Tuesday, February 10, 2009

First Time Home Buying 101: The Internet


I know you've been dying to check out the internet for homes! It is a great place to start. You will find a tremendous variety of homes in every price range. Most of the sites will offer numerous photos both the exterior and interior of the home, plus a property description. It is fun! You will discover the hours slipping away and feel that it is as addicting as a video game.

The internet sites operated by real estate companies insert "tools" to calculate your basic mortgage information for the home you are viewing. It's a tool to give you a "ball park" estimate of the monthly mortage payment on that property.

Most major real estate sites will do "courtesy listings". That means they are getting information from MLS and listing not only their listings, but also listings from all the other real estate companies. Some of these sites are kept up-to-date within 15 minutes of a listing sent to MLS. Obviously, the interest for them is that you will call their company when buying a property.

Whether moving across the country or across town, the internet will let you browse what is available in the area that interests you and help you define what you like and dislike.
  1. When you find a property that you think really suits your needs, print, email, or bookmark the listing. You probably won't have any difficulty finding things you like, but rather amazed at how many homes you like.
  2. You will begin to discover what is really important to your needs and find many similarities in what you find attractive. For example, you may discover you like two story homes, one-level homes, or daylight ranchers. You will also find styles that may be unfamiliar, but are characteristic of the area; i.e, east coast vs. west coast.
  3. You may find yourself attracted to only older homes or new homes. Perhaps you are attracted to more acreage, location or view. Having a file established with your favorites can later be shared with your realtor, mostly to share your personality. A bit like me going to the hairdresser with a photo of Angelina Jolie. Of course, the hairdresser is thinking "you must be kidding". Your real estate agent is probably thinking "you want this for how much?" Don't worry you'll get down to reality! But your agent will quickly see trends in your choices.
  4. Don't be afraid to check the listings above your price point. Depending on rapidly changing circumstances you might find "the next bracket" makes a tremendous difference in what you receive for your money. Sometimes a few dollars more on the monthly payment could save tremendous dollars in remodeling costs. Real estate is negotiable, perhaps now more than ever before.
  5. Check Google map for mileage and the estimated time it will take to drive to work. This is especially helpful in familiarizing yourself with an area where you may not know the names of the counties, surrounding towns or local references. Google Earth will let you view the topography of the area.
  6. You will soon realize you are recognizing the names of local real estate companies, agent photos, their specialties, i.e, hobby farms, waterfront property.

What are good sites to start with?

  1. There are a tons of good sites: Realtor.com, Homeowner.com, Caldwell-Banker.com, Century 21.com, ReMax.com, Keller-Williams (KW.com), ForSaleByOwner.com, are examples of companies that have agents located across the country. Once on their sites you will often find "courtesy" listings that can take you to "local" companies and agents. Check their sites also.
  2. Craigslist.org - go to the state and city you are interested. Many agents list properties on "Real Estate for Sale". Also you will find homes listed by homeowners.
  3. The local newspaper's on-line classifieds.
  4. Look at the unexpected. For example, Farm & Ranch magazine has on-line listings. It is a great source for farms or farmettes. It is a good site, great pictures (terrific magazine), but being a magazine the listings may not be "updated" as frequently, but you may discover an agent "profile" that impresses you.

Should I buy the house I found on the internet?

Never buy without seeing it in person! Buying on the internet without seeing the property...your chances of being overjoyed with your purchase are about as good as your odds of winning the lottery!

  1. The photos of property are always distorted. (Try taking a picture in your own house!) Rooms that look large, may actually be really small.
  2. Quality of the workmanship is hard to determine. (Some do-it-yourself homeowners perhaps should have hired a professional!) Detail on a photo is deceptive.
  3. Remember, the photos are designed to highlight the the most positive features of the property.

I remember looking at a place that had posted photos of a property that included large shed. I never saw that shed on the property and wondered about those photos. Finally, while driving around the neighborhood, I discovered the shed.... it was two farms away! You don't want to become an internet "horror" story!

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