Researching the Real Estate Market: Get Started with the Home Buying Process
Before getting started buying a first home, it's important to know what's going on in the real estate market where you are thinking about making your purchase. The more you know about home prices, where to buy and how much you can afford, the better off you'll be when the time comes to make an offer. The following tips can help.
Buyer or Seller's Market?
One of the important things that buyers should know before getting started with the home purchase process is whether the market favors buyers or sellers. A buyer's market is a market condition wherein buyers are scarce and inventory of homes is high. Buyers can easily negotiate good deals in a buyer's market.
In a seller's market, homes are scarce, prices are high, and there's a lot of competition for the properties that are available. Buyers must be ready to make competitive offers in a seller's market.
Choose a Neighborhood
One of the things that home buyers should be aware of before they start looking for a home is where they would like to buy a house. Prices can vary by neighborhood, so after the home buyer has established a budget, they can then choose the neighborhood where they would like to buy a home.
The easiest way to pick a neighborhood is to explore different parts of town. When choosing a neighborhood, buyers should consider:
- Commute times
- Typical home prices in the area
- Services and amenities in the area
- Condition of roads and sidewalks
Once a neighborhood has been selected, then the home buyer can move on to selecting a home.
Know What You Want
It's important for the home buyer to know what they want in a home. Making a list of must-haves can help the home buyer narrow their selection. Must-have items that homeowners typically look for include:
- Large/small yard
- Quiet neighborhood
- ...and so on
Palmer home buyers who know what they want can determine about how much they can expect to spend in the market where they are thinking about buying a home.
Work With a Reputable Real Estate Professional
If you're a potential home buyer who is thinking about purchasing a home soon, find a real estate professional. Your real estate agent can help you research homes in the neighborhoods where you're thinking about buying a house.