Shop for a Home - It's a good idea to do some fact-finding
before you start looking at homes — before you get caught up in
the excitement and stress of the shopping process. Hopefully you've gotten
to know the communities you're considering during the organizational phase.
Now it's time to narrow the search and find your new home.
Research Markets
Review your notes and decide where you want to conduct your home search.
Use our community research checklist
to help you decide on the right location. Your agent can help you review
recent sales activity in the area to get some idea of what you can expect
to find in your price range.
Gauge Market Conditions
Real estate markets are highly cyclical. The current status of the
market can have a significant effect on your homebuying strategy.
Try to develop an understanding of the state of the market, so you'll
have some idea of the conditions to anticipate when shopping - and
a feel for how hard you can bargain when negotiating.
What's Best - Hot or Cold Market?
Unless you're a first-time buyer, you've probably got a house to
sell while you're shopping for a new home, so it's not easy to determine
if a strong market is helpful or harmful. As a general rule, if you
are moving up - looking for a new home significantly more costly than
your old one - you may want to act during a weak market, when the
savings on an expensive, new property will more than outweigh the
losses on the older one. Conversely, empty nesters looking to switch
to a smaller home may want to plan their move during a hot market,
when they can maximize gains on the sale of a larger home.
When is the Best Time of Year to Sell?
In most markets there are two primary selling seasons - spring and
fall. Spring is the strongest, since many buyers want to move in before
the next school year begins. Summer and winter are generally poor
selling periods. Avoid marketing your home at these times if you can.
Of course, some areas have their own specific seasonality. If you
are selling a home in a seaside vacation spot, for example, summer
is an excellent time to be on the market.
Understand Recent Area Sales
Don't listen to anecdotes about bidding wars and homes getting snapped
up in one day. There is no substitute for accurate information. Check
out the actual sales prices of area homes, and try to get a feel for what
is really happening in the marketplace.
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