Prepare Yourself to Buy a Home This Year
Are you ready to buy a home this year? It’s best to do some planning, especially in today’s competitive market. So if a new home is your goal, it’s time to start getting ready.
Education – Get Smart About the Home Buying Process
Home Buyers often have to make very quick decisions – especially in the current market. If you work to understand the mortgage process, you’ll be comfortable in knowing that you’ll make the best decision for you.
One of the best ways to educate yourself is to talk with a lender. There are a variety of mortgage programs – and they can vary by lender. Now is the time to shop around, gather information and while you’re at it – go ahead and get pre-approved so you know how much you can spend.
Do you need help with your down payment? Many buyers do need assistance with down payments, closing costs or simply to find out if you qualify to purchase a home at this time. Another reason to contact a lender.
How Much Can You Really Afford?
The bottom line is generally how much are you comfortable with – what fits into your monthly budget. This number may be significantly different than the figure a lender gives you. Remember, when there is a lot of competition with multiple offers and bidding wars, it is easy to overspend. If you’ve carefully analyzed your buying ability, you’ll be smart about making a quick offer on a home, rather then putting yourself in a “house poor” position.
Many buyers look for some time before they are ready to “really look.” Looking around on the Internet is the first place to start, but even better is going out and taking a look at homes in your area of interest. By walking through an open houses or local Parade of Homes you’ll begin to narrow down your search criteria, get on the same page with all family members and determine the neighborhood that feels best.
Make a Wish List
As you tour some homes you’ll begin to learn about yourself and what you love in a home. Be honest with yourself about what are “wishes” and what is truly non-negotiable. Write items down and keep them with you when you tour homes for real!
Take a look at the 2017 Profile of Home Buyers and Sellers put together each year buy the National Association of Realtors. If you like statistics – you’ll love this summary and if you don’t you still may find some interesting nuggets.
Have Fun – Enjoy the Process – Good Luck!