Tuesday, July 21, 2015

Is It Time To Buy a Home?

Sorry I don't have a crystal ball that looks into the future. What I can say is this - the economist are telling us prices will continue to rise both for homes and for rents. They have also said we will see a slight increase in interest. What that means to you as a buyer the higher the interest rate the less home you will be able to buy and ditto for the rise in home prices. 

So is it time to buy - it may be if you are financially ready and emotionally ready. There are some really great deals out there and some homes ready for a new owner's imagination to freshen up things. 

If you decide you are ready here are a few initial steps you should take. 

Gather your financial documents and create a financial resume. Your lender will ask for paycheck stubs, tax returns and anything that plays into your finances. Call a few lenders find out what loan products they offer, interest rates, loan costs and how long does it take to process a loan. It is imperative you get a pre-approval prior to looking at homes. Get a Real Estate Agent - preferably a Realtor. Your agent is a very important resource - they can help line you up with a lender too. Agents know the market, they will represent YOU and most of the time their pay will come from the seller. Having someone to negotiate on your behalf, help with inspectors, title, and generally coordinate all the parts of your transaction is so important. 

Lastly get an idea of where you want to live, what your must have features are and what will be a deal breaker. If you are not sure where you want to be drive through different areas and see what amenities they provide, work on figuring out what you want from your neighborhood. Then call your Realtor and start your search.

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