Are you looking to purchase a home in Nassau County, NY?
When it comes to purchasing a home, it’s crucial to ensure that you’re taking the process seriously. This entails addressing the good and the bad of each home before submitting an offer. After all, buying a home is likely the biggest transaction you’ll make in your lifetime.
To help ensure that you’re on the right path, we’re sharing the best questions to ask a realtor. From understanding the current state of the market to addressing the red flags of the home, these questions must be addressed.
With this, you’ll get to know the home buying process more intimately, and be you’ll be closer to finding your dream home!
1. What Is the Current State of the Market?
First things first, you want to understand the current state of the real estate market.
Is it a seller’s market, a buyer’s market, or a neutral market? The condition of the market is going to be one of the most significant factors in how you proceed.
In a seller’s market, you’ll want to prepare for the possibility of competition. With this, there will be a higher number of buyers competing for the home. As a result, it’s more likely that the home will sell above the asking price.
In a buyer’s market, there’s typically less competition and buyers benefit from more power. As a result, homes are more likely to sell at the asking price or even under-asking.
2. What Are the Red Flags?
Of course, it’s easy to fixate on the things that you love about the house.
It’s located in your desired neighborhood, it’s only twenty minutes from your work and the front porch is what dreams are made of. But, it’s also important to focus on the not-so-great aspects of the home.
What are the red flags?
Perhaps the house contains mold. When we consider that 70 percent of homes have mold, it’s clear why addressing mold is so important. Either way, these red flags must be a consideration before moving forward.
Remember, the most common red flags aren’t always visible nor obvious to buyers. This is another reason why working with a real estate professional to purchase a home is so helpful.
3. Is This a Fair and Competitive Price?
Next, it’s time to assess the purchase price of the home.
First, you’ll want to evaluate the asking price. Is this a fair asking price and does it accurately reflect the condition and the location of the home?
Second, you’ll want to evaluate what you’re personally willing to pay for the home. With this number, the goal is to opt for a price that is fair and competitive. What do you personally think the home is worth? Will that number be enough to have your offer accepted?
To determine the value of the home, your realtor will examine what comparable properties in the area have recently sold for. Past listings are the best way to determine a fair value for the home in question.
4. What Are the Necessary Repairs?
Before signing on the dotted line, it’s crucial to understand the condition of the various aspects of the home. This might include anything from the state of the foundation of the home and the roof to the appliances and the electrical.
What are the repairs that must be completed in the home? Do these repairs need to be completed before the closing or can they be completed after the closing?
With this, you’ll want to determine the scale of each job and the approximate cost. This will also factor in what you’re willing to pay for the home.
5. What Conditions Should Be Included?
When it comes to submitting your offer, it’s important to understand the role that conditions play. Conditions are items that must be fulfilled prior to the closing of the home. Without this fulfillment, it’s possible that the transaction will become null and void.
For example, the offer may be conditional on anything from financing to a home inspection. Prior to submitting your offer, your realtor will provide advice on the best conditions to include in your offer.
Of course, the conditions that you include will be depending on your personal situation, the property itself, and the current market.
6. Is This Home in a Favorable Location?
We’ve heard it many times before; Location, location, location.
Whether your neighborhood is up-and-coming or well-established, it’s crucial to know the details of your future ‘hood. After all, these details are going to reflect significantly on the price that you’re willing to pay.
Are there good schools in the area? Is there pending construction around the corner? Is your favorite restaurant being replaced by a fifty-story condo?
These questions all need to be answered. The best realtor is one that will have the answers to your questions and always act honestly and in good faith.
7. What Would You Do?
At the end of the day, don’t hesitate to ask your real estate professional what they would do personally.
Remember, touring and assessing homes is what your realtor does daily. They understand the local market and they know a good property when they see it. Perhaps this is why 89 percent of buyers choose to work with a real estate professional.
If you really trust your realtor, be sure to ask their opinion on the property. They’ll let you know whether the home is in good standing, the neighborhood is favorable, and if the price is right.
The Best Questions to Ask a Realtor
Knowing the best questions to ask a realtor is sure to improve your house-hunting process.
In asking these questions up front, you can ensure that you’re making a sound decision. Just like that, your dream home can be one that is in a great location and benefits from good bones.
Are you looking to stay current with the Nassau County real estate market? If so, be sure to check out our market updates.