Real Estate Agent
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The NAR publishes some great data every year in regards to housing expectations.
New housing starts are only now returning to levels seen previous to the last major housing downturn, resulting in low inventory conditions that persist in single family home resales. Expect home prices to continue to climb throughout 2018.
Buying a home is a big decision to make, and can have an impact on a variety of areas of your life. Here’s our top 7 of our best suggestions to consider before committing to a purchase.
Before you buy, strengthen your credits score
Remember, higher credit scores will have lower down and monthly payments. This can represent tens of thousands of dollars in savings over the course of a mortgage.
Determine how much home you can afford, first
Buy housing that runs about two-and-one-half times your annual salary. Prior to looking at homes, speak with a reputable loan originator who can pre-qualify you.
Know where you want to be
Think about your lifestyle, and how it is now. How it might be in 5-10 years? Will the location or property you are interested in still be adequate in that timeframe?
Don't buy if you can't stay put
If you can’t commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet.
Carefully review your offers and counter offers
Make sure you understand all facets of the offer to purchase, and any counter offers you may receive from a seller. Speak with your buyers agent about any questions you have.
Get a home inspection
A home inspector will provide you a detailed report of the property condition and outline repair recommendations. Get this ordered early so you have time to carefully review the condition of the home prior to removing contingencies.
Make sure you love your buyers agent
A great buyers agent can take the stress out of a home purchase. Our goal is to ensure you find the perfect property, get the best possible deal, and enjoy a worry free experience for the entirety of your purchase transaction.
Which fits your style? Here’s a breakdown of some of the differences that effect whether it’s the right time for you to buy a home. Take a look at some of the categories, and ask yourself which side you fall under.
Purchasing a home can be quite easy. If this is your first time you will find that there are only a handful of key decisions to make in order to hold the keys to your own home.
You‘ll need a credit report to make sure your score and reporting are accurate. Work directly with a lender on your credit score. They can help provide recommendations, work with scoring agencies, and improve your score when you obtain your loan.
SLEEP ON THE COUCH
Few quality loan programs exist. Improve your score.
Subprime Mortgages are available, but carry high fees.
Mimium score for a loan with minimal charges. Get good terms with low fees.
Best loan programs and lowest borrowing costs on the market.
Points and Rate on a mortgage
Borrowing money costs money. Loans require interest, which can be paid over time, or up front as additional points. Paying the interest ahead of time results in a lower overall monthly payment. This requires up front cash and is not a payment towards principal. Paying additional points is only recommended for purchases where ownership is long term.
You don’t need a 20% down payment
Traditional loans requiring 20% down are no
longer your only options. Plenty of public and private lenders off er a variety of loan programs that can provide you a great loan with as little as 3% down. First-time homebuyers have additional state and federal programs available.
Purchasing a home actually involves a lot of legal contractual knowledge, organization and negotiating skill. Don’t jump into any deal without consulting an expert buyers agent who can get you the best possible results.
What not to do when buying a home
It is incredibly easy to mismanage funds or your alter credit and doing so during the loan and escrow period can greatly impact your both your borrowing costs and can even keep you from funding the loan in some cases.
For a new resale home purchases, aprofessional home inspection is recommended. The inspection will include but ay not be limited to the following:
Don‘t expect the report to catch every minor defect. The inspector is looking for serious problems that require repair, or will lead to serious problems if a repair is not completed in a reasonable time-frame.
A home inspection is just a report of the repairs recommended for the property. It is not a pass or fail test. However, some lenders do require certain repairs be completed in order to fund the loan.
A completed report can have an effect on the purchase price, your interest in the property, and which repairs need to be addressed prior to close of escrow. The seller may be willing to negotiate terms, and your lender may or may not require some repairs be completed in order to fund your loan.
Home inspections can vary by company, as well as by inspectors individually. Always use a trusted recommendation for a professional that will give you the information you need.
The day of the inspection, be present with your buyers agent and the inspector. This will help you understand the items that appear on the report, and will give you an opportunity to see the home through the eyes of an objective third party expert.
Once your offer is accepted, the buyers agent will help coordinate with everyone needed to make sure purchase requirements and all quoted
time frames are met.
Despite closing escrow marking the end of the purchase process, it also marks the beginning of an ongoing relationship. Keeping in touch with the agent allows you to continue to use this valueable resource of information whenever you need, like referrals for plumbers, electricians, and several other service professionals.
Maintaining an ongoing client relationship is just part of an overall commitment toprovide a level of service well above and beyond expectations. Your agent relies on word of mouth referrals for additional business, and good referrals allow the agent to devote more time to helping clients andd less time to finding them. If your experience is amazing, be sure to tell your friends!
I greatly enjoy working with buyers and helping them purchase their dream homes. If you’re looking to conduct your home search soon and find a new residence, please get in touch with me via email or phone today.