Do your own research to find out if your target neighborhood is hot or not. Pay attention to:

• median property prices;
• data showing the impact of interest rates;
• and the average number of people looking for property in that neighborhood versus the number of properties for sale.

All this gives you a great insight into the neighborhoods you’re considering for your next move or investment so you can leap with confidence into the adventure.

A particularly useful insight is supply to demand ratios and trends over time. These give you the bigger picture of a location and can help you consider the property/neighborhood’s potential.

What matters is whether it’s your right time to buy, for your needs and circumstances. Knowing the state of play is useful to help you calibrate that decision, but shouldn’t be the only thing that motivates.

The old property maxim holds true: Location, Location, Location. Take time to review the following:

CCR (Covenants, Conditions, and Restrictions)
You don’t want to end up owing a house with limited freedoms

HOA Expenses
I recommend seeing the HOA minutes for the last 12 months. It will tell you the upcoming costs you may be inheriting

School Districts
School districts can levy additional taxes in your area. This may be a good or bad thing depending if you have kids attending the local schools

Amenities
Drive to your local grocery store, retail outlets, and recreational center. If you find the drive too cumbersome, maybe looking at different property would bode well for you

The area should match your personality and provide a sense of comfort and security. I recommend writing down a full list of wants, and then separating the wants into ‘must haves’ and ‘would like’ features.

The old adage usually holds true: fences make good neighbors. But what if you don’t have a fence? Things can get messy. Neighbors might burn debris, keep run-down vehicles in the yard, not tend to the landscaping, and more. A quick walk around the neighborhood, half mile radius, will tell you a lot about the living environment. Every neighborhood has its quirks, so find out ahead of time by knocking on a few doors to ask questions. It may seem awkward, but people will tell you a lot when you ask.

It’s time to look at timing. When is the best question to ask in real estate. ‘When should I buy’, to be exact. For that answer, you will need to analyze things.

Seasonality
Home prices dip during the winter. Why do you ask? Summer people want to get out of the house. It feels good. But, more importantly, school is out. For families, the best time to move is when the kids are out of school. Correspondingly, summer is when home prices are at their peak. Inversely, winter time is the best time to buy because everyone is focused on the holidays or starting the new year.

Interest Rates
Higher interest rates make buying a lot more painful. Therefore, buying generally slows down with high interest rates. This can also have a neutral effect if sellers also don’t want to move.

Market Cycle
Depending on the macroeconomy, home prices fluctuate. Prosperous times float prices higher, whereas recession will reduce prices. Looking ahead 5 years is recommended. You want a good time to buy a house because when you sell, it will matter.

My recommendation is to talk with a real estate expert to help you navigate these waters. Every person’s situation is different, and factoring in your specific criteria will require an analytical agent to help you assess your needs.

When the market is hot, submitting endless offers only to get turned down is rough. Make sure to get your offer in first or by the review date. In a multiple-offer situation, the offer price will need to be close to the asking price.

Be sure to look for properties alongside your agent. Two sets of eyes are better than one.

Ask your agent to set up a ‘listings alert’ so you are notified first when a property hits the market.

In tandem with that point, make sure your financing is rock solid. After you submit an offer, you want the seller to be excited to close with you. To achieve a positive seller reaction, demonstrate that you are able to secure the necessary financing to close.

Finding the right home might only be available once during the search. You will want to know your ability to submit an offer and close. Without knowing your lending limit or having the process started, other offers will be more attractive to the seller. Work with a lender before you begin touring with your agent. The lender will inform you of the necessary economics you have at your disposal to close on your favorite home. Ensure you review your credit and refrain from large purchases before closing, as it will affect your credit score. You won’t want to be ‘mortgage poor’, so purchase a home you can live in and have extra money to enjoy life. Also, when purchasing a home, you can make extra payments each year to reduce your outstanding mortgage so that you can eventually own the home without monthly payments.