With
public access to Real Estate listings via the Internet many buyers in this
market conduct research on their own, and while a lot of information can be
discovered on-line, the most essential details are often left out. Knowing how to decipher a Real Estate
listing and what data to factor into your search may seem as easy at 1,2,3 – “I
want 4 bedrooms, 3 baths…” – but in reality searching for the right home can be
more of an algebra problem then simple math. Take these factors into your next home search and you
just may master the equation.
Active, Pending,
Backup? Oh My!
The
number one issue I see, hear and read about regarding on-line Real Estate
search is that a large portion of homes of interest are no longer on the market
when requests to view are made. No
one likes misleading information and this can often feel that way to
prospective buyers. As many of the
popular Real Estate search sites don’t show current “status”, a buyer is left
with no other opinion then ‘here’s a
great home for sale’. In
actuality however, the home is no longer on the market or has been sold months
ago! As true up to date
information of status is generally reserved for Realtors, it’s a good idea to
check the status with your agent prior to mentally placing furniture in your
new home. An active status sale is
on market with no current offers, pending means a contract has been executed
and the home will close pending inspections or other factors necessary, and a
backup status listing simply means while a contract has been executed the
seller will consider back up offers shall the current contract become void or
cancelled. Understanding these
points and jargon is step one when searching on line.
Important Financial
Factors
Perfect
pictures and a wonderful description can make anyone excited about a home, but
to fully protect yourself and be sure you are within budget you need to put
other factors into play. As many
homebuyers will be purchasing with a mortgage, monthly fees can often drive or
end a home purchase transaction.
Many varying costs of ownership are often not listed on the popular
search sites. Fees like HOA
dues, taxes, additional insurance necessary and others are crucial elements to
be aware of. An exorbitant HOA fee
or high tax rate can quickly put a home you thought affordable out of your
price range. To verify
additional fees that you may not be aware of be sure to work with a Real Estate
agent or ask the listing agent directly.
Planning results in protection, do your work and guarantee a successful
sale.
Beware the bait and
switch!
Like
all forms of marketing, some is ethical and honest while others are misleading
and false. Forum and blog sites
that advertise Real Estate often lean to the latter. Unethical agents have and will advertise properties that
have already been sold, or at unapproved prices with hopes of landing a buyer
call on the false advertising.
This is commonly referred to as the ‘bait and switch’. To avoid being baited try to stay away
from forum or blog like sites offering Real Estate for sale. As at all times, your best bet is to
work with a Realtor, but if searching on your own be sure to conduct your
research on a viable and ethical site.
Keeping
these simple ideas in mind will save you time, frustration and possibly
money! If in need of true data
always consult a licensed Realtor, they are and always will be your best source.
