This information is called comparables or ‘comps’ and is a listing of homes that have similar price, size and area, and age. Comps can include homes that were recently sold or are currently in the market. This information allows a homebuyer to have a basis of comparison to ascertain the value of a home.

Seller’s agents cannot dictate, or otherwise pressure, home buyers into buying a home. The seller’s agent’s job is to facilitate the selling of a home but it doesn’t mean that they can force homebuyers into buying a home. You might be in a situation wherein you are deciding between two homes that are handled by one subagent. In this case, the seller’s agent cannot compel you to choose one home over the other.

A seller’s agent cannot reveal the flaws of the home, except for imperceptible material imperfections. They are not allowed to disclose information that can influence you not to buy a property. Homebuyers must conduct their own inspection to assess the condition of a home.

It is illegal for seller’s agents to provide information regarding the best offer amount to homebuyers. Remember that a seller’s agent should be concerned with the interests of the seller first and foremost. Giving a tip to the buyer infringes on a seller’s agent’s relationship with the seller.

The seller’s agent can ask you for referrals. Many seller’s agents are independent business owners and always looking for new clients. They do have the right to ask you to refer them to friends or family members, and will do everything they can to make your home buying experience a good one.

When you are working with a seller’s agent as a first time home buyer, it’s important to remember that they are in the business to make the home buying process as easy as possible. This doesn’t always mean that they have your best interests in mind, so it’s important to do your own research about the property and work with a professional real estate agent in addition to the seller’s agent.

About the Author: Alexandria P. Anderson is a Minnesota Real Estate agent that helps people to find and purchase Condos in Minnesota and other properties in the Twin Cities of Minneapolis and St. Paul.

Comments (0) Nov 29 2009

Making the right offer is one of the most important part of the home buying process. Experts advise all homebuyers to find out home prices in an area and set their own reservation price, or the maximum price they are willing to pay for a home. A reservation price actually helps homebuyers in negotiating with the seller and stay within their budget when making an offer.

Barron’s ‘Smart Consumer Guide to Home Buying’ explains that it is customary for buyers to discount their offering price to create some negotiating room when making the offer; there is no rule on how much this discount needs to be, but it will depend largely on market conditions and how much you really like the home.

Below is the basic process for calculating reservation price to help you in making your offer and negotiating for the home you are eyeing.

1. Write down the amount you can afford to pay each month. This may be close to what you are paying now, or what you are comfortably willing to spend per month on housing costs.

2. Calculate tax and insurance costs. Barron’s ‘Smart Consumer Guide to Home Buying’ offers the following suggestions for calculating tax and insurance rates. Use a factor of .68 for areas with high tax and insurance costs; .85 if tax and insurance is relatively inexpensive; or use the standard .75 for a rough estimate. Multiplying this rate by the amount in Step 1 will give you your affordable loan P&I payment.

3. Calculate your typical loan term and interest rate. Write down the loan term in years and the interest rate. You’ll need to locate the appropriate payment from the loan payment tables that are applicable to this loan term and interest rate.

4. Calculate your total loan amount. This will also be found in the loan payment table; you may also obtain this from your mortgage lender.

5. Add your cash available for the down payment. This will give you a final figure of the amount you can afford to pay for the home.

You then have to compare the calculations you made on Step 1 with the amount on Step 5. The difference between the two will give you your negotiating range when making an offer. If the amount in Step 1 is larger than the amount in Step 5, you can offer a higher price for a home to secure the bid. If the reverse is true then you need to negotiate to bring down the final price into the range that you can afford.

Computing your reservation price can help you in negotiating for the home you want while making sure that you work within your budget. Apply your calculations for each prospective home so you can be flexible in your bids – either offer a higher bid or negotiate to lower the final price.

Are you a new homebuyer looking for homes for sale in Minnesota? Searching online using the Minnesota MLS is an excellent way to find the type of home you’re looking for.

Comments (0) Nov 23 2009

The state of the economy, interest rates and market cycle all play a role in the final price of your dream home, but it’s not always easy to tell whether now is a good time to become a homeowner. First time homebuyers are typically nervous about entering the homebuying market because they simply can’t tell the difference between a buyer’s market or a seller’s market.

In a buyer’s market, housing prices are very attractive and interest rates may be lower than the average. You may even see more ‘For Sale’ signs in different neighborhoods and sellers may be willing to reduce their prices drastically just to sell the home.

It is hard to find an attractive home deal in a seller’s market. Lotteries are setup that allow exclusive buyers to bid on certain homes. You might hear some people saying that the market is in ‘crisis mode’ during a seller’s market.

Buying a home on the right market will significantly favor first time homebuyers financially. However, Barron’s ‘Smart Consumer’s Guide to Home Buying’ cautions that “cycle phases are much easier to pinpoint long after the fact.” Nevertheless, you can look for certain signs that indicate the current market phase of the industry.

As mentioned, ‘For Sale’ signs are everywhere in a buyer’s market. At this time, sellers are giving incentives, such as concessions and discounts, to sell their properties quickly. There would also be an increase in the number of foreclosures and high-priced, quality homes will be sold for lower-than-average prices.

In a seller’s market, you can expect to see: very few ‘For Sale’ signs around the neighborhood; relatively high prices and competitive selling tactics within the same neighborhood; people ‘flipping’ homes where they buy a home and renovate it to sell it in a very short period of time; news stories that point out how unaffordable it is to buy a home; lots of rental complexes being converted into condominiums.

The best time to buy a home is during the buyer’s market when sellers are more eager to sell their properties and give out discounts. A good indicator to buy a home is when ads of homes with price cuts, discounts and other extra incentives start to circulate. You might be tempted to buy the first home you see or the lowest priced home but it is still important to work with a professional agent. Get a professional agent, especially if this is your first home purchase, to guide you in choosing the best home that would fit your needs.

Homebuyers must have a strategy to help them out in the entire homebuying process. Homebuyers are advised to look for market indicators, work with a professional and do their own research to come up with a plan and choose their best option.

Are you a new homebuyer looking for homes for sale in Minnesota? Searching online using the Minnesota MLS is a great way to find the type of home you’re looking for.

Comments (0) Nov 04 2009