5 Tips to Finding a Great Home in 30 Days

Buying a home is a big decision and a big commitment. Some people just have an easy time finding a home and making a decision rather quickly. These people are generally very experienced in homeownership and have probably owned several properties in their lifetime. They also seem to be much more pragmatic when it comes to the real estate market and are know it is silly to expect to find the “perfect” home.

Other people can take years to find a home. They might be terrified in making the wrong decision. The recent real estate debacle have made many people skittish. That is totally understandable. Others just simply never buy because they are looking for the “perfect” home that just does not exist or a super duper deal that never comes along. Here in Sarasota, Florida that would be the equivalent of someone looking for a fabulous waterfront home with stunning bay views for $500,000 when the majority of them are selling for much more than $1,000,000.

Since buying a home is a big commitment you don’t want to just jump into anything. You may not need to find a home in 30 days but it might help you to have a goal of finding a home in certain timeframe. If you cannot find a suitable home within a few months you should probably analyze yourself and your needs. You might be unrealistic. Here are 5 tips to help you find a home in short time frame.

1) Hire a Great Realtor

Buyers don’t have to compensate the Realtor to represent them in a purchase. Realtors are paid via the seller even though they still can represent the buyer. So why not hire a good one? A great Realtor will not cost you more than a bad one. In fact, a bad one can cost you more by not guiding you properly.

It is not that difficult to get a real estate license. Because of this you have a lot part time Realtors out there just “doing it on the side”. Do you really want to entrust one of your largest financial transactions ever to someone who is not up to speed on what is happening in your real estate market, changes in laws, contracts, inspections, building codes, zoning changes, etc? It is probably not wise.

2) Be Realistic

Don’t expect to find that undervalued home that instantly puts thousands of dollars of equity in your pocket the minute you buy. It happens very rarely. Think about it for a second. Your real estate market is scrutinized daily by Realtors and investors. If a home comes on the market that is far below appraised value you will have every observant real estate agent and investor out there trying to buy it. Occasionally, I do see properties come up for sale that are priced aggressively and they typically receive several offers the first day. The home normally sells for over list price and close to the appraised value.

I know this may burst your bubble. I run into so many potential buyers who despite what they say will only buy if they feel they are getting a “sweet deal”. These people usually never end up buying because the price is never good enough. They always seem to want to buy it at a price that the seller is not willing to sell it for.

3) Learn the real estate market

Buyers need a comfort level with the real estate market in order to make the decision to buy. The great thing about the internet age is that all of the information is out there. Depending on your county you can probably pull up tons of information about your real estate market. You can find out who owns what, what they paid for it, when they bought, square footages, age of construction, swimming pool, number of bedrooms, bathrooms etc.

If anything, there is too much information out there. You can get paralysis of analysis if you are not careful. The local newspaper has their opinions that will generally scare you. If you read Realtors blogs they will probably tell you it is time to buy. The national news usually emphasizes the bad news about the real estate market or economy while downplaying good news. Sensational news sells but it also can scare people into doing nothing.

Once you find a good Realtor have them send you recently sold homes in the areas that interest you. In fact, they can probably set it up so you receive an email automatically when a new home comes on the market, goes under contract or sells. This will give you a clue as to what other people are buying. The value of the home you buy is determined largely by what similar homes are selling for. If you are looking for a beachfront home on Siesta Key for $1,000,000 when the last three sold for $2,000,000, $2,300,000 and $2,100,000 then you are probably wasting your time and are not very realistic.

Understanding the values of the real estate market will help you find the best options in your price range. I recently worked with a buyer that wanted a newer waterfront home with an expansive bay view for $700,000. I emailed them the last three homes sold that fit those requirements and all of them were around $2,000,000. They quickly fine tuned their expectations.

4) Be Prepared

Don’t figure out how to pay for a home after you have found it. That is silly. Lending guidelines have changed over the last 5 years. Some people might think they can borrow $400,000 for their home purchase when in reality they can only borrow $300,000. It is better to find this out before you go look at property. Otherwise, you might be in for a big surprise. Not only that but you wasted a lot of time for you, your Realtor, the listing Realtor and the sellers of all of the homes you viewed.

Getting a mortgage can be a pain. I understand that. You have to get a bunch of documentation, prove this, prove that but it is a necessary evil right now unless you have the cash to pay for your purchase. I get calls all of the time from people who are so eager to start looking at property first and then worry about financing later. They actually get mad at me when I insist on figuring out the financing first. As a Sarasota Realtor, I am trying to be as efficient as possible in finding homes for clients so I can accommodate more clients and this make more money.

Another step in preparing is figuring out what you want. All decision makers need to sit down and make a list of their needs and wants. Figure out what can live with and without. There is a good chance that you will have to make a compromise. Even buyers in the luxury price range make compromises. Having a good understanding of what you want is a great start.

5) Get to Work

The best house is not going to fall out of the sky. You have found a great Realtor, figure out how to pay for the real estate purchase, established a list of wants and needs, done a little homework following sold properties and are realistic about the market. Now you need to go find a house. Make appointments to see the homes for sale in the best neighborhoods that you and your Realtor determine to fit your needs and wants. It is pretty much that simple.

Finding a home can be difficult if you let it. Follow these 5 steps and you are sure to be residing in your new purchase within a relatively short period of time.

By: Marc Rasmussen