Tip #1: Does it seem like everyone is a housing expert?

As a real estate agent with nearly 20 years of experience, I encounter a lot of people who believe they are pretty astute.  They believe they're very knowledgeable about homes, housing, condos, land, lots and investment rental property. Your neighbor: they think they're an expert...

Your Mom or Dad: they think they're an expert...

Your siblings: they think they're an expert...

Your partner or better half: they think they're an expert...

Your boss, or co-worker: they think they're an expert...

Your golf buddy, or yoga friend: they think they're an expert...

        .       

Your accountant or CPA: they think they're an expert...

Your neighbor: they think they're an expert- yeah I already mentioned them lol. Everyone, it seems, has some knowledge, or believe they have important thoughts on the subject of houses, homes and real estate.

Last transaction? Another key point I would suggest to any buyer, or seller, who is receiving/hearing tons of free, expert advice.  Find out when the last purchase or sale was made by the person providing advice. In particular, if their last experience was prior to 2020? Prior to 2020 in particular, their view will likely be out of sync with the current real estate climate, or world!

As someone who's been in real estate about two decades, the one thing I've learned, is: opinions are as varied and different as all the colors of the rainbow.

Tip #1 Summary: The people with opinions, are not experts. Try to not take too much heed in all the free opinions offered.  Listen. Be polite.

                                     

 But make your own decisions and judgements.   If the the opinions are coming from people making the mortgage payments, I would listen to that advice! :)

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Tip #2:  Not many experts, when it comes to housing and real estate. 

Having a license does NOT make someone an expert. It means they passed a test! When I say there are few experts, I'm tossing in other licensed realtors too. Like many things we all encounter throughout our lives, there are super simple basics in real estate. Being licensed means they have a grasp of the basic principles of real estate, and that's a good foundation, but in no way makes real estate agents, actual experts. 

                        

I'd like to tell you, I am truly an expert (keep in mind the above comments re: all the peeps who "think" they're experts).  I like to think I know many aspects of real estate better than many people; better than most other agents; but of course, it's never true all the time. 

An expert is not a real estate agent who says the market was good last year. It's someone who can tell you the market was good last year because.... (Facts)- Sales declined 13.5% last year; meaning fewer homes sold. Approximately 28,000 vs 32,000 the in 2022..... but, prices still increased 5.0%.

If you truly know the market, then you should be aware that a 5.0% increase is in the upper range of normal price appreciation. That's if you have a grasp of what prices have done historically in Central OH for the last 10, 20 or even 50 years. That example is just a small example of having a deeper understanding of the local housing market.  A true expert should be able to demonstrate expertise in one or several different ways.                                                

Tip #2 Summary: An expert has some information in their head, but knows how to obtain a more complete picture for their clients. I'd suggest you want a real estate agent who is like a librarian-  knows the the library has way too many books to know what is contained in all of them. But can find the book needed. If the agent can use the available resources and get access to all the relevant content (whether its the books, or the data in real estate) then they can provide that access to their clients buying and selling.  

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Tip #3: Find an agent who can be your local expert.

• Someone you like.
• Someone you feel is trustworthy, honest, forthright. It's important for many reasons. A big key (from the 20 year vet) is sometimes there is bad news in home buying and selling process.  You need an agent that can serve up bad news and not just good news. 
• Bonus tip, someone who answers your calls, texts, emails and is ready to work - when you are!

                           

A local expert is a great start!  Great question but like many questions - there is not one SINGLE right answer. Or a single BEST answer. 

If you are relocating to Central Ohio, you may not know where your local home destination is going to be yet. The first common strategy is to look for a home that keeps you reasonably close to your work, or office. If you happen to be relocating from LA, California to Central Ohio; you might say a commute of under one hour is closer than your present drive but that would mean you could look, not just in Franklin county but all the immediate surrounding counties as well. This person's buyer agent needs a pretty big geographical spread to their knowledge. 

For most buyers, they often have a general area in mind. Something close to their work. Or close to family, or friends. Or perhaps something within a particular school district and sometimes it's hyper local - like on street A or B. 

Tip #3 Summary:  Work with a real estate agent who can give you the most information. It can come from stats but it's can also come from who can get you into more properties as a a buyer; or the agent who can get more potential buyers into your home for sale.   

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Tip #4: Home buying, or selling is often an emotional situation. Use, review, study and know some sales DATA.  

It's almost unavoidable. You'll probably have some pretty big emotions throughout the process: buying or selling. It's typically the biggest financial decision of your life. It's hard NOT to be emotional about spending more money than you've ever spent. Or, hopefully getting more money than you've ever received.

Relax. It's OK to be emotional, or fired up, or excited.  It's pretty normal. Actually, it is normal!  So a good counter balance to those emotions are the facts. Find out what sold on the same street in the last 1-3 months.  Wouldn't you also like to know what sold around the same area 2-3 years ago? What sold last year, plus what sold six months ago too?

Certainly, the recent sales are the most important. The recent sales are the most likely source of any comps the lender's appraiser will use. But are they good comps? Are they in the same school district? Are they approximately the same age homes? Are they approximately the same size homes? Are they on largely similar sized lots?

Tip #4 Summary: Loving a home or property is great. It's exciting but do you want to pay $50,000 more than it's worth? Or do you want to sell for $50,000 less than the real value. I think the answer is no to both. Be smart. Get informed. Become more knowledgeable.

                                   

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Bonus Tip #5: Expect to sign a contract for being represented. Sellers are familiar with this process but in August 2024, Buyers will also need to signa document with a Buyer Real Estate Agent representative. The real estate agent is effectively associated with the sponsor broker 

Home Buyer Representation form the buyers need to fill out and sign. On my website: www.CentralOhioHomes.info I have a link 

On my website I have 200+ questions frequently asked & I have provided answers:

Home Buyer Faqs/ link to representation agreement