Lance Kammes is a Realtor with Re/Max Suburban and has been working with us here at Compass since we opened in 1999 to help clients find a great home.
We asked Lance to be our guest expert this week and answer some key questions about real estate and Realtors that many people often have when applying for a loan.Q: What are the most important factors to look for when finding a home?
A: The most important factors when looking for a home are: working with a well-qualified real estate professional that has years of experience, knowing your location, getting fully approved for a mortgage and knowing the market in the selected area.
Q: On average, how long does it take someone to find the home they’re looking for?
A: The National average is 12 weeks; however, I find most buyers do not physically walk through homes for 12 weeks. Today’s buyers study the market by reviewing homes on line; they know what they want and where they want to be. During their research period, they choose 5-6 homes, then find the locations of the homes, then drive by them to make sure these homes fit all their criteria.
Q: What’s the biggest mistake people make when finding a home?
A: The biggest mistake people make is not being FULLY prepared to make an offer when the find the home they want. For example:
* They will not be fully approved for a mortgage
* They did not think they would find the home so fast
* They “want to think it over” – and thus lose the home
* In short, they do not fully understand the process of buying a home and how quickly a house they like or want can sell out from under them.
Q: How do people know what price range to look at?
A: The only way to truly know a price range is by getting fully approved by a lender. The buyer then knows what their budget is, and if they are comfortable with that amount.
Q: How do you suggest doing a home search and how can you use today’s technology along with the knowledge of a real estate agent to make home buying easier?
A: Buyers should be hooked up on an automated search through their realtor, with the exact criteria for a home they are looking for. Some great programs that can be found on www.lancekammes.com are:
* Home Scouting Report (download mobile app here)
* MLS auto-search set up through their realtor
These searches will help buyers completely understand today’s market, what is available on the market, and what homes are listing/selling for.
Q: What is the one thing everyone needs to know when buying a home?
A: Gather the best team around you, including: an experienced, knowledgeable realtor, lender, attorney and home inspector.
For more information on our guest blogger please go to www.lancekammes.com to learn more.