With the real estate industry in a slump, it is no surprise that there are many first-time homebuyers. Unfortunately, many first-time homebuyers turn to real estate agents to get help finding a house. To get the best deal possible, these first-time buyers often end up spending more money than they need to or finding a place they cannot afford. To avoid this problem, agents need to be aware of some of the tips below.
One of the most critical points for any real estate agent is to understand the needs of their clients. First-time home buyers want to find a house that has all the features they desire. For example, one of the top priorities of New England Home Buyers is to get a place with ample room to add on to and function as a family vacation home. A buyer wants to get the most value for their dollar.
One way for agents to help their clients find a house that meets their needs is by assisting them in identifying their housing preferences. Homebuyers typically look for spacious living spaces, yet they may be looking at a house that lacks any outdoor space. One way for agents to gauge whether or not a house has enough living space is to ask their clients how much room they need. For instance, if a home buyer wants to build their own addition to the house, they will need to ask the seller about the amount of square footage they need. They can also request a copy of the deed, so they know exactly what area the property is in.
Another important point of interest for anyone looking to purchase property is closing costs. Many sellers try to minimize their final costs by preying on buyers who are unaware of real estate agent commissions and homeowner dues. If a home buyer asks the seller about the cost of any repairs, appliances or landscaping work, the seller should provide details such as the annual average cost or a breakdown of the cost.
In many instances, sellers will offer buyers cash for houses that they want to list for sale. Real estate agents have a vested interest in keeping closing costs down, which means they may try to convince sellers to include earnest money as part of the purchase price. Sellers have several options when it comes to paying for their house, but the majority of sellers go with earnest money. What is earnest money?
Earnest money is simply an amount of money paid directly to the seller after the transaction closes. It is included with the real estate contract as a way to cover all of the costs associated with selling the house, such as taxes, permits and inspections. Home Buyers who accepts earnest money as a condition of the sale is assured that the amount is an earnest amount and it will not be added to the closing costs at the county tax courthouse. Sellers may also consider paying for a house buyer’s premium, which is a percentage of the house total sales price that will be retained by the seller after the house is sold.
In terms of location, buyers would prefer a house in a desirable area. However, it can be difficult to find a house within a particular price range. Where the house fits into the neighborhood can impact the price negatively or positively. For example, buyers would prefer to find a single-family detached house on the main street of their future community, but a building located next door could cause a decline in the price. If the house is too small or has structural problems, the price could end up being lower than desired.
Another thing that home buyers look for when looking at houses for sale is an architectural home. It is easy to assume that sellers will know what they are looking for, but this isn’t always the case. Homebuyers need to get an architect or builder’s perspective on what features are important to them. If the seller knows what features they are looking for and has done their research on properties similar to the one being considered, it will help to ease the buyer’s decision making process. Researching the market can help to make sure the property purchased is priced appropriately.