What do First Time Homebuyers Look For?

The Essential Handbook for Buying a Home

the Essential Handbook for Buying a Home

 

 

Are you selling a home?

Are you a real estate agent working for a buyer?

If so, you’d better know what buyers consider important and how they make their decisions!

 

 

A recent study shows how important the following home-buying factors were to buyers:

• List Price: 72%
• Location: 69%
• Neighborhood: 55%
• Floor Plan: 37%
• Square Footage: 28%
• Schools: 22%

Does knowing this change the way you’ll market to sell?

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4 Comments

  1. Have you signed a contract with her? Be very careful before you do, and for this reason. The relationship may not work out!

    A relationship with an agent is a long term one. I wrote about this in the book for this very reason. They are not just someone putting you in their car and driving you around; they will be with you all the way through the closing at the attorney or title company office. The relationship may last months and you have a lot of money at stake. You do not want to be misled or ignored through the paper trail that will be there if you enter into a negotiated contract.

    That being said, if you find an agent who is good and working for you the way you like, be very loyal to them because working with you as a buyer takes a lot of their time and you want to be sure they are rewarded for their efforts.

    Do what you feel comfortable doing. You will be paying this person about 3% of your offer price for their help; make sure they’re guiding you well.

  2. I guess my agent reasoning is that the houses I am looking at are being snatched off the market really quickly by investors with cash, and I am just financing. Still it does not make since, I have one last question for you: Do you think I should find another agent? Thank you. I really appreciate your response.

  3. I’m so glad that you liked my book, by the way, and found it helpful! I appreciate the feedback!

    As far as your offer, I find it interesting that it is a “seller’s market” in Las Vegas, or anywhere for that matter! Vegas has been hit hard by the housing recession and there are a lot of houses on the market there, right?

    I have never offered more than asking price, nor have I ever paid more than asking price. And, I don’t base my offers solely on what the seller is asking. I hope, in my book, you found ways to determine the value of the property you want to offer on. Armed with accurate knowledge of value, you next consider what you can afford – monthly payments + closing costs + cost to move + modifications you want to make upon move-in. Then, you determine how much you can offer.

    You MUST know the maximum you can spend before making ANY offer, so you don’t get into a back and forth with the seller that takes you above your comfort area. If the seller wants too much, find another property. And, never base your offer on what the seller wants, always base it on the true value and what you can afford.

    If it’s in your price range and you want it, typical offers nationwide are at least 3%-7% below the asking price. That is only if the house is priced right and needs no major renovation. If it needs major work (roof, heating and air, appliances, etc.) deduct those costs from the asking price. Many houses are priced correctly even when they need repairs because the sellers have already deducted the cost of repairs before setting their asking price. This is why you MUST know the true value before making your offer.

    I hope this has helped. Feel free to ask more questions as you need.

  4. Hello Karen,

    I have just finished reading your book off of amazon. It was very helpful thank you! I have a question for you if you have time for questions. I live here in Las Vegas and I am a first time home buyer. I was considering making an offer on a home and asked my real estate agent (this was before I read your book) how to go about making an offer. She explained to me that it is a sellers market in Las Vegas right now and that I should make a offer exceeding the asking price? This did not make since to me, would you ever do this on the first offer in any market?

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