Buying real estate from out of state is like trying to play a game of Monopoly while blindfolded and hopping on one leg. It’s complicated, time-consuming, and can lead to a lot of missteps. But fear not, because these 7 essential tips will make the process a whole lot smoother for you when purchasing San Francisco real estate from afar.
1. Research Smart, Buy Smart
“When purchasing San Francisco real estate from out of state, research is essential, and 92% of homebuyers begin their search online according to the National Association of Realtors’ 2021 Home Buyer and Seller Generational Trends Report.
Hoodmaps.com is a valuable resource for exploring different neighborhoods and their unique features through an interactive map. However, it’s important to use multiple sources, including consulting with your agent, to ensure accurate information. By being diligent in your research, you can make informed decisions and feel confident navigating the San Francisco real estate market from afar.”
2. Scam Alert! Tips for Safe Transactions
Remote real estate transactions make buyers vulnerable to fraud. The FBI’s 2020 report shows $213 million in losses from real estate and rental scams. Common fraud involves fake listings with stolen photos and attractive prices, leading to a fake bidding war. To protect yourself, verify the property and seller’s identity, use secure payment methods, and work with a reputable agent.
Beware of real estate scams when buying San Francisco property from out of state. Scammers create fake listings with stolen photos and too-good-to-be-true prices to attract buyers and steal their earnest money via wire transfer. Verify the legitimacy of the listing and seller before sending money to prevent falling victim to these scams.
3. Ask Questions: Buying SF Real Estate Remotely
According to a survey conducted by the National Association of Realtors, 84% of home buyers think it’s important to ask questions when buying a home. When buying real estate from out of state, it’s even more crucial to ask as many questions as possible to ensure a smooth process and avoid potential scams. Below are three sample questions:
- Are there any current or potential zoning issues that could affect the property value?
- What is the neighborhood like? Are there good schools, restaurants, and other amenities nearby?
- Are there any known issues with the property or surrounding area that could affect the property’s value or your quality of life?
4. Attend Inspection: Crucial for Remote Buyers
Certainly, when you’re out of state, you won’t be able to be present at all stages of the transaction proceedings. But you should try to be present for the inspection.
According to a survey by the American Society of Home Inspectors, 84% of home buyers order a home inspection before purchasing a property. When buying San Francisco real estate remotely, it’s important to try to be present for the inspection, as recommended by industry professionals.
Pictures on the inspection report are helpful, but being there in person allows you to better understand the issues and learn about regular maintenance that should be done. Inspectors can also point out small things that won’t affect the sale but should be fixed, teaching you things you might not have known about your home otherwise.
5. Get a Sneak Peek: Use Video Tours
According to a recent survey conducted by the National Association of Realtors, 77% of real estate agents use Matterport technology for creating virtual property tours, making it one of the most widely used technologies in the industry. Matterport’s 3D virtual tours have also been shown to increase online engagement, with properties featuring 3D tours receiving 50% more views than those without.
This statistic highlights the growing trend of using advanced technologies like Matterport to enhance the home buying experience, especially for out-of-state buyers who cannot physically visit the properties.
6. House Hunting Day: Pick and Enjoy!
According to a report by Redfin, homes that are viewed within the first five days of being listed have a 10% greater chance of selling at or above the asking price. Thus, setting up a day to view multiple properties can be advantageous for buyers to quickly identify and make offers on desirable properties.
Additionally, Redfin found that buyers who viewed properties virtually before seeing them in person were 50% more likely to purchase a property sight unseen, emphasizing the importance of virtual property tours in today’s real estate market. By working with your agent to schedule back-to-back showings and utilizing virtual tours, you can save time and increase your chances of finding your dream home.
7. Choosing Your Agent: A Critical Decision
According to a report by Zillow, choosing the right agent can significantly impact the outcome of your home buying experience. In fact, sellers who worked with an agent to sell their home typically sold for 16% more than those who sold their home without an agent. When it comes to buying a home, having a knowledgeable and trustworthy agent is essential in navigating the complex San Francisco real estate market
Looking to buy San Francisco real estate from out of state? Don’t let the process drive you nuts! Let me, your expert agent, help you navigate the market with ease, and even make you laugh along the way (I promise, my dad jokes are top-notch). Call me now at 415-830-1423 or shoot me a message to learn more!
