Internet changing the way we buy homes
ONLINE LISTINGS, INFORMATION BECOMING MORE SOPHISTICATED
Most people used to look for a home the old-fashioned way, spending hours driving around in a real estate agent's car, hoping for the best and preparing for the worst.
Anymore, the process goes like this: you check your e-mail & are alerted to a new listing online. Then, you'll check out the pictures on the Internet, drive over for a real-life look, and prepare to make an offer... all within hours... instead of days or weeks.
Many people make offers within 24 hours, and it's because of the Internet," says Lee Kendrick (General Manager of Family Mortgage). Family Mortgage's clients can view all Kentucky home listings (available through the Multiple Listing Service (MLS) on their website at http://www.fmiusa.com/MLS_20_Real_20_Estate_20_Listings.html.
Add real estate to the list of industries being forever changed by the Internet.
Home listings (once printed out in books that were only available only to real estate agents) are obtainable to everyone online, accompanied by increasingly sophisticated photographs and virtual tours.
A growing number of online services are also cropping up to help people do things like judge house prices, survey neighborhoods and evaluate school districts, long before they ever snap the seat belt in their agents' cars.
With the nation's housing boom expected to cool in some areas, experts say such offerings will only increase.
And ultimately, the fact that consumers on their own have more power than ever to do some of the work of real estate agents could even help further drive down agents' commissions. Many also expect online tools for house-hunters to become more creative and sophisticated.
Web sites worth visiting
Already, the industry is dramatically different from what it was a decade ago.
Besides viewing listings online, many home buyers & realtors regularly log onto www.zillow.com to receive quick, anonymous estimates of home values based on county records and other data. Although the site isn't always accurate, it may help judge a home's worth.
The site still has a few kinks, but he says the company is constantly working to improve the accuracy by adding more data. There are also plans to improve tools that let people change out-of-date information that might affect valuations -- such as an added bathroom or bedroom that isn't in official records, or an extensive kitchen remodel that might boost a home's value.
Other sites, such as www.homepages.com, use interactive maps and other tools to provide information about neighborhoods, schools, local parks and even nightclubs surrounding a particular home.
These websites & internet tools aim to reduce the time people spend house-hunting. But, most people agree that buying a home can be complicated and still recommend obtaining a real estate agent's assistance.
Most industry experts believe agents will start spending more money on fancy Web sites and other online promotions, perhaps at the expense of traditional marketing such as newspaper & magazine advertising.
Still, no matter how sophisticated online house-hunting gets, the computer might never be able to fully replace the experience of walking from room to room in your prospective house, peeking into cabinets, tapping on walls and trying to figure out how noisy the neighbors might be.
Lee Kendrick (General Manager of Family Mortgage) also recommends that every borrower should get pre-qualified (at the very least) and/or pre-approved (highly recommended) before getting too deeply involved in the home buying process. Most borrowers can be pre-qualified within 5-10 minutes and many can be pre-approved within 1 hour or less. Apply online at http://www.fmiusa.com/apply.html or call them at 1-877-744-7201.
Lastly, more than 65% of all borrowers (even with excellent credit) have errors, inaccuracies, incompleteness, or unverifiability that are affecting their credit scores in a negative manner. So, Lee Kendrick also recommends that every borrower obtain a free copy of their credit report to make sure that everything is reporting accurately. It's an even better idea to obtain a tri-merge credit report (with all 3 credit reports merged into 1 easy-to-read format) that includes each bureau's credit score.
The tri-merge report will be easier to analyze, making it easier to determine what should or should NOT be disputed. Keep in mind, that disputing some of the negative items in your credit report can actually cause your credit scores to drop.
It's best for you to obtain the advice of a trusted & highly recommended credit repair expert in your area. But, NEVER pay anyone in advance for credit repair services... as it's illegal & there are many reputable mortgage lenders that will assist you at no cost.
Look for my new & improved credit repair guide to post to my website soon. I'm sorry it isn't available, yet. We're working on a method that'll allow you to receive a 15 minute consultation with the purchase of the manual... helping you figure out the best approach for any credit disputes you may have... if you live outside of Kentucky... or you're not wanting to purchase a home.
Lee Kendrick
Family Mortgage
http://www.fmiusa.com
1-877-744-7201 Office
lee.kendrick@fmiusa.com
