5 Tips for Deciding Where to Buy a Home

Once you are ready to become a homeowner, the next step is to determine where to buy a home.

For some buyers, the decision of where to buy a home looks like choosing a specific block in your chosen neighborhood. For other buyers, choosing where to buy a home can be considering towns, cities, or even states.

Since buying a home is one of the most important purchasing decisions made in a lifetime, make sure that you choose the location wisely.

Considerations for Deciding Where to Buy a Home

Oftentimes, the home search process starts with a larger area and zooms in on prospective listings that match your needs and preferences.

Before you start shopping the market, narrow down your options by deciding where you want to buy a house first.

Here are a few considerations from top agents to help you find the best location to guide your home search.

#1. Research Local Real Estate Markets

Understanding how local real estate markets compare to one another can help buyers decide where to buy a home.

From a strategic perspective, buyers need to understand how their target real estate markets are behaving during the time of their transactions.

Performing due diligence on market activity can help buyers form a home purchasing strategy that is directly based on what is happening in the market.

For example, buyers interested in purchasing a home in a highly competitive market should know how to form a strong offer and negotiate with sellers to win the bid.

On the other hand, buyers in a low-competition market should know how to leverage their position and shape a deal around their needs and preferences.

If you have an idea of an area where you want to buy a home, but are not sure exactly what community to shop in, research and compare the real estate markets around these important metrics:

• Average Days on the Market
• Average Selling Price
• In-Demand Amenities
• Inventory versus Demand
• Number of Offers Made Per Listing

#2. Think About Your Ideal Property Type

The next indicator of where you should buy a home is what type of property you have in mind.

Are you shopping for a luxury condominium unit, or a sprawling single-family home with a yard and deck? Or, are you looking for a specialty home like a lake-front property or a mountainside home?

Understanding the type of home you want to buy will help lead you to the optimum location to shop in. Your agent can help guide you on locations that accommodate your property wishlist.

#3. Consider Household Needs

When choosing a home for you and your family, you need to think about how the location will serve your household needs.

For families with children, buyers should research local school districts in potential neighborhoods. Think about the school’s ratings, as well as the daily commute and availability of local sports and hobby programs.

Professionals need to look for a location that serves their career needs.

If you already have a job, your new home will need to be accessible to your workplace. If you will be looking for a new job, start thinking about what area you will work in and the commute demands.

#4. Determine Lifestyle Preferences

The home that you purchase should provide the lifestyle that you’re looking to enjoy.

The location where you buy the home will impact what you have access to in your vicinity, which will influence your day-to-day experiences.

For example, if you seek a quiet laid back lifestyle, it’s preferable to purchase a home in a calm neighborhood rather than a bustling city. But, if you’re looking for an active and on-the-go experience, a thriving metropolitan block might be the best option.

Think about the amenities that you’d like your location to provide, such as:

• Proximity to shopping, dining, and entertainment
• Access to nearby grocery stores
• Greenery and outdoor spaces
• Public transportation

#5. Look to the Future

Maintaining a long-term perspective can be helpful for buyers who are deciding where to buy a home.

Think about what your future may look like in the next three to five years. With your evolving lifestyle, what will be a location that can continue serving your changing needs?

If you plan to start a growing family in two years, it might not be wise to invest in a one-bedroom studio in the city. Or, if you know you will be pursuing a degree at a local university, you might want to consider a home that’s closer to your future needs.

For more real estate advice for buyers and sellers, explore more articles from RealEstateAgents.com.