First time home buyer: need some tips

[Argo]

I'm looking for some site that would rate neighborhoods, perhaps even show the average prices the houses sold in that neighborhood. Any other sites with good tips for first time home buyers?

 

[IHateMyJob2004]

neighborhoods => look for landscaping and grass that is well kept along with newer cars in your neighbors driveways. That's basically what is required to be a"good neighborhood" according to my standard. Oh, home's generaly have to be well kept (no mildew growing on siding, etc). The occasional old roof is OK though.

Get an agent if you want to see home sales. Or go google 'recent home sales" or soemthing along those lines.

Tips?

1) LOCATION
2) LOCATION
3) LOCATION
4) ?
5) profit

 

[IHateMyJob2004]

Are you looking for a fixer upper? That is a GREAT way to make money. I truned a $250K home into a $350-$375K home in 2 years. Took about $25K and some sweat equity. We might do it again (fixing up a $300K home) or just live here for 10 years. Still not sure what way to go though. But my mortgage will get slashed if we do another fixer upper. The new mortgage will be for about $100K versus the current $186K. Do that 3 times, and in 6 years you will not have a mortage. All it takes is sweat

 

[konichiwa]

You don't even need to fix up if you pick a good location. The house's value will increase itself, like magic! No "sweat equity"

 

[Argo]

Not looking for fixer upper. Just looking to do some research before I even start contacting real estate agents.

 

[IHateMyJob2004]

Originally posted by: konichiwa
You don't even need to fix up if you pick a good location. The house's value will increase itself, like magic! No "sweat equity"

Or you find a fixer upper in a good neighborhood. I essentially turned $270K into $280K+$80K. My home probably would have grown to about $280K in value if nothing was done. $270K=$245K+$25K. Actually, Iprobably put closer to $345K in it by now.

Point is, a home that goes for $375K now probably was $320K to start. So, my sweat was worth the difference between $270K and $320K. So, Imade $50K for my sweat. And if you repeat this several times, I will have no mortgage on a $400K home in 6 years. While everyone else is paying off mortgages, I will be investing my money and driving nice new cars

Oh, ONE BIG RULE! NEVER, EVER get one of the bigger homes in the negihborhood. Try to get somethign along the lines of average or slightly larger. In other words. In an area of 1600 sqft ranches, don't buy the only 3500 sqft colonial.

 

[IHateMyJob2004]

Originally posted by: konichiwa
You don't even need to fix up if you pick a good location. The house's value will increase itself, like magic! No "sweat equity"

Oh, I'd like you to try trhat theory out in Califronia ..... hahahahahaahhaa. ya, that's a gaurenteed winning lottery ticket!

 

[IHateMyJob2004]

Originally posted by: Argo
Not looking for fixer upper. Just looking to do some research before I even start contacting real estate agents.

Research.....
It's basically LOCATION LOCATION LOCATION. Definition in previous post of mine.

Look at 10 or more homes before buyng your first home. That's the best way to learn about the market. Also, start going to Open houses. Some realtors list dates/times on their web sites. Or you can call several of them for info.

 

[Ornery]

Just looking to do some research before I even start contacting real estate agents.

Start with maps. Pinpoint where you work, and circle the freeway spurs nearby. Circle the places where you shop and go out to eat. Research the best school districts near those spurs.

Once you find the best location, drive there and write down phone numbers from Realty signs in front of homes you're interested in. Contact the agencies listing those homes directly. No need to drag another agent along with you.

 

[EatSpam]

City-Data is pretty decent.

 

[gooseman]

I just bought my first home back in December. My real estate agent showed my the sales in the neighborhood for the last year and compared them to the house we were looking at. If you get a good agent, he/she will be priceless to you with the imformation he/she can provide.

 

[Ornery]

...he/she will be priceless to you...

• • :roll:

If the house you bought was $150,000, your "priceless agent" walked away with about $4,500.00!

...some sellers are willing to lower the price if you show up without an agent.