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Alt-tag: Photo of a couple sitting across the desk from a realtor and asking him questions before deciding about buying a house
If you are a first-time homebuyer and you find a house that is perfect in every way, it can be tempting to rush into signing the paperwork. However, you need to slow down! When haggling with a seller for a lower price, it helps to turn to your experienced NY real estate agent and ask a lot of questions. They are one of the few people who truly understand that no house is flawless beneath the surface. But what questions should you ask your realtor before buying a house? We’ve consulted NY’s real estate experts and created a list of questions you’ll find further in this article.
Don’t rush into buying a house before asking your realtor these questions
Buying a home is probably the most significant investment you’ll make in your life; therefore, you need to be sure you’re making the right choice. However, when looking through all the stunning NY houses listed for sale, it’s easy to get carried away. That’s the sure-fire way to a buyer’s remorse: and you’ll have to agree that would be the last thing you want.
Caption: Before making an offer on the house you really like, make sure you have all information you need.
Alt-tag: Couple talking to a realtor and looking at a contract in a kitchen
For all those reasons, you must do your research and ensure you work with the right people. After all, you wouldn’t dare go through your long-distance move in New York before hiring the best movers you can find first. And when it comes to buying a home, expert help is that much more important. Now let’s see which questions you should grill your realtor with before buying a house.
What is the local market like?
No one wants to move into a community that is about to enter a long run of foreclosures. While the presence of boarded-up homes and “for sale by bank” signs on several blocks may be a clear indicator that an area is in decline, this may not always be the case. That’s why it’s important to ask your realtor about the local housing market and if there is any cause for concern that the area’s desirability will decline.
How long has the house been on the market?
A house that sits on the market for a long time can have defects. Or, if the seller is unwilling to negotiate, it could have an unrealistic price. If the home has been on the market for a while, you may want to inquire as to the reason(s) for its prolonged stay. Who knows, you might find the information you can use as leverage to negotiate a good price.
What is the property’s worth?
Your real estate agent won’t be able to tell you how much to offer, but they can help you figure it out by looking at recent sales of similar homes in the same area. You can make a well-informed offer on the house by first having your agent provide you with the high and low prices for comparable houses in the area.
Caption: Based on the prices of similar homes in the area, your realtor can help you figure out the estimated worth of the house you’re interested in.
Alt-tag: Real estate agent pointing the finger at a laptop screen with an open notebook in front of her
What is the sales history of this house?
If you read any buyer’s guide, you’ll find that it’s recommended to get the property’s sales history before making an offer. Think about asking if the property was previously off the market. Ask if it was ever leased or if it was ever a foreclosed home or a property controlled by the government. Some of these could be the reason why the seller has been having a hard time selling the property. You can use it as an opportunity to get a great deal.
On the other hand, if the house has changed several owners during the last decade may indicate that the current owners have discovered an issue with the property. Maybe it’s the neighborhood, the area, or the house itself. It’s a good idea to ask the real estate agent how often the previous tenants moved out and, if the number appears high, why.
When does the seller have to move out?
Is the seller relocating for work or going through a nasty divorce? If that’s the case, they may feel time pressured to sell at any cost, even if it means accepting an offer that’s below their asking price. On the other hand, if the sellers do not have an immediate need to move out, you will have more time to investigate the home and make sure there are no severe concerns with the systems and appliances.
What are the utility costs and property taxes like?
Before even starting to look for your dream NY house, it’s important to set a realistic budget and know how much you can afford. Although getting prequalified for a mortgage loan from a bank can give you a good idea of your monthly mortgage payment, it is helpful to be aware of some of the additional charges that may be incurred.
Caption: Before buying a house, you need to make sure you can afford it, so one of the questions you must ask your realtor is how much the property taxes and utility bills are.
Alt-tag: Person sitting on the floor and looking at documents with an iPhone on top of them
Would you buy this property?
Even though this question is the last one on our list, it could be the single most important one to ask your realtor before deciding whether or not to pursue purchasing a property. Red flags should be flying if your broker has doubts about this hypothetical situation. Ask your agent why they aren’t as excited about the home as you are if you receive that impression. The home, the neighborhood, or the seller themselves could all be to blame, and you should know this before deciding whether to make an offer or not.
The bottom line
The home buying process is truly an exciting and thrilling adventure, from looking through stunning listings and attending open houses to finally making an offer and planning a move to your new home. However, buying a house can be a rather stressful and disappointing experience if you rush your decision and do not ask your realtor all the questions you need before signing a contract. To avoid this happening to you and to ensure you end up living in your dream home, reach out to NY’s real estate experts and let them guide you through the entire process.
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Buying a house is not a decision you should rush into, and it’s essential to first ask your realtor the questions we’ve listed in this post.
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