Purchasing Real Estate
The purchase of real estate is one of the most important transactions a person will ever make. The first step is to pick out specific areas to focus your search on. When looking at neighborhoods, check out the quality of schools, the average home prices, the major employers, and the nearby resources (fire station, library, grocery store, etc). After choosing the best area for your family, then it’s time to start taking more proactive steps.
Resources for Buyers
A real estate agent will be your major resource for help and information. The first step is to pick out specific areas to focus your search on. While many sites allow you to view the MLS, you will need an agent to actually tour the homes. Beyond simply finding you a home, your agent can often help you find a good source of financing.
Financing is a crucial step in the buying process. It’s important to be pre-approved for a mortgage before looking seriously at homes. Pre-approval means that you have been fully screened by the lender and approved for a loan; this can be a huge help when the time comes to make an offer. Most sellers will go with candidates that are pre-approved since there’s less risk that the deal will fall through.
Real Estate Agents
Your real estate agent will also be critical when it comes to negotiating and making your offer. It’s usually preferable to avoid agents who are working with the home seller since this can compromise your interests. The home buying process is long and involved, but with the right resources namely, a good agent it can be exciting and fun.
The US Real Estate market has seen a huge housing boom between 1996 and 2006, with all 20 main cities seeing a spectacular rise in house prices, Los Angeles experiencing the biggest rise with an increase of 265.5%.
New homes saw a rise in 2015 by 14.6%, with nearly 501,000 units sold, a new record of sold housing units since 2008, compared to only 132,000 sold homes in Q1 2016.