Acquiring your dream home

The Power of Search

Google has put all of the information in the world at our fingertips.  And while real estate listings are accessible online to anyone, REALTORS® have even more access.  Not only can they easily access the most up-to-date listings, they can find properties that aren’t being advertised. REALTORS® are also going to be the experts in your search area, guiding you to find that perfect neighborhood that fits your needs.

REALTORS® Code of Ethics

What sets a REALTOR® apart from a real estate agent?  The strict standards and Code of Ethics set forth by the National Association of REALTORS®.  These standards and codes mean that your REALTOR® will always act with your best interest in mind. REALTORS® in addition to their continuing education requirement must maintain their knowledge of the Code and can be sanctioned for violating any of the articles of the Code.

Skilled in Negotiation

There are a number of variables that go into the price of purchasing a home.  Between bidding wars and competition, negotiations can be intense especially when housing inventory is low.  Luckily a REALTOR® represents you in the purchase and is a savvy negotiator with both the experience and knowledge to get the best options to you. Acting with this partner can save you thousands.

Industry and Location Expertise

The real estate world is full of acronyms and jargon that can make your head spin.  This unique language, coupled with the forms and documents required can make buying or selling an overwhelming task.  Thankfully REALTORS® understand what needs to be done, how to communicate it, and most importantly can prepare the best deal for you while avoiding costly delays and mistakes.

Contracts and Negotiations

Real estate transactions include complex and complicated legal processes.  Having someone represent you that not only understands these processes, but that can inform, advise, and negotiate to ensure that your investment is as successful as possible.

Real Estate Regulations

Staying current on changing real estate laws can be a full-time job in itself.  If you are moving from state-to-state or simply across town, there can be a wide array of laws and regulations that you need to be aware of.  This is your REALTOR’S® job.  They are a well versed, and immersed in real estate regulations and will be aware of any and all pertinent information for your transaction.

Market Expertise and Consultation

If you’re shopping for a new house, your job is to know what you want; your REALTOR’S® job is to know where to find it.  If you’re selling your home, it is their job to get you the best price possible in a timely manner.  Both sides of this transaction are improved when you have someone on your side that understands the market.  There are a lot of other factors that go into the purchase or sale of home other than the number of bedrooms and total square feet.  Being familiar with property tax regulations, school districts, nearby amenities, and many other elements all provide a much clearer picture for you as a client.

Time

Time is of the essence when it comes to selling a home.  The longer that your home stays on the market, the more difficult it can be to sell, and sell at an appropriate price.  Also the amount of time and flexibility required to prepare and show the home to prospective buyers is immense.  If you forgo the services of a REALTOR® you’ll need to make yourself available at a moment’s notice to meet with buyers, organize an open house, and also see to any inspections or repairs.  This is in addition to your normal daily obligations and schedule.   There is also the time it takes to market your home so that people know it is for sale, and then managing the resulting appointments. 

Negotiation Skills

Once a potential buyer is found it will all come down to price.  Taking too firm of a stance could cost you the sale, not being firm enough could cost you thousands of dollars.  This part of the process also includes a lot of different technicalities.  What extra costs are you covering?  Is the purchase agreement accurate?  This can be a delicate and detailed process.  REALTORS® have the experience and expertise to make sure you are well represented and receive the best deal possible.

Total Transaction Management

Buying and selling a home is likely the largest transaction that most people make in their lives.  It’s safe to say that there are number of complicated moving parts.  Understanding the protocol of each stage of the transaction and knowing how to respond accordingly is essential to the success of selling your home.  Inspections, financing, appraisals, communication, closing, and so many other processes are a lot to handle, and more importantly, handle well.  Again, a REALTOR® is trained and licensed to handle these demands.

Don’t get hung up on square footage

It’s easy to get a number stuck in your head when it comes to square footage.  However, there are many other things to consider.  How tall are the ceilings?  Are there granite countertops?  You can look at two identically sized homes and they can vary drastically in amenities and price.  So be sure to have some other objectives in mind and don’t focus solely on size.

Focus on the floorplan

The floorplan in the home you choose is pretty much permanent; short of a major renovation.  So even if you aren’t wild about the finishes, floors, or colors, choose a home with the right living room, kitchen, and bedrooms, and you can inexpensively update and upgrade the aesthetics.

Consider the neighborhood

Remember that you are going to be joining a community, not just buying a house.  Understanding the values, interests, and ages of your new neighbors should be a key consideration; even if the house isn’t what you imagined, but the neighborhood is.  Accounting for schools, proximity to resources, transportation, and infrastructure should all by key metrics in your decision making process.

Stick with what’s important to you in a home

While a lot of what has been mentioned above urges you to keep an open mind, it is just as important to stick with the items that are non-negotiable.  Does the sound of traffic bother you?  Then don’t compromise on size and don’t accept a lower price if you still have to listen to it.  Does a long commute not work for you?  Stick to your guns and keep looking for something that meets these needs.

Don’t Begin Shopping Without Being Pre-Qualified

One of the biggest mistakes you can make when is to begin shopping for a home without having your financing lined up.  This can be a tremendous waste of time and energy for you and everyone involved.  Your REALTOR ® can be a great resource for helping you find a lender.  It is also important to know that once you are pre-approved that you should not take on any new financial obligations like a new car or credit card.  This can change the terms of your mortgage or even forfeit it.

Consider All of the Costs, Not Just Your Mortgage Payment

While your monthly mortgage should be a key concern, there are many other financial considerations to be made.  Insurance, taxes, home maintenance costs, and more can all add up quickly.  Other factors like a new commute to work, schools, and more are all directly influenced by the location you choose.  This is where a REALTOR® can be invaluable.  Your REALTOR® can give you a clear picture of what these costs will look like, helping you plan accordingly, and make the best decision possible.

Not Using a REALTOR®

This may have been implied as the expertise of a REALTOR® has been demonstrated throughout this list, but this is an all-too-common mistake made by first-time homebuyers.  Your REALTOR® has the experience and expertise that will not only help you find the perfect home but will be a tremendous resource in negotiations and see the transaction successfully through.

Home inspections are an essential and critical element in the home buying process.  The things that can be discovered can save you a lot of time and money in the long run.  It’s important not to confuse a home appraisal and a home inspection, they are two different things.

What is the difference between an appraisal and an inspection?

Appraisals are required by banks and lenders in order to determine the market value of the home.  An appraiser makes a visual inspection of the home noting any improvements or deficiencies that can impact value.  Location, square footage, and comparable homes in the area are also considered in this assessment. 

An inspection focuses on the mechanical features and integrity of the home.  Plumbing, heating, cooling, electrical and structural elements are the key focus of a home inspection.  Inspections also look for any safety or health concerns, and notify the buyer of any repairs that need to be made. 

Why should you have a home inspection before you buy?

Once you find a home you are considering buying you should have it inspected.  The inspector should be hired by you, not the seller.  Even if you are purchasing a new construction home, an inspection is a must.  For the cost of a few hundred dollars and a few hours, you could end up saving thousands of dollars and years of headaches and frustration.  Home inspections also give you a negotiating advantage when the time comes to make an offer.  Any repairs can be leveraged as a purchasing condition.  The results could also lead to a lower asking price.  Inspections also give you all of the information you need to make the best decision and to truly understand what it is you are buying.

One of the best assets you can have during the home buying process is a REALTOR®.  REALTORS® are an invaluable resource.  From finding the right location and home for you and your family, they are there every step of the way and can be very helpful during the inspection process.

Do Understand the Total Cost of Ownership

While your long term goal is to have a place of your own at your favorite retreat; a vacation home can also be a smart financial decision when you add up the expense of hotels, restaurants, etc.  However, it will only make financial sense if you understand the total cost of homeownership.  Just like with your primary residence there will be taxes, insurance, maintenance costs and more.  All of these costs along with recurring charges like utilities need to be included in your budget.

Don’t Overestimate Travel

Getting there isn’t always half the fun.  If you have a car ride of a few hours that can be very manageable.  However if getting to your new home requires a plane ride or difficult terrain, that could be an issue.  Remember, you’ll have additional responsibilities that may require unscheduled or inconvenient visits to your new property.

Don’t Forget About Safety

This is especially true when your home is new and you’re getting to know the community, as well as it is when you are away.  Having a security system installed is essential and should be added into your budget.  Wi-Fi cameras and surveillance are also a great way to stay connected with your property.  It’s also a good idea to find someone that you can trust to check on things and keep you up to date while you are away.

Do Hire a REALTOR®

Just as if you were shopping for a primary residence, a REALTOR® is an invaluable resource as you search for your vacation home.  REALTORS® offer local expertise and experience along with access to information and locations.  Entrusting your vacation home shopping experience to a skilled REALTOR® is a must.