Where to begin your research
I try to give real-life situations so that looking for a home becomes easier. Often buyers will vacation in an area before deciding to move there. This is a good way to know what the cost of living in that particular area is. You should also be aware of climate and will it agree with you year round, or just for certain months. One of the main things I have found is that people seem to think they can buy a home cheaply in Florida. I would like to remind you, you get what you pay for. Know what you are able to and comfortable spending on a home!
I have an older couple looking to buy
My story of the day.I have a buyer that I have corresponding with for over a year. They want to purchase a seasonal home for under $100,000. Sounds like we will be looking in 55+ condo communities. I e-mail them all the properties on market. They don't like any so they ask me to send single-family homes. I send those and of course, they are major fixer-uppers, and the only value is really in the land they are on. So they decide to bump the price range up. Still nothing in the one area so we move to another area. They find a couple of homes they like but decide they don't want to strap themselves with this monthly payment. Now we are looking at mobile homes. These are not really the communities they want to live in, and they don't want to pay for a land lease. So now after already explaining to them, this is what they will get in the $100,000 range, they are disappointed and think something has to come on the market. Reality is that it won't, and if it does it will go so fast they won't even know it was on the market.
So how can buyers be more prepared for what the market is?
I recommend that you sign up for a market report in the area you would like to purchase. This way you can see what is coming on the market, going under contract and selling. This gives you a more realistic idea of what you will pay in that area. Second, thing I would say is to check if the location is going to work well for you. If you go to walkscore.com and put in a property address, it will give you information on stores, restaurants, schools, etc....that are in your location. You also need to have an idea of taxes and insurance cost in the area. This all effects your monthly payment. Moving is a big deal work with a Realtor that can provide you with all the information you need to make a wise decision.
If you are thinking you would like more information on the home buying process click here.
This content created by Barbara VanderMeulen Lead Buyer Specialist
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