Understanding Your Local Market
Understand Your Local Market Before You Purchase A Home
Study your local real estate market before you seriously look at houses so you are able to make educated decisions throughout the process. Browse real estate markets in your desired town, before you talk to a real estate agent or for sale by owner seller.
How to Access Your Local Market:
- Your realtors MLS market.
- Pick up real estate for sale books in your area.
- Read real estate ads in the local newspapers.
- Drive around the desired area and look for “For Sale” signs, taking note of which neighborhoods you like the best.
Even for experienced home buyers, it can be a confusing process but can be especially intimidating for the first time home buyer who might not have any understanding of the local market or real estate tips and tricks. Before you begin, below are some of our tips and tricks to understanding the local market real estate environment:
Get Prepped in Home Buying Basics
Get educated about the home buying customs where you live and understand the local market you will purchase into. Relatives or friends who live in another state might have general advice for you, but chances are the process is very different in their area, so avoid the mistake of relying solely on their advice to make important decisions.
Talk To Local Market Real Estate Agents
You should talk to a real estate agent for advice about your local market home buying scenario. This does not mean you have to sign an agreement for the agent to represent you. Discussing the local market with an expert is a good opportunity to learn about the home buying process and also get a feel for how the transaction will go.
Home Buying Questions to Ask:
- Will the agent assist you composing your offer to purchase a home?
- What types of disclosures are available to give to buyers?
- What types of home inspections are standard in this local market? Are there other inspections that the agent recommends?
- How much do the inspections usually cost? Are they regarded as a buyer expense?
- When are inspections done?
- Is a survey required for most transactions? If so, who typically pays for it, the buyer or the seller?
- Does an attorney or title company do a title search to verify that the deed is problem free? What’s the average cost for that service?
- Who acts as a settlement agent, the person who puts together final paperwork for you to sign? (attorney, title company personnel, real estate broker, other)?
- Other than loan costs, what’s the average total cost for other closing fees? Who will pay taxes, settlement agent fees, etc?
- How long does it usually take to close on a home once an offer is accepted?
All of the above questions are a great place to start. Not only will you have a better feel for the basic local market customs in your area but if you are lucky you may have made a good connection with an agent who can help you purchase a home!
Ready to start the home buying journey? Give Southern Real Estate a call today to schedule your personal new home buyers consultation at 251-368-4397!