Searching for a New Home? Ask Yourself These 5 Questions on the House Hunt

The average home buyer looks at 10 houses before finding the right one. And they typically spend up to 10 weeks doing it.

If you’re searching for a new home, you can save yourself some time by asking a few questions up front. Let’s look at 5 questions that will help you in your new home search.

1. How Long Has the Property Been Up for Sale?

Ask your realtor how long the property has been on the market. If it’s a new listing, you’ll have more competition from other buyers and could end up in a bidding war.

But if it’s been on the market for a few weeks or even a few months, the initial rush of interest has passed. You might be able to get the seller to accept a lower offer.

2. What Are Comparable Houses Selling For in the Area?

Your realtor can pull up a list of similar properties that sold recently from the multiple listing service. This can give you an idea of what other homes in the area sold for.

If those homes sold quickly and the seller got their asking price — or even above it — you’ll know you won’t have much success with a lowball offer. If they were on the market for a while or sold for less than the asking price, you’ll have more room for negotiation.

3. Why is the Current Owner Selling?

Realtors won’t always share this information but it doesn’t hurt to ask why the current owner is selling the house. You might get some information that gives you an idea of how motivated they are to sell.

Are they moving to another city for work and need to be out by a certain date? Or have they already bought other housing and need to sell their current home to make the finances work?

If they’re under some time pressure, you’ll have a better chance of negotiating a lower price.

4. When Was the Last Renovation Done?

If you’re buying a new home, this isn’t an issue but if it’s more than 15-20 years old, find out when the last renovation was done.

If it’s been a while — or maybe has never been done — you’ll likely have more repair costs ahead of you if you buy the house. Consider this when deciding how much to offer.

5. What’s the Neighborhood Like?

You should also get some information about your potential new home’s location.

What are the demographics of the residents in the neighborhood? Are there schools or other facilities nearby? What about shopping and other necessities?

Make sure the neighborhood offers the things that are most important to you before making an offer.

Take Your Time When Searching for a New Home

When you’re searching for a new home, it’s easy to get caught up in the excitement and bid more than you intended. Make sure you take your time and ask these 5 questions before making any decisions.

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