Tips For Buying Real Estate in a Sellers Market – Step 3

February 24, 2013 by · Leave a Comment 

So far we have covered getting pre-qualified by a lender and doing your homework on where you want to live. It’s time to find your home.

Step three. Have an agent create a portal from the MLS (Multiple Listing Service) to update you when listings hit the market. This is something ALL Realtors worth their salt can do and know how to do well. The MLS is the best tool for finding properties because it is in real time. I want my buyers seeing the market as it happens, not two weeks later! Statistically most buyers that are successful at buying homes start their search online. They use websites like Zillow, Trulia, Redfin, and others to determine value of properties and then consult with a Realtor to make it all happen. I like those sites, they are great for what they do which is provide information. If we use these sites just as a gauge for how rapidly the market is moving they can prove to be useful.

Unfortunately the information on these sites is not always correct. Homes still active on the site may have sold months ago, listing prices may not be accurate and so on. The MLS portal that an agent can put together sends out an email when ever a new home is added to the MLS that matches the buyers criteria. Buyers are seeing the homes on day 0, not day 15-20. Due to the lack of inventory in the market right now, when I list a home at the right price it will get multiple offers within two weeks, that is why this portal is pertinent to your home search. Sites like Zillow, which update infrequently and not often enough do not give a buyer real time information for what’s happening in the market. It is good information for looking at historical stats and what the market has done, but not for what it is doing.

In conclusion, I hope you find this information very helpful. Feel free to comment with any questions or feedback that you may have. If you or someone you know is interested in taking the first steps at buying or selling their home please consider us a resource. Feel free to contact me directly at 602.354.5404

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