Circle of Houses 4 red, 1 blue and 4 yellowWhen first-time home buyers decide they are ready to buy, it is important for them to begin the process by carefully assessing their wants, and needs—both for the short and long term.

In the real estate industry, we refer to this as a home buyer’s consultation.

Some home buyers formulate their own “wish list” prior to meeting with a real estate agent by previewing open houses and staged, new construction homes to get an idea of what they would like to buy. In either case, whether you have or have not previewed a few houses, having a clear picture of what you would like to buy is a critical step in the home buying process, as critical as knowing how much house you can afford.

Most home buyer consultation sessions are free and generally take place at your Realtor’s or real estate agent’s office. These consultations can last for a few minutes or even hours depending on your level of understanding of the home buying process. Normally home buyer consultations start with your affordability and home buying goals, wants, needs. Afterward, you and your agent will explore your wants and needs in more detail. Once defined, your agent will set up a home search criteria so that you will have daily access to a list of properties for sale that meet your home buying wants and needs. Usually, you will receive a daily email list of available homes for. Real Estate Agents will access homes for sale from one or more multiple listing services, a for sale by owner database or even their broker’s exclusive listing inventory.

A recent study conducted by the National Association of Realtors showed how important the following home-buying factors were to home buyers.

• List Price: 72%
• Location: 69%
• Neighborhood: 55%
• Floor Plan: 37%
• Square Footage: 28%
• Schools: 22%

Which home buying factors are important to you?

By having the home-buying criteria in mind before walking into a home buyer’s consultation, buyers like you are off to a better start when meeting with a real estate agent like me. Although it is not necessary to have your wish list formulated. Many home buyers will in fact alter their wants and needs after previewing homes and possibly fill in any missing gaps with regard to their wants and needs after seeing homes in their desired area.

A buyer’s consultation is also an opportunity for you to get your questions answered and for me to discuss with you:

  • What will happen during your transaction and what is expected of me as your agent throughout the home buying process
  • What forms you will be required to fill out
  • What disclosures that are necessary and have to be signed by you
  • How long will the home buying process take
  • Whether or not you will need to sign a contract and present an offer in writing
  • How much of a deposit you will need to make an offer
  • Whether or not homes are priced to sell, in pre-foreclosure, foreclosure or short sale status
  • How long homes have been on the market in your desired area
  • What you can expect to pay for a home of your liking
  • What are the indicators of a good real estate deal
  • Which homes require work or are be sold “as is”
  • Which homes require flood insurance
  • Which seller are motivated to sell

In essence you might not need a home buyer’s consultation, but it certainly doesn’t hurt to have one. Most home buyer’s consultation sessions are educational. Sometimes these consultations are referred to as buyer orientations or buyer interviews. You can schedule your free home buyer’s consultation, via email by specifying three dates and times Send email to Angie @ njretoday . com (no spaces) or simply tell Angie a little bit about your wish list.

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