Steps to buying a house Part 4 The hunt begins

Steps to buying a house Part 4 The hunt begins
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    So, you're wondering about the steps to buying a house?
    Well, you've come to the right place!
    In the first 3 parts we talked about things you can do to build a foundation for a successful
    home search, today we talk about what you'll need to do when you hit the road and start
    looking at houses, and we're starting right now!!
    Hey everyone welcome back to my channel.
    My name is Harry Moore and I am a realtor in the Washington DC Metro Area and I post
    new videos every week about all things real estate in the DMV.
    So, you're ready to start looking for a house in earnest.
    You've done a lot of the foundational work, and now it's time to get out there and see
    what you can find.
    Here are a few tips that I think will help you focus and get the best results for your
    time and effort.
    One.
    Review your search criteria.
    Think carefully about the list, and take some time to think about your list.
    Make sure you are clear about your must-have's versus you wants and try not to let the lines
    get blurred.
    Sometimes it's hard to keep focus on what the important things are but the more you
    can do that the less you'll get sidetracked once you are out there looking at properties.
    Two.
    If there is more than one of you, each of you should have your own list.
    You should do them separately with no "consultation".
    This dovetails with #1.
    It's so important to make sure that everybody's on the same page, and feels like they have
    been heard.
    If there are any issues or questions, any difference of opinion, they can be dealt with
    from the get go.
    Three.
    Here's a little advice about searching online.
    The Internet is where 99% of people start their home search.
    It's made the whole process a lot easier and more efficient, but there are a few pitfalls
    to watch out for.
    One is data integrity.
    The online portal sites like Zillow, Trulia and realtor.com can have inaccuracies in their
    data, and or delays in getting updated data.
    It's good to have more than one source for online information.
    I usually suggest that you have two searches set up.
    The first one is through your agent via the multiple list system.
    This is a direct feed from the source of the data, and the second on whatever online
    portal you prefer. Whichever one has the format you like best.
    Four.
    I like to look at the search a process of elimination, not selection.
    Sometimes I use the analogy of a funnel with filters in it, or another one that seems to
    help people is to think of it like a pie chart.
    You start out with the whole market and then you narrow the slices of the pie until you
    arrive at the section of the market that works for you.
    Then we research that slice of the pie, review everything and work to educate you about that
    market.
    My goal is to make sure that my clients are market experts, so that they can make educated
    decisions, the best decisions for them.
    Sometimes that first slice of the pie does not yield us the right house, so then we have
    to go back, look at the criteria and see what can be adjusted to help us find a different
    pool of talent.
    Number five.
    The next step is to get educated about the market to understand the dynamics of the particular
    sector of the market that you were interested in.
    This is one of the steps you need to take to become a market expert.
    I like to do a short comparative market analysis for buyers once they've narrowed their search
    so that they can see some of the key metrics that drive the market.
    You might wonder what a comparative market analysis is.
    Well, it's a study of recent market activity for a period of time, I often look at 90-180
    days, but sometimes that varies depending on the market segment and how much activity
    there is.
    Here are 4 of the key metrics that I focus on when analyzing a market:
    The first metric is days on market, this shows you how quickly things generally sell.
    It lets you know how likely it is that a new listing will go under contract quickly or not.
    It will also help you to assess if a listing is
    stale or shopworn. If it's been sitting on the market for a while, that will help you to
    decide if it'd be appropriate to go in with an offer below the asking price.
    B. The list to sell ratio- This shows you how close to the asking price houses generally
    sell for in that market segment.
    This is often driven by how long the property was on the market, or if they'd had a recent
    price reduction.
    This gives you a sense of how much negotiating room you might, or might not have.
    Third criteria- Are closing cost credits something that you normally see.
    Real estate is expensive around here, and many buyers need closing cost help, so it's
    important to see if that's something that the agent and the sellers might be expecting
    or not.
    4th criteria Absorption rate- What is the absorption rate, and which way is it trending?
    Absorption rate is how long it would take for all of the houses on the market to sell
    if nothing new came on the market.
    This is a measure that's used to decide whether a particular market is a sellers market
    or a buyers market.
    The dividing line according to the National Association of realtors is six month's
    worth of inventory.
    Anything below six months is a sellers market and anything above six months is a buyers
    market.
    I feel that the dividing line in our area is lower because the DC metro area is a much more active market
    than many other parts of the country. I like to look at four maybe five month's worth of inventory.
    It's one thing to look at is the absolute number, the other thing to look at is which
    way it's moving.
    That is an indicator of the market momentum, and where it's heading.
    Ok, Now I'll take a minute to share a few tips for when you are out looking at properties:
    A. I usually suggest that you don't look at more than about six properties in one session.
    They all start to blur together if you try and pack in a whole bunch in one day.
    Then you wonder which one had the pink bathroom tile, the open kitchen or maybe the knotty
    pine paneling in the basement.
    B. Take a minute or two right after you leave the house to make a few notes, on paper or
    electronically whichever is easier for you, about the highlights and a low points of the
    house you were just in.
    That'll help you keep track towards the end of the day.
    C. Take a few minutes at the end of the tour to collect your thoughts and share them.
    It's interesting to see how different sets of eyes see the same house.
    I also find it it's a really good exercise to pick your top choice for the day and write
    down a few key reasons why it was the winner.
    That helps to keep focused down the road.
    So, that's part four of my series on how to buy a home in the DC metro area.
    I hope that you found this helpful.
    If you did, please like this video, and mash the subscribe button if you want to see more
    videos as they come out.
    you'd like to learn more about the pre-approval process and why it's so important click
    up here to see my video with tips about that.
    I'm Harry Moore with Keller Williams Capital Properties, thank you for taking the time
    to watch and I'll see you again soon.
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