| When thinking about how to buy a house there are | | | | for much more and faster than the current conditions. |
| many things you should think about but I have come up | | | | With that said if you look at home prices from last |
| with 6 of the most important tips for how to buy a | | | | month along with the showing activity you would see |
| house. In today's real estate market it is fairly clear that | | | | that things are selling quicker today with more activity. |
| it is a Buyer's market. With that said, you should not | | | | Bottom line, things change quickly so try not to get too |
| expect to go out and buy a home for $100,000 under | | | | hung up with what your neighbor purchased their home |
| asking price or be surprised that someone else is also | | | | for 6 months ago just focus on the deals you are |
| interested in the home you like. You need to be | | | | finding today. |
| prepared and understand your market so you can | | | | 4. Be aware of home interest rates. Rates can |
| learn how to buy a house. Here is what you should | | | | fluctuate and it can have a big change in your buying |
| think about in order to get prepared. | | | | power. For example you would have approximately |
| 1. First of all if you have purchased a home in the past | | | | the same payment if you purchased a $250,000 home |
| you need to understand that what yo paid for your | | | | at a rate of 4.5% as you would on a $225,000 at a |
| last home has very little to do with what you will be for | | | | rate of 5%. Therefore you could potentially lose |
| your next home. You should not get caught up in | | | | $25,000 in buying power if rates just moved slightly so |
| some expectation that some how what you paid for | | | | pay attention to the current rates. |
| your home will correlate to what your next home will | | | | 5. Related to rates - you should consider who you get |
| cost or to current real estate value. More importantly | | | | your mortgage through. While there are any number of |
| you should get a clear understanding of your homes | | | | people out there right now hustling trying to help find |
| value and use that to help figure what price range you | | | | loans for buyers, when you are making an important |
| can afford and where you should start your home | | | | financial decision such as buying a home you will need |
| search. | | | | to make sure that you are working with someone you |
| 2. Now that you have that figured out you should also | | | | can trust. A good mortgage professional can make |
| think about how you will sell you home if you have a | | | | the difference off you getting your home or not. I am |
| home to sell. There have been markets in the past | | | | sure you have heard of people not getting their home |
| when inventories were lower that could be | | | | because the loan fell through. That is a big reason you |
| manipulated well by the For Sale By Owners (FSBO's) | | | | need to work with someone you can trust to get the |
| but in this current housing environment you need to hire | | | | deal done. One thing we like to do is give you a good |
| an expert, preferably a Realtor to help get your home | | | | faith estimate that we know is competitive and then let |
| sold quickly. With all the homes available you want to | | | | you try to find a trustworthy source to beat our rate. If |
| have an expert help you figure out the exact selling | | | | you can do that you will be confident you have a good |
| price for your home as well as have an understanding | | | | deal. |
| off the small nuisances of selling that can save you a | | | | 6. Finally, recognize that despite the dire numbers and |
| ton of time and make your home be the first one to | | | | predictions, there really never has been a better time |
| go on your block. | | | | to buy a home; provided that you are ready. If you are |
| 3. Also, you need to be sure you are current on home | | | | in it with a long-term commitment in mind and you are |
| market values. With all the changes happening in the | | | | financially ready, there are some great deals available. |
| market it is important to know that what a home sold | | | | Over the course of time you will likely find that you will |
| for 6 months ago is no longer relevant to what a | | | | be glad you made the decision to purchase. |
| home will sell for today or tomorrow. Especially | | | | I hope these tips have helped you gain an |
| considering the past few months with the tax credit | | | | understanding of how to buy a house. Please contact |
| expiration; if you were to use sold comps and days on | | | | us or feel free to comment if you have suggestions or |
| market values from April you would see homes selling | | | | stories to tell from your experience. |