With all of the real estate websites out there, buying a home should be easier than ever.
For example, instead of driving around in the hot sun seeking out lone open house signs, you can shop from your phone while in line at Starbucks.
However, with so much access to real estate information online, it also is easy to get overwhelmed and confused. I often get calls from clients asking about a house showing up online, at an amazing price, but they aren’t seeing in their search. When I research the property, I find the home is not for sale and hasn’t been since it was short sold in 2012. Many websites maintain old information just to keep buyers hunting on their sites. After all, the more time you spend on their sites, the more advertising revenue they can generate.
When searching for a home, many buyers also start to panic, thinking they are going to miss that perfect house and spend hours upon hours scouring the Internet chasing a mirage. If you are serious about buying, you may want to take a different approach to your home search. After years of experience working with buyers, here are my best tips for finding the perfect house:
Establish Your Budget—Today’s lending rules are more stringent than in the past, and lenders need more documentation than ever. Start by getting prequalified and understanding what you can afford. You may be prequalified for $300,000, but you may choose, instead, to see properties in the $250,000 range because the payment better suits your lifestyle or goals. If you start looking at the $350,000 range and then find out you only can qualify for $250,000 you will forever be less satisfied with the homes in the price range you can afford.
Resist The Temptation—You can spend countless hours surfing the Web only to find homes that are not available or don’t meet your needs. Furthermore, the valuation estimates often are largely inaccurate. Instead, save time and stress by letting your REALTOR® set you up on a real time MLS search that will allow you to access homes actually suited to your needs.
Learn What Your Money Can Buy—Some prices have continued to increase over the last few years. So, what you can buy today may differ from what you imagined was available. For example, if you are looking for 4,000 square feet under $500,000 in Scottsdale, there isn’t a single home currently on the market meeting those requirements. In other words, be willing to adjust your expectations, so you can be excited about what is in your market search.
Keep Your Options Open—I have yet to find a buyer who has not had to compromise on at least a few things on a wish list—regardless of price point. I recommend you start with the most important criteria rather than search by your entire wish list. A broad search in the beginning will help you understand the market and discover which items on your wish list are most important to you.
Understand The Market of Today—It is not 2011. Don’t look beyond your price range expecting to get an offer accepted at 15 percent under list price. Currently, our market is very balanced and is a seller’s market under $250,000. For homes under $250,000, be prepared to compete with other buyers. It may even take a couple tries to get an offer accepted. So, stay flexible.
Lastly, think ahead. Don’t get caught up in the moment and lose sight of the future. Ask yourself a few questions. Will this home be sellable down the road? What are some of the repairs that may be coming down the pike? Will I be happy in this location? Choose a great real estate advisor to help you make the best decisions, and then get excited about the process.
John Karadsheh is the Designated Broker for KOR Properties. He has been a Multi-Million Dollar producing agent for more than 13 years and is an Accredited Buyers Representative (ABR) and Certified Residential Specialist (CRS). In 2014, John was voted the No. 1 Real Estate Agent in Arizona by Ranking Arizona. You can reach John at (480) 568-8684, or visit his website at www.KORproperties.com.
KOR Properties also is the creator and one of the founding sponsors of Mesa Food Truck Fridays.