House-Hunting Strategies: Making the Most of a Lot of Inventory!

Millions of Americans are taking advantage of tax credits, short sales, foreclosures and low interest rates to go from renting to home ownership, or to move into a better-suited home.

But when you're under time pressure, whether moving for a new job that starts in a few weeks, trying to get under contract before a tax-credit deadline, or just being sure you get to desirable property quickly without wasting time, it can be tough to wade through a lot of inventory. Most places in the U.S. have more homes on the market now than in decades.

Employing these strategies can make your home search process efficient, more enjoyable, and more targeted.

1) Do your homework! The more you know about an area BEFORE you start your house hunting search, the better. Check out all the non-property related details, questions and concerns first. The Internet is full of sites about schools, crime, voting records, walk scores, access to local food, distances to amenities, commute times, religious venues, political leanings and voting trends...just about anything you can think of. There is no reason these days not to eliminate entire counties, towns, or areas first, before you start looking, so that your search is refined and targeted. This will also help you better determine price vs. value, since you'll be comparing properties in a smaller area that are more or less impacted by the same surroundings.

2) Do your drivebys: Most good agents are busy, and most busy buyer agents won't want to drive you to properties all over the place that you've never seen before, only to pull up to a property and have you say, 'Oh, definitely not THIS one.' (it's a little tougher if you're flying in from out of town on a tight time line, for sure). When you see a home on-line with pictures and/or video that is intriguing, drive by it if you can. You'll be surprised how many you eliminate when you discover they are too close to the road, the neighbors look scary, it's on a major street, the picture taken is vastly different than what you see, etc. Remember: Location, location, location...you're removing homes from your potential list by asking yourself: if the inside was absolutely perfect, would I still live here? If the answer is no, cross it off your list.

3) Get ready to shop: If your schedule or location allows, try to spend half-days looking at homes. You'll develop a rhythm that will help you compare homes more accurately (after all, buyers buy based on a process of comparing each home to the last or best one they've already seen), and that best way to do that is to be sure you can allot that much time. Bring water, snacks, wet/cold/hot weather clothing, a digital camera and notepad as well as an excellent area map. If you're going into homes, you're likely doing it with a local agent, and they should be helping you with logistics, too. And if at all possible, leave the kids at home. You need to concentrate and focus, and that can be tough with distractions. Bring the kids back when you start to narrow it down to to or three properties.

4) Get ready to leave homes that won't work: As an agent, my best day is when buyers walk into a house and say, 'this is NOT the one.' Just knowing it's not for you and leaving immediately is better than walking around and wasting everyone's time. Agents get paid to show houses, and you're not doing anyone favors by being 'polite.' This is your process, and if you something strikes you upon entry as not working, articulate why to your agent so they can eliminate like-properties, and move on. Your goal is to narrow down to the best properties quickly, not hurt the home's feelings.

5) Look from the outside, in: If time and weather allows, walk the perimeter first. You're not just buying a home, but the land, the views and the neighbors, too. If the front looks perfect, but the backyard butts up against an active railroad yard, and you're not a model-train fan, keep looking. The same goes with undesirable views, bad smells, excess noise, shady neighbors, etc. Need a big yard for the kids or dogs, but the lot is on a 30% grade? You'll probably want to keep looking, regardless of what the inside looks like. The same goes for a home whose exterior maintenance may be sorely lacking, has poor drainage if you're a keen gardener and a thriving potential garden plot is important, or perhaps sits under power lines or has no sunlight under a forested canopy if your dream is to go solar.

6) First things, first: You should only be looking at homes that meet your top three priorities for number of bedrooms, bathrooms and anything that, if not present, would make you say no to a home, no matter how perfect otherwise. If you need 2.5 baths for example, don't waste time looking at homes with 2 bathrooms. Sure, you can put in a half-bath, but that means making sure you have the budget set aside, time and energy to undergo the construction process, personal expertise or local knowledge of someone who can do the work, are familiar with local building codes and property set-backs BEFORE purchasing to be sure you can add on, etc. Chances are, you can find homes that meet your criteria. Work from that assumption first, and if you're not finding properties that suit you, then consider expansion of your list. But not before you're exhausted the current inventory first.

7) Good bones: You've heard the term, but what is it, exactly? It's both the layout and the construction. The layout of older homes many times reflects the period in which they were built. Often smaller rooms, cut off from one another to conserve heat, or all the bedrooms on a second floor close to the single bathroom. Or perhaps architectural details still in tact and in-keeping with the style of the house or neighborhood.

But 'good bones' also means construction materials, methods and craftsmanship. Older homes may be lacking in, say, adequate insulation, but have great foundations that have held up over time. Extra-thick supporting beams, but perhaps drafty windows. Good bones means that the structural foundation is solid, time-tested, and should continue to perform well with proper care and upkeep. Homes with shoddy construction using poor materials with crews who were unskilled will be reflected in resale value, on-going maintenance issues and poor lifelong satisfaction.

8) Systems, systems, systems: Assuming you've nailed your location (#1 above), and you've done your drive-by's (#2 above) and you're only looking at houses that meet your specs on paper (#6), you should be going into homes that will mostly meet your criteria. Now what? Concentrate on systems. Electrical, heating, plumbing, cooling, roofing, foundations. This is the big stuff. The expensive stuff. The stuff that can be a real headache, cost a fortune, effect re-sale values and put you in the poor house once you've bought if they're not maintained or upgraded. Pulling up lousy carpet, painting, ripping out wallpaper and other visual items are easy by comparison. Unless you're getting a deal of the century, hire an inspector who really knows their stuff and go through the systems and mechanical items in fine detail. This is also your best place to negotiate price and other terms of the sale. With rising energy costs, now is the time to get tank-less hot water heaters, efficient heating and cooling systems and dry basements.

9) Ignore decorations and issues of taste: Wallpaper can be removed, rooms can be painted, cabinet knobs can be replaced, carpet redone...ignore the parts of a home that aren't permanent. Often the best deals are the homes that had a single, fastidious owner who spent all their money on upkeep and maintenance, but never made any changes to style to keep up with the latest trends. The 1970's avocado stove can be easily replaced, but the 90 year-old boiler replacement is expensive, messy, time-consuming and will not only cost money in short-term, but the long-term, too. The is true for window coverings, missing original decorative items, cheap replacement parts like doors, windows, etc.

10) Be ready to write an offer: Before you start looking, you should be ready to write an offer. Your financing should be locked down, your down payment ready to go, your moving plan established and your time-frame firmed up. Buyers make the mistake of thinking it will take a while to find something suitable, and when they do, believe that they can take their time. But that's a mistake . Good homes, especially market-priced ones that meet the #7 and #8 criteria above always go fast. Don't think that excess inventory means you can spend excess time looking.

With a little planning you can expect to find homes that meet your criteria quickly and so you can be ready to take action. Good deals are still happening all over, and the well-prepared are still rewarded with bragging rights.