Home Buying Tips

Home buying guide for the first time home buyer


CUSTOMER LOG-IN CHECKLIST FOR BUYING A HOME FORMS & CONTRACTS TO BUY A HOUSE AGENTS & BROKERS: LIST HOMES FOR SALE


DOWN PAYMENT OR NO MONEY DOWN MORTGAGE LOAN TO BUY A HOME PRICE RANGE


NEIGHBORHOOD CHECKLIST CRIME RATES SCHOOL COMPARISONS PRICE TRENDS


MORTGAGE BASICS CREDIT RECORD & BUYING A HOME MORTGAGE LENDERS MORTGAGE BROKERS MORTGAGE SIZE


BUYING A NEW HOMES PRE-OWNED HOMES RELATIVE HOME PRICES BUY HOME TO SELL AT A PROFIT SELECTING A REAL ESTATE AGENT HOME BUYING INSPECTIONS VIEWING HOMES WORKING WITH AGENTS


EVALUATING ASKING PRICE NEIGHBORHOOD SELLING PRICES NEGOTIATNG POSITION SAMPLE OFFER COUNTER OFFER NEGOTIATING TIPS


COMPLETING THE HOME BUYING PROCESS CLOSING DETAILS THE SETTELEMENT STATEMENT


CLOSING COST MONTHLY MORTGAGE PAYMENTS MONTHLY COST OF INCREASING LOAN AMOUNTS PRE-QUALIFICATION OF LOAN AMOUNTS AFTER TAX COST OF OWNING A HOME LENDER'S VIEW OF MONTHLY MORTGAGE PAYMENTS




MANAGING THE MOVE HIRING A MOVER THE MOVING CONTRACT INSURING YOUR STUFF LOADING AND UNLOADING

ABOUT US CONTACT US PRIVACY STATEMENT USEFUL RESOURCES MORE REAL ESTATE LINKS ADD A LINK SITE MAP

Find out if the house you are considering is:

More Expensive OR
Less Expensive

than the average price of other homes in the neighborhood.

Why ? Because relative purchase price has a major impact on your ability to re-sell the house at a profit.

The following may be more than you care to know about Real Estate, but it can earn or save you big bucks:

Principle of Progression:

	The value of an inexpensive home is pulled up by more expensive homes around it.
	In a neighborhood of $200,000 homes, a $150,000 home is a bargain even if it needs $25,000 in improvements.
	In other words, buy the cheapest house on the block.

Principle of Regression:

	Property of higher value is pulled down by lower priced property.
	A $200,000 house will be hard to re-sell on a block where the other homes are selling for $175,000.
	Never buy the most expensive house on the block.

How to get average prices for a neighborhood:

Ask your Real Estate agent for a list of homes recently sold on the street where he or she has shown you a house. A good agent will provide a Comparable Market Analysis (CMA) if he or she believes your are a serious buyer:

Check for recent purchase prices on the Internet at sites such as HomeGain and Domainia.com

The Cheapest house on the block
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The least expensive house in an area can be a great investment, depending on why it is under priced.

Acceptable defects: (Things you can live with or fix at a reasonable price)

House is smaller than others but big enough for your needs.
Ugly duckling - Needs a paint job or landscaping.
Kitchen needs new counter and cabinets.
Bathroom needs modern fixtures.

Unacceptable warts*: (Too expensive to fix)

Floods whenever it rains.
Unusual/bizarre exterior.
cracked or sinking foundation.
Major termite or mold infestation.

* You might have to hire an inspector to find out about the flooding, the sinking foundation or the termites.

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Home Buying Tips

Relative home prices: Compare home price to other homes in the neighborhood