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TIPS for Home Buyers 2011

By
Real Estate Agent with North Texas Top Team, REALTORS (Plano, Murphy, Wylie) TX Lic# 055794

Happy New Year everyone!  If you are like most people, you have set a few New Year's Resolutions for yourself.  One of those resolutions may be to get serious about buying a home.  With great interest rates and plenty of available homes for sale - it's a great time to be purchasing a home.  Here are a few tips to help you with the process from Coldwell Banker Jane Henry Realtors and the North Texas Top Team.

Seek guidance from real estate professionals and inspectors
Realtors and home inspectors are trained professionals in buying, selling and inspecting homes. Find someone you respect and trust - that is competent - and allow them to help...it will benefit you in the end. Don't jump from agent to agent just because you saw their name on a sign outside of a house you like. Interview at least two agents and choose the one you feel most comfortable with and who will focus on your needs.  The North Texas Top Team has agents who have the following designations:  Accredited Buyers Representative, Short Sale and Foreclosure Resource, Texas Affordable Housing Specialist, and more.

Don't choose an agent haphazardly
Don't jump from agent to agent as you drive by a sign outside of a house you like. You should interview and hire a Realtor to assist you and keep your best interest at heart throught the entire transaction.  Your agent will help you find all of the available homes that meet your needs, show them to you (regardless of who's name is on the sign in the yard), help you with your closing cost estimates, home inspections, contracts, and more.  A good Realtor will attend closing with you to make sure that everything goes well and you get the keys to your new home.

Get enough information about the properties
Obtain market statistics and sales records for the area you are considering buying a home in so you know how things (prices, conditions, list-to-selling price ratios) stack up in your potential new neighborhood.   Having a great agent - like the ones at Coldwell Banker Jane Henry Realtors and the North Texas Top Team - is the key to getting all of the facts before your purchase a home.

Look at houses for sale - in person
As you view homes for sale on-line, you will be able to get a good idea of what you want and what each home is worth.  Then spend some time with your Realtor looking at homes in person.  If you find the perfect house on the first day out - go ahead and make the offer.  However, if you don't find what you are looking for then schedule an appointment that day for the next trip out to view homes. 

Make the correct price comparison
Don't assess the value of a house only on the asking price. Your real estate agent should compile market reports that reflect and compare the selling price of similar houses recently sold in that same area.

Don't forget to calculate all the costs
When calculating the maximum price you can afford, don't forget to include costs such as Home Owner Association Dues, Property Taxes, and Home Owner Insurance. You will also want to know what your upfront costs such as: earnest money, inspections, down-payment, and closing costs will be.  Calculate a reasonable price range and look for a house that is priced closer to the lower end of your range.

Not asking enough questions
Don't be afraid to ask questions! You're not supposed to know everything about buying a home. Remember, this is potentially the biggest purchase you will make in your life - don't get caught regretting your purchase because you didn't ask enough questions!

If you follow these simple tips - you will enjoy your new home and you will be able to mark something off your New Year's Resolution list too!

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Melissa Hailey, Broker-Owner
REALTOR, CRS, GRI, SFR, TAHS, TREC-Approved Real Estate Instructor

North Texas Top Team, Realtors, LLC
  
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Comments (3)

Catherine Ulrey
Keller Williams Capital City - Salem, OR
Equestrian and Acreage Property Specialist

Great Buyer advice.  It amazes me how little buyers, and sellers for that matter, know about real estate, agents, and how we work.

Jan 11, 2011 11:46 AM
Larry & Jacque Ficek
Alaska Dream Makers - Wasilla, AK
Realtors - Wasilla Alaska

Great tips Melissa, buyers often forget condo dues in the calculations too. This added cost can cause them to price themselves right out of their range.

Jan 16, 2011 07:23 PM
Bill Morris
RE/MAX Capital City - Austin, TX
ABR, CRS, CDPE, ePRO, MBA

Great advice for buyers!  I would add one more:  don't dilly dally.  Prices and interest rates are almost certainly on the way up in coming months.  There will be a real cost for delay.

Jan 17, 2011 07:18 AM