When you buy a vehicle, what’s the first thing you do? If you’re like most people, you delve into as much research as possible – reviews, awards, specs, relative fuel consumption, aftermarket availability, etc. You round up as much data as possible before heading to the dealership, ensuring that your down payment and debt go towards a quality asset instead of a lemon.
That’s what smart consumerism looks like. Unfortunately, for several decades, that kind of access, choice and information wasn’t available to the average real estate consumer, despite real estate being the single largest purchase in most people’s life. Real estate data was the rarefied domain of real estate agents, and consumers had no choice but to place their faith in an opaque process.
Thankfully, with the emergence of real estate tech companies like Nobul, precisely, Zillow and others, homebuyers can access the data they need to make informed decisions. As Nobul CEO Regan McGee put it to Superb Crew, his company “brings choice, accountability and transparency to an industry that has – for decades – been widely regarded by homebuyers as opaque and challenging.”
With that goal in mind, let’s look at some data you’ll want to know when buying a home.
Data You’ll Want to Know When Buying a Home
Buying a home? Here’s what you need to know…
1. Realtor Reviews, Transaction Histories, Commission Rates, Etc.
An agent is your lifeline and advocate through the homebuying process, so you shouldn’t choose one on gut instinct. Instead, you should consult the available data to steer your decision.
On Nobul, consumers can vet their realtor options by accessing verified reviews, sales histories, services, rates, etc. In this way, you can find a realtor aligned with your needs and lifestyle, someone you can trust to navigate this monumental purchase.
2. General Price Trends and Inventory
Once you’ve found the perfect realtor, you can turn your attention to housing market data. Use platforms like Zillow or Nobul to track price trends and inventory trends, which will give you a sense of how balanced or weighted your area’s real estate market is.
If you’re in a seller’s market, talk to your trusted realtor about your options. You can wait until the market balances or – if you’re eager to enter the market – draw up a detailed game plan for competitive bidding, like removing conditions.
3. Specific Layouts, Locations, Amenities and Developments
Next, you can get even more granular by taking particular listings and parsing out the data. Specifically, research the layouts, nearby amenities, liens, permits and surrounding area.
For this process, it’s best to work with your realtor (which you’ve vetted using Nobul). Together, you can request documents and take a deep dive into the records. You can also comb through your city’s CAFR (Now the Annual Comprehensive Financial Report) or equivalent report for insights on population growth, new construction statistics, employer concentration and demographic layout.
When buying a home, use the same investigative energy you normally reserve for buying that new car. Collect as much data as possible on realtors, general trends and specific listings. Once you’ve gathered and assessed all the data, you should be in an excellent position to find the right realtor, the right area and – of course – your dream home.