Top Tips for Home Buyers

Buying a new residence is so much more than finding the home of your dreams. It's one of the biggest financial transactions most of us ever make! Realizing what to expect makes the process more easygoing. These tips for home buyers will prepare you for this important transaction.

Steps to Prepare for Homeownership:

1. Come to a final decision on how much money you can afford.
2. Prepare a prioritized home features wish list.
3. Select the neighborhoods you want to concentrate on.
4. Determine if you have enough in savings to cover the down payment and closing costs. Closing costs average between 2 and 7 percent of the selling price. Loan fees are the greatest variable. You may be able to roll the closing costs into the purchase price. We will talk over this option with you!
5. Obtain your credit report and make sure you have it in order.
6. Find out how much of a mortgage you qualify for and explore different loan options to decide what will work best for you.
7. Organize the documents your lender will require for pre-approval.
8. Calculate the costs of owning a home. This should include property and mello roos taxes, property insurance, home maintenance and, if applicable, association fees.
9. Call Your Home Team to assist you with the process.
10. Make a "clear-cut" offer.

Take the following steps to maximize the chances of your offer being accepted.

1. You must receive a mortgage prequalification. This reflects a firm commitment to buy and makes your offer more desirable to the seller.
2. Have your agent email new listings to you as they come on the market and schedule an appointment to see a home of interest as soon as possible.
3. Find the newest listings yourself. Checkout newspaper ads and drive the neighborhood you are targeting frequently. You may find new "for sale" signs before they hit the market!
4. Be ready to come to a decision straight away. Decide in advance what your "must haves" are so you will be confident in your decision once you have the opportunity to write an offer.
5. Ensure you make a reasonable bid. The market has changed from a seller's to a buyer's market and you may want to begin by not offering your absolute highest price but don’t go too low and risk insulting the seller of a home you’re seriously interested in. In some cases, you may fall back.
6. Minimize contingencies. Restrictions like needing to sell your existing home or delaying closing may make your offer less appealing. In today's market, your home may not sell as quickly as you think! Speak to a lender regarding a bridge loan or home equity line to possibly cover two mortgages for a brief period of time.

We strive to overcome your expectations.
Contact us today to receive the Your Home Team experience!