Many buyers want to know how many houses should one view before making a decision to buy. This is as common a question as how many days has a house been on the market. Here’s our response to how many houses does it to get to the center of you buying decision.
A . The simple would be to view as many houses as it takes, which is not the most sound advice.
On the contrary, you should first meet with a Buyer’s agent to discuss your wants and needs, which is often called a buyer’s consultation. During this free consultation, identify the style of home you are looking for, 3 locations, amenities, and the price range that would meet your wants, needs and financial abilities.
Then, ask your real estate agent, preferably a Realtor, to generate a list of properties that meet your home search criteria. Next, go a step further and ask for a periodic list of homes as they come on the market by email, fax or mail. Depending on the MLS system your agent subscribes to, you can receive updates as often as daily, weekly or monthly. Lastly, it is important to ask your agent about the rate at which homes are selling to know if you are shopping in a buyer’s or seller’s market. Depending on the price point, location, condition and market type, your agent will be able to tell you what your response time should be should you like a home and want to buy it.
- A Buyer’s market as a market absorption rate of 7 or more months.
- A Seller’s market as a market absorption rate of 1-5 months.
- A normal market as a market absorption rate of 5-6 months.
- Market absorption is the rate at which homes sell within a particular area given the status quo. Market Absorption Rates change on a daily basis but is often calculated monthly. It is a useful barometer to use to understand a local market.
Lastly, knowing the seller’s situation and motivation for selling could help your negotiating position.
You should preview a number of homes (7-15) so you can become familiar with what you can expect to get for your money. When you find a home you really like, it’s a good idea to go back and look at it at different times of day. This will give you greater insight into what it will be like to live in the home. In fact, if you have the time and if commuting to and from work is important for you, it may even be worth your time to drive or commute to work from that location.
Until next time on the Q and A on njretoday.com!
Angie Perez is a NJ Circle of Excellence award winning real estate agent for Weichert, Realtors in Edison. She sells anywhere from 12-25 houses per year on a consistent basis since 2005. Ms. Perez is primarily a buyer's agent on 60% of her real estate sales where she represents rental income investors, first time home buyers & trade up home buyers of 1-4 family homes within specific towns encompassing 4 NJ counties: Union, Essex, Middlesex and Somerset County. Many of Ms. Perez's clients appreciate her ability to negotiate favorable real estate deals for them. Many of her clients commented that her research abilities, her honesty, her knowledge of local market trends and her proficiency to manage multiple real estate transactions from start to close are some of the reasons why she was hired as their agent of choice. Please call, text or email Angie Perez to ask if she lists or sell in your town. If she can not help you, Ms. Perez would be more than happy to help or refer you to someone who can. Cell: 973-715-6210 email: angie @ njretoday .com
123 Lincoln Highway Edison, NJ, 08852 USA
angie@njretoday.com • (973-715-6210)
