4 Things You Need To Know Before Looking For A House Online
Over 44 percent of Americans look for homes for sale online and that number is growing every year. In fact, the top websites have over 100 million unique visits every single month. There are a few things you should know, however, before looking online for homes for sale.
1. Aggregate site: Online real estate websites are aggregate, or scraper, sites. This means that they take their data from another source and re-package it. Virtually all the information from websites that people use to look for homes for sale is pulled directly from the MLS, the multi-listing service used by real estate agents. They have a syndicate agreement to publish that information. If you are in a hot market, however, it is important to note that there is a 24 to 48-hour delay between when a house is listed on the MLS and when the information is updated on aggregate sites. Working with a licensed real estate agent is the quickest way to get information.
2. Value: When you look at aggregate websites to gauge the value of your home or one you are interested in purchasing, the number you see is just an estimate and can be skewed in either direction. Value depends not just on square footage and lot size, but also on factors that cannot be determined by a computer program. Factors like condition, view, neighborhood, and more can only be determined by an in-person visit from a licensed and experienced Realtor.
3. Month: People often wonder which month is the best time to buy a house. Traditionally, it is August. The theory is that people that wanted to re-locate before school starts have already purchased a home and sellers are growing anxious to sell. This is changing, however. Every month is a good month to buy a home. There are overpriced homes and there are underpriced homes for sale every month of the year. Working with a real estate agent will help you know where to find them.
4. Interest rates: Interest rates are at historic lows. There has never been a better time to finance a house. If you have not talked to a mortgage broker recently, know that the drop in interest rates could have a significant effect on your budget. You could buy a more expensive house or, better yet, you could stay in the same price range and have a lower monthly payment. Some buyers are even electing to forego the typical 30-year mortgage, choosing instead to take advantage of the low-interest rates to pay off their home in 15 years.
Looking for a home online is a great place to start, but working with a licensed agent is even better.
