Home buying 101 in Bethalto, IL: Part 2 - Will the Car Fit in the Garage?

If you missed part 1 of this series, please read Know How Agency Affects You.  If I was successful in explaining agency to you, then you know how important it is to find a real estate agent who can best represent you.  Believe me, you do not want to call the agent whose name is on the sign; they are already representing the seller.  You do not want to call that For Sale by Owner; let your agent do that.  And do not go to open houses without your agent; your agent can arrange a private showing for you.  Don’t worry about feeling like you’re being a pest.  Your agent wants you to call them!!

O.k., so now you have an agent, and they have already explained the importance of getting a preapproval letter from a lender.  You’re ready to start house hunting!

But there’s more to it than just “I want a 3 bedroom, 2 bath house with a garage.”  Some things to consider:

• No matter if it is a buyer’s market or seller’s market, the best homes still sell quickly and for top dollar.  Don’t make the mistake of waiting for them to come down in price.  If it’s a home you really want, your agent will do a market study to make sure the home is priced competitively. 

• Yes, there are a lot of foreclosures in today’s market.  But that doesn’t mean you are going to get a steal.  Banks aren’t willing to give houses away.  Most of the time houses go into foreclosure because the homeowner couldn’t sell the house for what they owed on it.  If there is a steal out there, more than likely an investor with cash will snatch it up fast.  And sometimes, the homeowner is very bitter about having to leave their home.  I mean, really, why else would they take the a/c unit, all the ductwork, and copper wiring, but leave all their garbage and pet piles of doo doo behind?  

• How do you live your everyday life?  Do you like to entertain often?  Then an open floor plan would work well for you.  Are you a cook or do you eat a lot of frozen pizza and take out?  Cooks place the kitchen top priority.  Non-cooks don’t mind a smaller, basic kitchen (as long as there’s still a dishwasher).  Do you have a husband (like mine) who is a power tool, gadget, big boy toy collector?  Then you might want an extra garage or storage area.  Trust me, after 15 years, my car still will not fit in the garage!!!

• Sometimes you have to give a little.  In this area, you just are not going to find a 4 bedroom, 3 bath, 3 car garage, with a full finished walkout basement and in ground swimming pool for $100,000.  After looking at several homes in your price range, you will soon get a feel for what you can realistically afford.  And you may even realize that what you thought was a “must-have” really isn’t important after all.

• Pictures and dishonest agents don’t always tell the whole truth.  Like the time I took my buyers to see this “newer home with very large rooms, open floor plan and vaulted ceilings.  Sits on 2 lots, large fenced yard with a pool, covered deck, privacy fenced back yard.”  We kept looking for a candid camera somewhere.  The sidewalk was wavy, the door handle was on backwards, the porch light was upside down, the pool was a the blow-up kind which had lost all the air and had green stuff growing in it, the deck was only 10 square feet, and the back yard may have had a privacy fence but it was only 20 feet deep. 

A great real estate agent can make house hunting easy and maybe even fun!  Looking for just the right house can be stressful.  An experienced agent can be a tremendous help in knowing what to look for and what to avoid.  I always tell my buyers that they may have to “kiss a few frogs before they find their prince”, but they will know right away when they see their prince. 

Coming up in Part 3 – What to Consider When Making an Offer 

Real advice. Real answers. It's Real Estate simplified. Helping buyers and sellers negotiate and manage their real estate transaction successfully.  

For real estate help in the Bethalto, Wood River, Alton, Godfrey areas email Stacie at stacie@mybethaltohome.com