It has been a long time since I have seen such a strong seller's market in CNY. As Realtors, we measure the marketplace by months supply of inventory, or the Absorption Rate. That is how many months
5 Tips For Buying A Home
Looking to buy a home? Here are five essential tips for making the process as smooth as possible.
Get your finances in order.
Start by getting a full picture of your credit. Obtain copies of your credit report. Make sure the facts are correct and fix any problems you find. Next, find a suitable lender and get 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. Your buyer agent can recommend a few great lenders for you to choose from.
Find a house you can afford.
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. Don’t forget, too, that there are lots of considerations beyond the sticker price, including property taxes, energy costs, etc. Your loan officer can help you figure out how much home you can afford.
Hire a professional.
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. If possible, recruit an exclusive buyer agent, who will have your interests at heart and can help you with strategies during the bidding process.
Do your homework.
Before making a bid, do some research to determine the state of the market at large. Is it more favorable for sellers or buyers? Next, 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 the seller. Your buyer agent will help you by doing all of this for you, and they will ensure that you get your dream home at a price that is both acceptable to the seller and won't break your bank!
Think long term.
Obviously, you shouldn’t buy unless you’re sure you’ll be staying put for at least a few years. Beyond that, you should buy in a neighborhood with good schools. Whether you have children or not, this will have an impact on your new home’s resale value down the line. Also, consider the ease of access to highways and grocery stores. 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. Your buyer agent can recommend a meticulous inspector who will be sure to find any issues or potential issues with the home.
Call us today for a FREE CONSULTATION with one of our dedicated buyer agents!
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