Looking to buy a home?
Financing is something that must be in order, it’s very important to get pre-approved first!
Contact a Loan Officer….
Start by getting a full picture of your credit by obtaining copies of your credit report. Make sure the facts are correct, and fix any problems you find. You can do this by finding a suitable lender and getting pre-approved for a loan. This will put you in a better position to make a serious offer when you do find the right house. It’s best not to have your credit pulled multiple times, so asking your Realtor for referrals, interview the loan officers and make a decision who you want to handle your loan.
Important to find a home within your budget…..
As with engagement rings, there’s a general rule of thumb when it comes to buying a home: two-and-a-half times your annual salary. There are also a number of tools and calculators online that can help you understand how your income, debt, and expenses affect what you can afford. Please remember that there are other cost to take into consideration beyond the sticker price, including property taxes, home owners insurance, condo/villa dues and utilities. This is another reason why you shouldn’t only rely on the Internet, work with an experienced professional.
Hire an experienced Realtor……
While the Internet gives buyers unprecedented access to home listings and resources, many aspects of the buying process require a level of expertise you can’t pick up from surfing the web. That’s why you’re better off using a professional agent than going it alone. Interview and hire an exclusive buyer agent, they’ll have your best interests at heart and can help you with strategies during the bidding process as well as inspections. This is the largest investment in your life in most cases, you need someone looking out for you.
Your Realtor will provide you with knowledge…..
Before making an offer, your Realtor will educate you on the current state of the market. Things like, If it more favorable for sellers or buyers? This can change pretty frequently. Next, they’ll look at sales trends of similar homes in the area or neighborhood. Look at prices for the last few months. Come up with an asking price that’s competitive, but also realistic. Otherwise, you may end up ticking off your seller and the deal may not even get started. This is another reason why you need an experienced Realtor who does this everyday and knows the market well.
Think about why you’re buying a home…….
Are you planning to stay put for a few years? Are you looking for a neighborhood with good schools.? Keep in mind, whether you have children or not, this will have an impact on your new home’s resale value down the line. When it comes to the house itself, you should hire your own home inspector, who can point out potential problems that could require costly repairs in the future. This is another area that your Realtor can educate you on all options available for inspections and suggest some referrals to qualified inspectors.
Call a member of The Rick and Tracy Ellis Team if you’re thinking of buying or selling a home at 636-299-3702.
Tune in to The Rick and Tracy Ellis Show on 97.1 FM News Talk Saturdays at 4:00 PM & Sundays at 10:00 AM