Are you currently in the market to purchase a home or have you been considering taking the first step to see if buying is right for you? For many people, buying a home brings a sense of accomplishment and pride. However, purchasing a home can be quite overwhelming if you don’t do the proper research or have the support of a good agent to help you through the process. Below we have outlined a few items you should take into consideration when purchasing home.
Determine How Much You Can Afford
The first thing to consider before ever getting started is to figure out how much how much you can afford to spend on a monthly mortgage payment. This includes all of the fixed items associated with the property (Property Taxes, Home Owners Insurance, HOA, etc…). By doing this it will help you keep your budget in mind when going through the pre-qualification process. Keep in mind, that just because you feel comfortable paying a certain amount per month doesn’t mean that the bank is going to agree.
Get Pre-Qualified / Meet with a Mortgage Professional
Before you start house hunting and fall in love with a property, it is important to sit down with a mortgage professional and get pre-qualified. This way you will be assured of the banks requirements and what amount they will loan you. A mortgage professional can also advise you of ways to make your credit profile stronger, educate you on the different types of loans available and the pros and cons of each. Once you are pre approved you are one step closer to purchasing your dream home.
Find a REALTOR
Once you have been pre-qualified, the next step is to find a REALTOR to help you find that perfect property. There are many REALTORS to choose from these days, it is not a bad idea to sit down with a few different agents initially to see who you connect with. It is important to find someone you communicate well with and who answers your questions in a manner which makes sense to you, chances are, you will have many along the way. Be sure you feel comfortable with this person as you will most likely be spending quite a bit of time with them viewing property. It is also very important that the REALTOR you choose has a good understanding of current market conditions and trends. After your initial meeting with your chosen REALTOR, they should have an in-depth idea of your needs and wants in a property. Be sure to keep in mind that your REALTOR is there to help, support and guide you in your home buying process, you should never feel pressured to make a decision you aren’t comfortable with.
Now that you have done your due diligence, chosen a REALTOR and know how much home you can afford, it is now time to start shopping. You have probably already given much thought to what you want in a home, what area(s) interest you and what kind of amenities you want in a community. Once you begin viewing homes in person it is easier to determine what will or will not work for you. You may find that certain aspects of a home are more or less important that you originally anticipated, seeing homes in person will help narrow down your list and ultimately result in finding the home that fits all your needs.
Current Market Conditions
Currently, we are in what is called a “Seller’s Market” this occurs when there are more buyers then there is inventory. Taking the steps listed above and being prepared will help you have the upper hand among other buyers. You will be able to move quickly with your pre- approval letter in hand, a REALTOR who knows the market, and a clear and concise idea of what you want. Do not let the home buying process get the best of you, take it one step at a time – there is nothing more rewarding than closing on your first home.
Coastal Realty Group is a boutique Real Estate Brokerage, located in Huntington Beach. If you are considering the idea if purchasing a home or would like more information about the process we would love the opportunity to earn your business and help in your home search. We can be contacted at 714.842.4108 or firstname.lastname@example.org
We look forward to hearing from you!