ESSENTIAL TIP: INVESTIGATE THE HOME

The first thing to realize when researching homes is that pictures can tell a thousand lies. Photo quality can make a good home look bad or a bad home look good. Therefore, your primary focus should not be on the pictures when finding homes that meet your criteria. The first thing to verify is that the property meets your basic goals of bedrooms, bathrooms, location, and price range. Pull up the satellite view from within the map function. This is where you can look for resale objections you may want to avoid. For example, is the home next to a freeway or near train tracks? Then you will want to check the room locations and sizes in written specs from within the individual listing information. If everything looks good, you should consider taking a closer look unless something is found to be a deal breaker from within the photos.

Some of the best information from the photos is actually hidden. Look beyond the room itself. Pay attention to markers like hallways, doors, and windows. This may give away the floorplan. For example, do you see the street from the bedroom window? Is there a back entry door in the kitchen? Do you see the same small window from the photo of the front of the house, as you see in the bathroom?

If you are interested in learning the home’s value versus the listing price, the best way is to go view the home in person. Then you and your realtor will do a comparison analysis. It can be tempting to use automated evaluators such as Zestimate when looking at an area. However, even according to Zillow, with off-market properties their values are only accurate 66% of the time with 10% of property values and 44% of the time with 5% of property values. For on-market properties, a service like Zestimate takes into account the listing agent’s list price. Then its accuracy jumps to within 5% of 85% of property values. However, this is roughly the same margin of error an average listing agent will have. 

If you are interested in doing additional research on the location at this point, there are a few other great resources. Communitycrimemap.com has a fabulous crime mapping tool. Mncompass.org has all sorts of data about each area such as number of families, age ranges, and number of rentals vs owner occupied properties in the area. If you are interested in how each city’s real estate market is trending, the Minneapolis Area Association of Realtors website is a great resource. They track all the real estate data for each city around the 13 county metro areas and beyond. You can find average days on market for each city, if the average sale price is tracking up or down, and many other stats. 

Interested in more, essential home buyer information?  Download The Smart Homer Buyer now.