Market Insights: Smart buyers know the market inside and out
Special to the Daily
Editor’s note: This is the fourth in a series of articles on the 10 steps the smartest buyers make.
To read the previous steps, go to http://www.summitdaily.com and search for “market insights.” The steps you missed are 1.) Know what you can afford, 2.) Know what you need vs. what you want, 3.) Working with one Realtor, 4.) Define a timeframe, and 5.) Pick your neighborhood(s). Here are steps 6 and 7.
The smartest buyers put the time and effort into knowing the market better than the sellers. Market knowledge generates assurance. And when you combine this with the expertise of an extremely experienced Realtor, you have the formula for a successful purchase. Your homework consists of knowing, inside out and upside down, each property that meets your criteria which:
• sold in the last year,
• is currently under contract, and
• is on the market at the current time.
And how to do you get this info? I strongly encourage you to stay away from the many websites that offer this sort of info. The reason: They just don’t seem to be up-to-date or accurate, especially in Summit County. The best and most accurate source is your Summit Association of Realtors’ member, as he or she is certain to have the most up-to-the-minute info.
Search for properties only with a website your Summit County Realtor provides. This is the same as what is happening with the food movement – buying local is best, as you know the source of your food and you can trust your farmer. Only depend on locally provided data. Have your Realtor set you up to obtain automatic emails as properties that meet your criteria hit the market, go under contract or are sold.
Stay in close contact with your Realtor as you search and make it a team effort. Google Maps has some wonderful features:
• Satellite view – if you see lots of forested areas, don’t assume this is national forest; do your homework,
• Street view – see if you like the look of not just the property you are viewing, but the others in the area,
• Earth view – allows you an almost 3D feel for the area, and
• Terrain view – this is a feature I use on my iPad. It provides rather accurate contour lines so you can determine the elevation of the properties; mega helpful in Summit County.
And the result of your homework and searching is likely to be a property such as this lender-owned foreclosure in the Breckenridge area with four bedrooms, a huge family room that could be converted to a bedroom, an oversized three-car garage, and much more. I have seen many foreclosures over recent years and this one is rock-solid, well-constructed and in good shape. Asking price is $699,000.
Read this article next week to learn about the final three steps: 8.) View a selection of properties, 9.) Negotiate like a pro, and 10.) Buy.
Daniel Webster Johnson has earned the national Quality Service Certified Platinum award in recognition of earning 100 percent client service satisfaction, as measured by Leading Research Corporation. He is a broker associate at Resort Brokers Real Estate in Breckenridge. Contact him at (970) 393-3300 and/or Daniel@YourMountainBroker.com.
Support Local Journalism
Support Local Journalism
As a Summit Daily News reader, you make our work possible.
Now more than ever, your financial support is critical to help us keep our communities informed. Every contribution, no matter the size, will make a difference.
Your donation will be used exclusively to support quality, local journalism.