Home Buying 101—Preparation
As the New Year moves on more and more people are turning their attention to buying a home whether it be their first or their next. As the weather warms the market will only get busier and competition for the most desirable homes will only increase, so it really does pay to be prepared to make an offer on that home of your dreams. If you wait until you find that perfect house to start the home buying process chances are you’ll miss out to those that are prepared to make an offer.
However, if you follow the tips we have laid out here you’ll be ready to put your best foot forward when the time comes to purchase-
- Find a real estate agent who is well established in your area with a great If you live in Snohomish County an agent from Seattle won’t know the area nearly as well as a local agent would and of course the closer the agent is to the area you’re considering the faster response time will be when you want to take a look at a home. Once you have an agent they can help walk you through the following steps. Remember, they work for you and it’s in their best interest for you to find a home that you love.
- Get your credit in the best shape The vast majority of homebuyers utilize some type of financing when they purchase and whomever you choose for financing will determine whether you qualify for a loan and at what rate you will be charged interest by your credit score. So, the first step is for you to find out what your credit score actually is. You can either pay for your credit report or you are entitled to one free credit report a year through Annualcreditreport.com. Once you get your report you can look for damaging errors as well as deal with negative marks to raise your score.
- Consult a mortgage lender and get pre-approved. Do this as early as A lending professional can help you work through your current financial status and credit history and determine how much home your can afford and qualify for. Once this is established you can target homes within your price range with confidence. Quick tip- most mortgage lenders can provide a copy of your credit report if you need help on that step.
- Consider your needs before you start looking at Sit down and make a list of features your new home absolutely must have as well as those that would make it unlivable. Knowing these things will save you a ton of time and frustration and you can present them to your agent to avoid any confusion. The process should also include a discussion on budget—your lender can help you get specific monthly payment information for a given home price.
- Consider the investment potential of the Did you know that the average homeowner changes homes after nine years? Of course the most important thing to judge your potential home on is how it fits your unique needs but it also doesn’t hurt to think about what it will be worth when it comes time to move on to your next home. This is another area in which a well-established local real estate agent can help. With their knowledge of the specific market and it’s history they should be able to provide you with the information needed to make a well informed decision.
If you’re ready to take that first step toward finding the home of your dreams, feel free to contact us here at Selling Snohomish—we’d love to help you! – Michael Larson