Tips for Homebuyers in a Buyer's Market

With the abundance of homes on the market today (about an 11 month inventory), buyers can go into overwhelm mode even though they are clearly in the driver's seat. It's the first time in a long time that someone can afford their dream home. The way to prevent this feeling of anxiety is to carefully define what is important to you in a home, specifically in 5 areas:

1. Take a close look at square footage - all things being equal people want as much room as possible in a home. Price per square foot is a critical factor in today's market, and once you identify the general area you wish to live, make sure you are aware of all the housing choices. Often times starter homes can be priced as much at $25,000 apart for similar square-footage homes, with minimal difference in property condition.

2. Number of bathrooms - This feature is not as commonly discussed in the real estate world, however, with families having fewer children today, it is not unrealistic for every member of the family to have their own bathroom. Generally, newer homes tend to have higher bathroom counts than older ones

3. Where does the home sit within the neighborhood? - One tool for identifying if the home backs up to a major street or is on a thoroughfare street is Google Maps. Google Maps using satellite technology to zoom right into the home using the property address. You might also consider driving the area before requesting your agent get you into the home.

4. Does the home have good bones? - This often refers to how well designed a home is. This is important because alot of buyers are going after bank-owned foreclosures, which have great bones, but are not so visually appealing cosmetically. If the home is priced below market value and you are willing to put in some "sweat equity", you must look past the laminate countertops, popcorn ceilings, and linoleum flooring and visualize what the home will look like when the upgrades have been installed.

5. What kind of lifestyle do you have? - For example, do you have a growing family or are you a baby boomer, or both? Consider the layout of each home because you will be spending alot of time in some rooms and minimal time in others, therefore, select a home that has sized the rooms accordingly.