Talk to Real Estate Agents: While the Federal Fair Housing Law may prevent real estate agents from giving you information about protected classes, which includes where churches are located, neighborhood school rankings, ethnic make-up of neighborhoods, among other factors, agents can be a wealth of information.
An agent who is familiar with your particular neighborhood can tell you the differences between homes as sometimes a home across the street from another can vary greatly in price.
- Interview some agents and find an agent you feel comfortable working with
- If the agent is the Listing Agent (seller’s agent) of a property you are interested in, it is ok to also have him/her represent you. If the agent represents both, you and the seller, he/she will be a dual agent in the transaction and is acceptable in California provided the agent discloses this to both you and the seller by means of executing a “Disclosure Regarding Real Estate Agency Relationship”.
- Find out the agent protocol for working with local agents.
- Ask if it’s ok to attend an open house without your agent.
- How often will your agent communicate with you?
- Determine who pays the real estate agent (in some cases it could be you)
- Talk to a title officer at a local title company about title policies and how closings are handled.
Ask the agent for details on the following:
- Recent comparable sales. This is your best benchmark to avoid paying over market for the home.
- Average cost per-square-foot. Break this down by price ranges and square-foot values because the larger the home, the lower the square-foot cost.
- Average list-to-sales-price ratios.
- Days on market (DOM). This is important because it could change your offer strategy, but not always.
- Are you moving into a seller's – a buyer's – or neutral marketplace?