Purchasing Real Estate
The purchase of real estate is one of the most important and largest transactions a person will ever make.
How To Choose A Town
The first step is to select a specific area on which to focus your search. When looking at neighborhoods, check out the quality of schools, the average home prices, the length of the commute to your job, how well the town is maintained, the beauty and vitality of the downtown shopping area, proximity to larger shopping areas and local resources (local library, parks, playgrounds, recreation facilities, gym, etc.).
How To Choose An Agent
Ideally, you want to find an agent who works with an Agency that is a local market leader in the market in which you have interest. That Agency will have access to local inventory intel from their top agents. Your Agent should be able to provide:
1. Local Expertise – Look for an Agent who specializes in one town and preferably lives in that town.
- That agent will know the town intimately, including the nuances of all the neighborhoods.
- That agent will be extremely familiar with all the inventory and be able to tell you what homes in the area have historically sold for and what current listings are worth based on comparable recent sales.
- That agent will have a thorough understanding of any resident concerns and have heard of upcoming town projects that could impact you or your property.
- Based on his or her years of experience selling real estate locally, that agent will likely have an understanding of the Town Code, regulations and requirements should you want to renovate.
2. Years of Experience – A good real estate agent will know what questions to ask you and will help you to focus on first things first. For example:
- What is your timing for moving into a new home (are you planning around kids’ school schedules or a new job move)?
- Are you currently renting or do you need to sell a home to buy a new one?
- If you are planning to finance your new home, have you obtained a pre-approval letter from a reputable financial institution? If not, the realtor should be able to recommend some mortgage brokers to get that process started as you will need a pre-approval letter in order to bid on a home.
- If you are planning to pay cash, are you able to provide proof of funds that are either liquid or can be easily liquidated to purchase the home?
- Have you narrowed down your search to one or two areas?
- Have you thought about how many bedrooms/baths you require and how much land you want to maintain?
How much you can afford to pay in taxes and maintenance costs in addition to your mortgage payments?
3. Deal Savvy – Look for an agent who has:
- Completed many transactions for both buyers and sellers so he or she knows both sides of the deal.
- Plenty of testimonials of happy clients on his or her website.
- Or, an agent who is a member of a Team with an experienced Team Leader.
4. Resources
- A good Agent can assist you with referrals for mortgage consultants, licensed home inspectors, contractors and architects and all sorts of other service providers who can advise you on the cost of work to be done when you are contemplating purchasing a specific home, and real estate attorneys to represent you on your purchase.
- A good Agent will be a major resource for help and information. Your Agent can recommend tried and true service providers once you purchase a home (plumber, electrician, gardener etc.), help you find great nursery schools, kids’ activities, gyms, doctors and tell you where to find the best of everything.
- A good Agent will be able to introduce you to other young families so you can meet new people when you move in.