Are You Ready to Buy a Home?
Buying a home is a likely one of the biggest personal investments you’ll make in your lifetime. Here are some tips to keep in mind if you are preparing to buy.
Avoid Financial Stress
Asking the right questions, doing your research, and understanding your own needs can limit financial stress during the mortgage shopping process.
Consider The Location
When choosing a location, consider what matters most for all members of your household. Proximity to work and school, local transportation options, and neighborhood crime rate are important factors to keep in mind.
Finding The Right Seller
The perfect seller doesn’t exist; however, a highly motivated seller is more likely to sell at a fair price. These sellers are influenced by time, and in many cases, they more likely to accept a lower offer if the timing is right. Watch out for sellers who are delaying the process.
Use a Buyer’s Agent
Working with an experienced expert pays off. A buyer’s agent can help you find potential homes, keep you informed, negotiate on your behalf, and answer questions.
The pre-approval process involves applying for a mortgage, receiving your credit report, and verifying your employment. As a pre-approved buyer, you and the seller know exactly how much you can afford, and it establishes your credibility. Also, be sure you are pre-approved by a legitimate lender.
Understanding Types of Markets
Hot, normal, and cold markets are all very different. Hot markets are extremely competitive, which works to the seller’s advantage. On the other hand, cold markets are advantageous to the buyer, and typically these homes have been listed longer and the prices tend to drop.
Get an Inspection
Home inspections give you a detailed report of a property’s condition. This is also your chance to ask questions and get answers from the home inspector. Once the report is complete, be sure to review it carefully.
Limit Credit Card Purchases
Don’t go on a spending spree right before buying a home because your mortgage pre-approval is determined by your current financial situation.