When you decide to purchase a home, your first inclination is usually to locate a real estate agent, or maybe you look at a few homes first on your local MLS, just to see what is out there. Checking out the inventory on your own is always fine, but before you call a real estate agent, you will want to sit down and take an hour to write a list.
Write a list of the TOP 10 attributes which are the most important to you and what you are looking for in a new home. For example....walk in closets, a modern kitchen, at least 4 bedrooms, a two car attached garage. It should take you a little while, so devote some time to you. You might think of an important attribute later on. After you make the list, prioritize it. Move your most important features to the top of the list.
When you call your real estate agent, he or she will always ask you to list off the features in a home which are must-haves for you, or which are the most important. If you have your list, you will be prepared. I always find that when you are asked such an abstract question, it is much more difficult to think of replies when you are put on the spot. And then you might find yourself thinking of the answers you should have said an hour after the phone call. By having the list, you will be more prepared and you will also feel more confident about conveying your real interest in a new home when you speak for the first time with a Realtor.
This information also helps your Realtor find the perfect home for you. You can search on the MLS system yourself, but armed with exactly what to look for, an experienced real estate agent can hone in on the perfect selection of homes for you. A Realtor knows the MLS system, and is an expert at locating properties using buyer-specific variables!
Hi Rebecca,
Thanks for reading my blog...I like this one you wrote for buyers...it's good to point out some "obvious" things that sometimes are not so apparent. Stay in touch!
Many home buyers start their search on the internet to get a feel for what's available in their area and their list of requirements evolves through this activity.
I'm always making a list of what I want in a home just in case I move again. It's ever evolving because technology evolves. My next home absolutely will be a "Smart Home." That's #1 with four diamonds, five gold stars, and a bullet.
Rebecca, great post. I tell my buyers to make a wish list, then let me know what's on it. I have also suggested they go to Open Houses (with my business cards) to just get a feel for what they are looking for. I have some Buyers now that are not ready to buy for another 8 months when their lease is up. So, they are the perfect candidates for going and looking on their own for a little bit first.
Rebecca,
Definitely, yes. Even as a loan professional and not a Realtor, I always ask my buyer prospects as well. When I take a call or visit from a buyer, which is more often than not a first time buyer, I always ask right up front:
"Even though we will be pre approving you and determining a maximum affordability index (loan limit) for you, what price range or ball park price range did you envision for your house hunting, just as a starting point?" (just to make sure they are within reason and to check for potential "payment shock").
Secondly I always ask, "What location, property type, features and ammenities are most important to you (and your co-buyer if you have one) and does your chosen Realtor know about these?" I always continue to put them at ease by following up with, "If you don't know just yet, that's fine! Take some time to consider these and in the meantime we'll continue approving your credit and income."
Great post.
~ Jamie
Hi Rebecca, Nice Blog. I was taught by old school; 1) location first 2) price and terms 3)type and style. Sometimes the buyers change their paramaters.
Nice post. I always have buyers give me two lists: wants and needs. Things you want make it your ideal dream home, but the needs are the basics to get it on the list to show the client. It is always good to make your buyer feel empowered and getting all the information from them, helps to make you a more efficient professional. Most important it saves everyone the most valuable thing of all, time.
Betina Foreman, Realtor Austin Texas
Great post, Rebecca. It's also important to explore financing options before going too far with house hunting. That's not only because would-be buyers should find out early on how much they can really afford and be approved for. It's also because the loan program may impact the property choice. For instance, a jumbo loan program that gives the buyer a much better rate than other jumbos may require a much larger down payment if the property is a condo or new construction. Or a program geared to moderate income borrowers that offers them the lowest down payment (zero) and the lowest monthly payments may have geographic restrictions on where the property may be located. The sooner these considerations are taken into account, the easier it is to absorb them, make informed decisions, and minimize wasted time and effort.
Agree. Great Information. The Realtor can't find what you want if you don't know what you want.
Marty