We recently partnered with Joe Quiros, Licensed Real Estate Salesperson at Compass Real Estate and Co-Founder of The Joe + Kelly Team, to learn more about the home-buying process, and to share tips with families who are out hunting for their next home.
Q: What are some common special requests that family’s make when looking for a home?
A: The most common request is, and always will be, school district. The NYC school system is intricate and presents many challenges, and while some parents will choose to send their children to private school for middle and high school, a great public school for the K-5 years is always highly desirable. Our advice for parents with children is to really do their homework on what school districts they would be happy to live in, and then focusing on properties in those areas. Homes in great school districts can demand a premium, and we want to avoid situations where clients are comparing properties in lesser school districts, conceivably getting more value, but being disappointed in the options that they would actually be comfortable living in.
Q: When working with a family to find a new home, do they come to you with a clear idea on what they are looking for, or do you help steer them towards a home best fit for families?
A: We always coach our clients that it’s a process of elimination, not a process of selection, and in order to go through that process, it’s best to keep your search as broad as possible in the beginning and then whittle it down as you see more homes. We’ve had clients who completely gut renovate and design their homes to the inch, and even then, there are things they wish they had done differently. So the idea of a ‘perfect home’ doesn’t really exist at any price point. With that, while every client should have their wish list, it’s important to figure out what items on that wish list are most important, and which can be compromised on a bit and the only way to figure that out is by going out and seeing properties. While we’re there to guide and advise against making a bad investment, to point things out that they may not have noticed, and to make sure they’re not missing anything on the market, ultimately the client is the only person who can figure out what’s most important to them and their family.
Q: What are some tips you give to families looking for a new home?
A: One of the things that we always remind our clients is that real estate mirrors life. Marriage and having children are two of the biggest changes in anyone’s life, and making sure that you have a home that you can grow into is vital. While no one can truly predict the market, typically, if you hold an asset for several years, it’s going to appreciate and end up being a great investment. So, one of the things we try to coach our clients on is making sure, to the best of their abilities, that the home will be a place they can grow into and that matches their life plans. That way, they can live there long enough to allow it to appreciate, while being happy and comfortable while they’re there. Aside from that, having a doorman can be great for older children who are traveling to and from school alone; A children’s playroom is a great opportunity to meet other parents of young children within your building; And having local parks makes it easy to get the kids outside and get some of that energy out!
Q: Life with kiddos can get hectic and spare time can be limited. What are some good ways to go about home searching if someone has little extra time in their day?
A: Being prepared as best as possible is one of, if not the most important things for any serious buyer. If they’re taking out a mortgage, the first step is always to get pre-approved by a bank. Pre-approvals are different that pre-qualifications, as a pre-approval takes more time and documentation, but holds more weight when understanding what your purchasing power is and when putting in an offer. Once that’s done, having an open and constant dialogue about what properties you like to see is vital for efficiency. One of the tools the Compass offers called ‘Collections’ allows us to communicate specific properties in real time and is almost like a Pinterest of Real Estate. It’s a great tool for keeping organized and staying focused on which properties you’ve seen, which properties you want to see, and which properties you’re not, or no longer interested in and is so much more efficient than the dozens of email threads that typically are the case when searching for a home. Using that spare time to go through the properties on Collections can take as little as five minutes and once you’ve accumulated an adequate list, it’s a matter of us scheduling as many of those properties within that block of time as possible.
To learn more about The Joe + Kelly Team, click here.
Written by our Marketing & Social Media Consultant, Taylor Bell