Buying a Home
The market is changing. Sellers now have more competition and buyers are waiting to see if they want to buy. NOW IS THE TIME TO BUY, especially if interest rates may be going up again.
CMG Home Loans says:
Mortgage rates trended slightly higher last week. Home builder sentiment fell in December. Housing starts and building permits reported declines in November. Mortgage application submissions climbed for a second consecutive week. Existing home sales slipped in November. Continuing jobless claims fell while initial jobless claims increased. GDP Q3 estimate rose. Inflation continued to cool on November’s PCE index. Personal income and personal spending both slowed in November.
Tips for Home Buyers
If you want to buy a home we have some tips below for you to think of before you start. I also suggest you use our Search from the menu.
The first step to buying a home is knowing if you can afford it. That is why you need to get pre-approved for a loan. Talk to a lender you trust to find out. We suggest you speak to several so you can decide which one can give you a better deal/offer (your bank, a mortgage broker).
Once you have spoken to that bank or broker, get Pre-Approved. That is when they study your current financial circumstances and can evaluate the value of home/property you can purchase. Talk to the lender BEFORE you start your car to go out and do the rounds of viewing homes. Pre-approval letter can take a few days. You want to have better chances of getting an offer accepted. Sellers don’t look at an offer without a pre-approval letter.
Drive by the neighborhoods you would like to live in. Then go online (yes, we know you will search online) and find out the values in those neighborhoods.
Find an agent. Agents have access to many tools which will help you in finding a home. The current market may be rocky and homes for sale are limited, so you want a savvy agent on your side to help guide you through the maze of things you’ll need to do. Ask your agent to show you the homes you are interested in. This can be a tiresome process which may take a few weeks. It is best to see 3 to 4 homes in one trip, if at all possible.
Open Houses. During the pandemic there may be few of these. But if you find them, go to open houses.
There are many situations which can drag out your search for a home. You have to be patient in your search, specially when it’s a seller’s market, like we are currently seeing right now. But be excited, you will find that home which is right for you.
Be patient once your offer has been accepted. Here’s where the fun begins. Sit back and relax – if you have a knowledgeable and dedicated advocate, your real estate agent will help. you through this process.There are several things you will need to do during this period before you get the keys to your new home! Call us for details!
321-465-1545
You can also search below:
Realtor Website: www.realtor.com
