Houses are selling faster than ever before. One analyst reported that 59% of homes listed fall under contract within two weeks!
If you are a buyer in this wild market, you may feel intimidated at the task of buying a home. It’s true that buying in a seller’s market will be more difficult than buying at other times. However, difficult does not mean impossible.
Keep reading for 4 pro tips to make your home buying process as hassle-free as possible.
1. Save Now
If you’re planning on buying this year, don’t wait to start saving! Building up enough savings to cover your down payment is only the beginning. If you need help understanding how much you’ll need to save for a down payment, you can use an online down payment calculator to help you.
In addition to that down payment, make sure you set money aside for other closing costs. A safe amount to have in the bank is 2-5% of the total loan amount. It’s prudent to also have money set aside for furnishing the house and paying for any necessary repairs.
2. Find the Right Realtor For You
The best resource you’ll have as you navigate this housing market is a savvy realtor. There are so many little things to know when buying a home, it’s easy to feel overwhelmed. Your realtor will make buying a house as simple as possible.
Start reaching out to friends for recommendations. Make sure you read the testimonials and reviews. For example, Top Guns Realty has a page of testimonials on its website and solid reviews on Facebook.
Take to heart what other people are saving and follow your own heart when you meet with a potential real estate agent. If you don’t feel like it’s the right fit, you can always keep looking.
3. Set Your Budget and Stick With It
Your monthly payment consists of more than just your mortgage payment. You need to factor in HOA fees, utilities, and property taxes. When you add all of the numbers together, how much can you comfortably afford?
Keep in mind, the bank may preapprove you for a more expensive house than you can realistically afford. Avoid the urge to stretch into a higher price range simply because you can get the loan money up-front. When home buying, set your budget and stay firm!
Finally, don’t skip the inspection! A professional home inspector costs around $300-$500. This may feel like another costly expenditure. However, a home inspection can save you from accidentally buying a home that needs thousands of dollars of work down the road.
Remember These Tips For Buying a Home
Buying a home does not have to cause you to gray prematurely. With these home buying tips in mind, you can find the perfect home! Take a deep breath, follow these steps, and get out there to find the home of your dreams.
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