Whether you’re a first time homebuyer or have a little more experience, finding the right property can be a daunting task – especially now.
There’s no way to sugarcoat it, the market is bad for buyers at the moment. In fact, it is in many ways the worst it’s ever been for potential new homeowners. The most recent housing numbers have been a gut-punch to potential buyers. Surging inflation, mortgage costs, and overall average house prices have left many wondering about their real estate plans.
Statistics, figures and market predictions are all very well and good, but what if you need to make a home buying decision right now? How do you know if this is the right time to buy a house or not, and how do you actually buy it? The answer will be different for everyone. Every home purchase is a personal decision, based on innumerable factors that make your situation, goals, and plan completely unique.
Simply put, yes, the housing market is far from ideal for buyers at the moment. Caution is the name of the game for anyone considering such an important purchase right now, but that doesn’t necessarily mean that now is the wrong time for you to buy.
If you are exploring the market, it can be hard to decide which online real estate website is best for your needs.
There are many great online real estate search engines out there but when it comes down to choosing one that is best suited for the non-realtor consumer there are two clear frontrunners — Zillow and Realtor.com Both platforms offer great features such as interactive maps for browsing properties, detailed description about each listing, access to local market data like median home values and average sale prices in specific neighborhoods or zip codes and helpful tools like Mortgage Marketplace (Zillow) or Open House Finder (Realtor). Ultimately though it comes down to user preference — so do some research on both sites.
This comparison guide between two of the most popular real estate search engines—Zillow and Realtor.com—can help you make informed decisions.
Overview of Zillow
Zillow is one of the most popular online real-estate search engine websites in the world. It has been around since 2006 and boasts over 160 million monthly users. The website offers a variety of features, including an interactive map for browsing properties, detailed descriptions of homes listed on their site, and even rent estimates for potential tenants. Zillow also provides access to local market data such as median home values and average sale prices in specific neighborhoods or zip codes. Additionally, they offer helpful tools such as their Mortgage Marketplace which allows users to compare mortgage lenders in their area and get pre-approved for a loan with ease.
Overview of Realtor.com
Realtor.com is another popular real estate search engine produced by Move Inc., a subsidiary of News Corp owned by Rupert Murdoch. The website was launched in 1995 and currently has over 14 million monthly visitors worldwide. It offers a similar range of features to Zillow, such as interactive maps for searching properties, detailed descriptions about each listing, access to neighborhood data such as median home values and average sale prices, etc. However, one unique feature offered by Realtor.com that sets it apart from its competitors is its “Open House Finder” tool which allows users to easily find nearby open houses scheduled near them in their area with just a few clicks — making it easier than ever to view homes before buying or renting them!
Consult the Housing and Education Alliance
Before you fall in love with any house, do the Math! Once you are house hunting in earnest, your counselor or lender can help you calculate more precisely exactly how much house you can afford. The FHA provides this handy calculator: www.Calculator.net/house-affordability-calculator.html
The best way to get your questions answered and estimate how much house you can afford is to work with a housing counselor after you have taken a homebuyer course such as HEA’s HomeTRACK. Most of your questions will be answered there. Then a housing counselor can look at your personal situation, income, debts and credit to arrive at the amount you could qualify for. In the Tampa Bay area, The Housing and Education Alliance can help with every step of the process. www.heausa.org
Steve Cuculich, owner of Car Credit is proud to support the work of the Housing and Education Alliance. “Helping families find affordable, safe housing is a huge priority,” says Cuculich, who grew up in a low-income Chicago neighborhood. “We are grateful that HEA provides so many valuable resources to both English and Spanish-speaking families in our community.”
