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REALTOR®: Set Goals, Parameters When Searching for a Home

Wednesday, September 2, 2009

For the first-time home buyer, the home buying experience can be overwhelming, but with good research and preparation, the experience will be worthwhile, Julia Truesdale Keady, president of the Silicon Valley Association of REALTORS®, tells prospective home buyers.

Sharing home buying tips and advice on how to make a good offer, Keady says she believes after weighing the benefits between buying and renting, once you decide homeownership is the best decision for you, you've passed a major hurdle and it's time "to jump on the train."

"If you just get in, you can make it happen," Keady assures the prospective home buyer. "At the end of the day, the buyer sets value."

1. Set a goal for homeownership.

When would you like to buy a home? Set a timeline and deadline for your search, says Keady. Almost 80 percent of all home searches today begin on the Internet, which enables home buyers to search through hundreds of online listings, view virtual tours, photos and aerial shots of neighborhoods and homes. By the time you meet your REALTOR®, you will have set goals and parameters on the type of home, neighborhood and price you can afford.

2. Build a team.

Your team should include a REALTOR® whom you can trust, who is experienced and knowledgeable about the area where you would like to purchase a home. The mortgage lender and property inspector would also be part of your team.

3. Understand what you can afford.

"Set limits on the type of home you can afford according to your income and comfort zone," advises Keady. First-time home buyers should also remember to have extra savings, because they are likely to encounter costs for repairs and maintenance of the home they purchase.

4. Create your dream house.

Set the criteria before you start your search. What type of home would you like to buy? How many square feet would you be happy with? How many bedrooms and bathrooms should it entail? Would you be happy if the home had an eat-in kitchen, or would you like a separate dining room? Would you like a two-story home or a one-story home?

5. Educate yourself about the market.

Keady says a good and experienced REALTOR® can help you learn the fair market value of homes selling in your neighborhood of choice. A REALTOR® will listen to your wants and needs and arrange to show only those homes that fit your particular parameters.

6. Prepare for offers in advance.

Have the foresight to assess what you might do under different scenarios, especially when facing a multiple offer situation. Select a REALTOR® who knows the market, knows the area and understands disclosure packages, Keady says.

7. Take the plunge.

"Buying a home is a scary situation. It's also the most important investment of your life.
Don't wait too long or the market will always outpace you," Keady urges.

8. Be prepared for shock.

First-time homebuyers will feel the shock of purchasing their first home, but will be able to reap rewards for a lifetime, says Keady. Homeowners enjoy a roof over their heads, have a long-term nest egg investment and are able to save on their taxes because of it. Studies show homeownership contributes many important social benefits by boosting the quality of living in education and civic involvement, while lowering the crime rate and welfare dependency.

9. See the transaction through.

A knowledgeable REALTOR® is a necessary ingredient in a successful transaction and will be able to help a first-time homebuyer through each stage of the real estate transaction, according to Keady.

10. When all is said and done, and you have purchased your first home, Keady says, "Be emotional; it's okay!"

To find a REALTOR® in your area, visit www.silvar.org.


The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

Variations of this article have appeared in local area newspapers.

For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.

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