With so many homes out there, buyers now have more time to ponder available homes. Even in a market such as this, you still need to do your homework if you're trying to find the perfect home. Try these 5 things:
Get Prequalified:
Buyer's have that extra edge to negotiate over another potential buyers. It also lets sellers know that you are seriously looking. Prequal tells you how much you can afford and what you can expect to pay monthly. It helps narrow your choices. Looking at homes that aren't in your price point is frusterating. If you fall in love with a home that you can't afford, you'll have a hard time being satisfied with anything else.
Determine where you'd like to live:
Don't waste your time looking at homes all over the place. Do your research and find an area that best fits your family. Check out schools, neighborhoods, etc, ahead of time.
Research homes:
Have realistic espectations. Know what you can afford and taylor your search around home features that you really need. (i.e. bedrooms, sq ft, pool, garage) Know the area and the median price.
Get a home inspection:
This will point out defects or problems that should be fixed. It also will help determine how many years are left for the major appliances and features, such as roof or carpeting. Anaverage home inspection costs $300-$400, and it is well worth the money.
Interview several lenders:
Have them explain your options. Tell them your concerns and whether the payment amount is an issue. Choose someone who provides service (you'll know immediately by how quickly they will return your phone calls) as well as good terms. Make sure that you completely understand all aspects of the loan that you are getting.
As always, you can check all businesses with the BBB to make sure they have no major complaints and that any issues have been satisfied.
|
