all have hopes and dreams of owning our own home but reality can crush those
hopes and dreams.
Let me help you to understand the process of buying a home.
The housing market can be a tricky one to understand. Preparation is key!
These days, using real estate sites to
explore your options is par for the course. 90% of people search for listings online during their home-buying
process. Starting your search online is a good move, but don’t stay for too
the computer screen as inventory is expected to be tight in many major markets. Demand will likely outstrip supply, so buyers have to be in a position to make a decision quickly.
Remember that what you view online may
not necessarily reflect what you see when you pull up to the curb. The Internet
can tell only part of the story and is not always up to date. That’s why you
should only use real estate sites as more
of an alert than a decision making tool. Be aware, too, that there could be micro trends in your region that could impact local prices. For example, maybe new homes run at a premium to older ones, or the demand for town homes and condos
outpaces single family homes in your market.
You want to take advantage of low
interest rates while they last. Mortgage rates are still historically low,
allowing buyers to wrap up the most house their money will afford them at
payment levels that should be affordable.
Interest rates are so low that, in many markets, monthly mortgage payments are less than paying rent. To be a serious house hunter you’ll need to have all of your ducks in a row. So not only will you need a savvy real estate agent, but you’ll also want your lender at the ready so you can act fast. You must get pre-approved, it will give you and your Realtor an advantage when it comes to making an offer.
Of course, one of the best sources of
insider information is a well-connected Realtor who is up to speed on market
values. Your Realtor can help you make the right decisions, save you lots of
time and heartaches and will guide you throughout
the whole process of buying your new home.
Get your Free First Time Home Buyers guide!
Enter your email address and I will send it to you. The guide is a downloadable Pdf file with lots of information that will help you through the process of buying your first home.
Here is an excerpt from the guide:
If you are ready, the first thing you need to do is get pre-approved for a mortgage loan. Your Realtor® probably has a great loan officer they work with and will refer you to them. A loan officer will help you to understand how much you can afford based on your income, debts and expenses. A loan officer will also advise you on what type of loan is best for you. Make sure you explore all your options so you are comfortable with the monthly payments, including property tax and insurance. Also, remember that you will be responsible for expenses for repairs when you are the owner. Once you are pre-approved you are ready to look at homes that you might like to own within your budget.
Being pre-approved is very different to being pre-qualified. (see explanation on page 7) Being pre-approved gives your Realtor® ® more leverage when it comes to negotiating and making an offer, on your behalf, and could prevent you from losing the home to another potential buyer who already has financing arranged. Also, sellers will take you more seriously.
Please call me if you have any questions.
(858) 335-6396(858) 335-6396