Avoid buyer's remorse Everybody hates having buyer's remorse. And when the purchase is a home that you'll be living in for a number of years and possibly paying hundreds of thousands for, that feeling can be even worse. That's why it's so important to do your homework as thoroughly as possible when buying a new house. Doing the research, in a variety of areas, prior to making an offer, can save you loads of money and future heartache.
Find the right agent Get an agent who:
- Is recommended by someone you can trust.
- Has a long-standing track record in the area where you want to buy
- Represents only a few buyers and sellers (so you receive the attention you deserve)
Research Once you've found the best agent you can trust, start researching the different areas where you would like to purchase. Your agen or the local realty boards can help you acquire the following information:
- Number of days on the market: the average number of days on the market will tell you how long sellers are taking to sell their homes
- Median home price: this will help you ascertain trends for home prices over a number or years
- Number of home sales: high sales of homes indicate an active market.
Attend many open houses Go to as many open houses as you can, and get a better feel for what's on the market and how stiff the competition is. It may even be a worthwhile experience to make a low bid on a home that you like (but don't love), just to familiarize yourself with the process. No matter how much you like a house, don't get caught in a bidding war or carried away by your strong feelings for a home. If a bidder with deeper pockets is interested in the home, just walk away.