With property finders and real estate listings online, who needs an up-to-date real estate research? Well, all sorts of homebuyers do!
You may have an idea how the whole home buying process goes, and by now, you've probably made a list of things that you want to have in a new house. Good for you! But that may not be enough to make sure that you will find a residential property or can buy a home that suits your needs, lifestyle, and funds.
Even if you think you can enter the market with a clear head, what you may not have here is a deep perspective-something a reliable real estate market research can give you. With insider info on the current market conditions, available properties (including those advertised off market), and comparative real estate prices, you can avoid making these same mistakes:
1. Thinking only about the house, not the location or neighborhood
Homebuyers tend to focus more on the size and physical structure of the house and oftentimes forget to consider the location or the neighborhood. Thing is, they shouldn't just be looking for a nice house to live in but also for a good investment into the future. They should at least have a good look around to see if the area has easy access to local amenities, shops, transportation, schools, and community facilities or if the property is right for its price or has a good resale value. Through comprehensive real estate research, they can gain insights on value trends and price growth, as well as the level of investment they're making.
2. Making ill-informed price offers and property appraisals
Most homebuyers have no idea about the real value of the property they're looking into. They tend to pay more by settling into the seller's price or by making arbitrary offers without any clue of the actual worth of the house and lot. Before making any offer or signing a deal, they should at least figure out the asking and sales prices of comparable homes on the market or in the neighborhood, as well as consider current market trends, foreclosure activities, and other real estate concerns such as zoning issues. This way, they won't enter any transaction blindly. They should also take into account property taxes, homeowners' insurance fees, notary, escrow, and inspection fees, moving costs, and mortgage insurance. Working with a reputable real estate firm can help buyers deal with financing, house prices, legal documents, and property appraisals.
3. Limiting their choice of properties only to what they can find
Homebuyers may settle for whatever property they can find, as long as it meets their price range. Unfortunately, there are far better options out there. Some of them are just not aware of it because they limit their property search on Internet listings, by referrals from family and friends, or through agents with limited real estate networks or market know-how. Some of the best residential properties are actually advertised off market. By working with real estate brokers, homebuyers can have wide-ranging options that not only meet their budget but also their needs. Aside from property listings, brokers also have access to real estate research and market studies and can give clients a good idea about current market conditions and even assist them with property inspection, contracts, and negotiations.