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3 Important Things To Consider When Buying a Home [Video]

Jason Fox Discusses 3 Things To Think About When Buying a Home

Jason Fox of The Madrona Group real estate team discusses 3 things you should be considering when buying a home.

We know when you start thinking about buying a new house it can get a bit overwhelming, especially if you are a first time home buyer.  Even if you have purchased before the market has probably changed since your last transaction.  It is our goal to make the process less stressful.

3 Factors

  1. Location

  2. Condition

  3. Price

Location is more than just Washington, the Puget Sound Area or even Seattle.  It is what neighborhoods are you considering?  What School district do you want to be in?  What kind of shops and restaurants do you want to be near?  What parks would you like to be close by?  What areas are not acceptable?  Is there a complex or subdivision you would like to be in?  Do you need to be close to work or close to a family member? Do you want to be on or near the sound, a lake or river? Do you like urban, suburban or rural living?

Condition can be broken down into 5 general levels:

  1. New Construction

  2. Fully Updated or Remodeled

  3. Move in Ready

  4. Fixer-Upper

  5. Tear down or Investment Opportunity

Having a good idea of what condition you are trying to buy will save you hours of looking at homes that do not meet your needs.

Price seems obvious but it is the factor that people seem to be the least confident in.  When you meet with a lender you will get pre-approved for an amount.  This is the top price that you can spend according to the underwriting standards of that bank.  Using your income, credit score, interest rate, down payment, loan program and debt to income ratio. After all is said and done this will yield a monthly payment that you can afford to pay every month.

You will not be able to spend more than that amount, unless you increase your down payment.  You can, of course, spend less than you are approved for.  Either way it is important that you know what amount you are comfortable with as you start looking as the buying process can move very quickly.

Things To Consider When Buying Summary

This list of 3 important things to consider when buying a home are directed at the beginning of the home buying process.  These 3 factors help us locate the perfect home.

  1. Location

  2. Condition

  3. Price

Of course there is much more that goes into buying a house.  Here are some additional resources that you will find useful:

Or you can take a look at our questions to ask a real estate agent for more resources.

3 Important Things To Consider When Buying a Home Video Transcript

00:04 What should buyers consider when they’re 00:07 thinking about buying a home? We 00:09 think there are 3 important things to 00:12 consider when thinking about buying a 00:13 home and that’s; location, condition and 00:17 price. Location is maybe a little bit 00:26 more complex than just what city are we 00:28 looking to move to. Would we like to be 00:32 close to parks, would we like to be in a 00:35 certain school district, is there a 00:37 particular neighborhood vibe that we’re 00:39 trying to capture? With location comes 00:43 different pricing you know so we kind of 00:46 have to weigh the pros and the cons or 00:49 our wants and our needs. Oftentimes when 00:57 we ask clients about condition they’ll 01:00 mention that they wouldn’t mind putting 01:01 in a little bit of elbow grease maybe 01:03 doing some carpet and some paint. Then we 01:07 go look at a couple of houses and one 01:09 will be freshly updated with all-new 01:12 countertops and appliances and flooring 01:14 and then we’ll walk into a home that 01:16 hasn’t been updated and they’ll 01:18 say something like, “I don’t know I just 01:20 like that first one a lot better”. Start 01:22 thinking about what kind of condition 01:24 you’d be okay with when you make your 01:26 home purchase. 01:27 Price is going to be very important. In 01:34 the market that we’re currently in we’re 01:37 seeing oftentimes homes that are getting 01:41 multiple bids and the pricing is being 01:44 brought up a little bit. There are 01:46 strategies for trying to get a better 01:50 price in the market that we’re currently 01:52 in such as looking for homes that have been on 01:55 the market a little bit longer than four 01:58 to seven days. Negotiation is a big part 02:01 of what we bring as a real estate team 02:03 so Joe and I will make it a priority to 02:07 negotiate the very best price for the 02:10 home that you choose. 02:11

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