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We should have enough money for a down payment by then. My question is, when should I call a real estate agent to start looking for homes?
Also, is there any way to look at new construction homes w/o using an agent but later use an agent when we have chosen the area/builder we want to live in and work with? There are so many new constructions in Phoenix and I'd love to start looking now. The only problem is, we would like to work with an agent when we're ready to buy next year but in the mean time, scope out places we're interested in. We want to do our own research first before working with an agent since we just moved to the area.
I know agents are "paid" to go with you and all that but quite frankly, we would just rather explore on our own first!
Sorry...I know you are anxious to start this new adventure...but...
Prices, and availability will be different next year. Why waste your time...online ads and print ads will give you an idea of what is availble where.
You may have save up a downpayment, but who know what prices and interest rates will be in a year...it will affect affordability.
First talk to a knowledgeable local broker who specializes in new homes, then listen to the advice about the proper steps in order to make the most of your time and money. It may make sense to evaluate your finaincial situation now...maybe the builders are offering enough incentives to offset the wait...
You should start looking when you are ready to qualify and have all of your money saved. The market will most likely change, as it always does. Anything you find online will give you an idea. You cannot (usually) look at new constructon without an agent and then go back to the same place with one expecting them to pay them a commission. They want you to be represented at the first moment you step foot in their door. Unless you don't fill out anything wiht your name and enough time has passed that they don't remember you.
I say go ahead and explore on your own for a while. It will be a long time until you can buy, so I don't think it will hurt you. The only thing is that the prices will be higher and you may be upset next year that you couldn't buy it cheaper.
Location: Sometimes Maryland, sometimes NoVA. Depends on the day of the week
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My understanding, at least in this area, is that the commision goes to whoever first shows you the house. So if you walked into a builder without an agent, generally they wouldn't pay an agent. Same goes for open houses. But, if you are already working with an agent, then you can still go to open houses by yourself, but you make sure to list his or her name on the sign-in sheet. That might work with builders, too. It might be worth talking to an agent you would like to work with and getting his or her card so that you have some name to write down on that initial visit.
We went to several open houses without our agent, it was always interesting when we weren't the only ones there. The agent showing the house would ignore us and spend all his/her time with the folks that didn't have an agent - mostly trying to get them as buying clients. We got mostly left alone b/c we had someone, even if she wasn't with us.
I disagree with some of the PP. I think you should start looking now. Looking for areas you like and home features/styles. After you look for a while, you will start having a better idea of what you want. You will find and miss out on 'perfect' homes but there is always another one around the corner.
Yes, they really want to nail you down on those new homes. I always say I am checking it out for a friend in another state who is thinking of moving. Don't sign anything! And even if you buy a new home.....have it inspected!
You do not need an agent to purchase a newly constructed home. Start looking now. Also, there are many foreclosures that might also be an option for you.
You do not need an agent to purchase a newly constructed home.
While this is rue, it is really bad advice. If you don't use an agnet to represent you when you purchase new construcion, there is pretty good chance you will be fleeced by the builders sellers agent. They have the builder's interest at heart not yours. People who think they will get a better deal by not using an agent when buying new construction are really kidding themselves. This is particulalry bad advice to give to someone who is looking to purchase for the first time!
Why 08? You can get a home with low down payments these days, just do it. Next year if the prices go up you may not be able to afford a home. Look into it now and yes, get a buyers agent to work for you. You have never bought a home, how do you know what to look for?
I think it's way early to start worrying about finding a realtor. I don't think you should start looking w/ a realtor until you are at least 99% ready to buy. What you could do now is start narrowing down what neighborhoods you prefer...think about what is important to you in a house...and start asking friends/relatives what realtors they would recommend. I would meet with a few different realtors in spring '08, and then choose one to work with.
Thanks for the advice everybody. Besides being stuck with a lease agreement until Jan '08, both my husband and I don't want to hastily make decisions about purchasing a home right now. We've set a timeline and we are sticking to it. We've only lived in this town a few months and want to get to know the area first. Also, we want a decent size down payment to avoid any kind of high interest pitfalls that many homeowners are facing today. Perhaps this is a naive way of looking at it but we are in no rush to buy a home so why go through the pressure unless we're comfortable with our situation? We have decided to go with a real estate agent for either new home or existing home purchase. We're going to be first time homebuyers and it would be nice to have someone "hold our hand" so to speak!
As for affordabillity and increase in home value, the way we see it is, if it isn't meant to be then it just isn't meant to be! I've been doing some research - figuring out how much we can afford, interest rates etc - and have come to this conclusion: how unattainable is housing prices going to be if the avg fam is making, say, $50K+/- per year? Our income is over twice that amount yet when I do the math, to live comfortably, we really can't afford anything over $200K! Yet a decent home is in the $250K to $300+ range. I just don't get how everyone is making it! I'm sorry but I don't want a house so badly that 1.) We're going to get into debt for daily expenses and 2.) Give up going on vacations or saving up for retirement! It just doesn't make any sense to me so if prices go up even higher, then oh-freakin'-well!
Anyway, that was my two cents! I really appreciate everybody's advice. I think we'll start looking at new homes now and put down fake names or something. Mr. and Mrs. Smith. =)
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I'm not an agent, but .....
