Analyze Your Homebuying Options

by Elayne Jassey 03/18/2019

For those who want to buy a house, it helps to consider your options closely. That way, you can make an informed home purchase.

Now, let's take a look at three factors to consider as you prepare to conduct a home search:

1. The Local Housing Market

Assess the local housing market before you dive headfirst into a home search – you will be glad you did. If you analyze the housing market in towns and cities where you want to live, you can determine if a buyer's or seller's market is in place. Then, you can map out your homebuying journey accordingly.

To differentiate a buyer's market from a seller's market, you should find out how long recently sold houses were available before they were purchased. You also may want to track houses as soon as they become available and see how long it takes them to sell. If residences linger on the housing market for many weeks or months, the real estate sector likely favors buyers. Or, if houses are purchased shortly after they become available, the real estate sector may favor sellers.

2. Your Home Must-Haves

Think about the features you want to find in your dream house. This will help you hone your house search to residences that match your expectations.

Oftentimes, it helps to enter the housing market with a list of home must-haves. This list can be updated throughout your house search and may help you simplify your quest to find your dream residence.

As you craft a list of home must-haves, be sure to include any house amenities you simply cannot live without. For instance, if you require a home that boasts a state-of-the-art air-conditioning system, you can search for a residence that offers this amenity. On the other hand, if you need a home that is located just minutes from your office in the city, you can search for a house in or near the city itself.

3. Your Homebuying Budget

You may have only a finite amount of money to spend on a house. If you get pre-approved for a mortgage, you will know precisely how much money is at your disposal. You then can search for a house that corresponds to your budget.

To get pre-approved for a mortgage, you should meet with a variety of banks and credit unions. These financial institutions can teach you about your home financing options and help you select a mortgage that suits you perfectly.

Lastly, as you get set to embark on a house search, you may want to hire a real estate agent. This housing market professional can offer expert insights into the homebuying journey. Plus, he or she is ready to respond to your homebuying concerns, at any time.

If you want to streamline the process of finding and buying a wonderful residence, it helps to plan ahead for the homebuying journey. Thanks to the aforementioned tips, you can review your options and boost the likelihood of enjoying a successful homebuying experience.

About the Author
Author

Elayne Jassey

 

Your Neighborhood Expert!

Hi, I'm Elayne Jassey and in addition to my passion for real estate, I have a passion for my family, people, competitive games and Stamford! I have loved living in Stamford, Connecticut for the last 35 years. During that time I raised two daughters here and became quite involved in our local civic life. I was very active in Board of Education affairs during all the years my daughters spent in the Stamford public schools, and my early experience as a middle school teacher gave me a great appreciation for the strengths of the Stamford schools. I am currently a member of our Downtown Committee and I'm delighted to have participated in processes that have resulted in everything from encouraging the University of Connecticut to move into their new-in-town branch location, to bringing the excitement of the area's largest Thanksgiving Day Parade, complete with soaring balloons and marching bands, to town. 

I suspect the greatest joy in my professional life is that I meet and work with so many different and interesting people. I enjoy my customers and I am pleased that I build close relationships with them that I maintain for years. These relationships have resulted in a high degree of customer loyalty, and most importantly many close and rewarding friendships. In fact, I continue to work with people I listed, rented or sold properties to when I first entered the profession, and now I have begun selling to the next generation in their families! 

When not spending time with my family or savoring time with my granddaughter as she explores the world, I love to play games. Whether participating in a hard-fought game of Scrabble, playing cards or coming up with the answers in word games and puzzles, I am energized by good competition and problem-solving. In fact, I find creating a successful real estate transaction is a composite of all the things I most enjoy. It combines the problem-solving excitement of detective work with the joy of matchmaking. Each new customer presents a unique set of needs and goals, a special personality and a sense of individual style, all within clearly defined financial strictures. Understanding all these factors and fitting the pieces together successfully is the challenge that makes the selling of real estate so special to me. And it allows me to use my considerable energy, enthusiasm, and entrepreneurial spirit to work hard at meeting my own personal goals. 

People often say that I am a very lucky person. I agree. I live in a community I love. I am surrounded by family and friends, and work in a profession that still engages me deeply. And I've noticed that the harder I work, the luckier I am!