Hello & Welcome back to #FabulousFriday! For many people, buying home is a life goal/dream. The housing market is continuing to evolve and it is important to stay informed during the shift in market trends. The data shows that the majority of buyers--approximately 43%--start their home shopping online. There are 3 main parameters most buyers use when purchasing a home. They are: location, price, and the style/condition of the home.
1) Location-Most buyers consider location first. This trend has become more popular since the pandemic. Many people have opened up their options for home locations due to the changes in remote work. This has impacted their search criteria. Therefore, determining geographic parameters is especially prudent. It is important to consider where you want to be located. Do you want to be near certain schools? Is work a consideration? Do you need access to public transportation? Do you want to relocate to be near family members? You will need to do some initial research to determine your location expectations before looking at homes with your agent.
2) Price-Your mortgage loan officer can help you to establish your maximum purchase price and monthly payment budget and goals. It's extremely helpful to know what price range your income can support. You can always choose to purchase a lower priced home, but there is no advantage to viewing homes significantly outside your price range. Talking with a lender will not only help you determine your purchasing power, but your lender will also equip you with a pre-approval letter. Having a pre-approval letter will put you in a strong negotiating position and make your contract attractive when it's time to make an offer on a home.
3) Style/Condition-This is the fun part and what most buyers look forward to. Once the location and price is determined, then it's time to go looking for homes with a style and condition that suits your needs. The first thing to keep in mind is the "magic wand" question. If you could wave a "magic wand", what would your new home look like? What would it feel like? What features would it have? A key insider tip to consider is this--furniture is a distraction. It can be really bad, which can turn you off to a wonderful home. It can also be really beautiful and artfully arranged, which can make you artificially interested. As you walk through homes, you will want to try and picture each room as if they're vacant.
Next steps: Once you find a home that you like, it will be time to write up an offer to purchase. You will need to be prepared to provide an earnest money deposit at the time of your offer. The earnest money deposit shows the seller that you are serious about buying the home. Your agent and lender will help to guide you on the amount of money you will need to present as earnest money. Once that earnest money is deposited, then it's time for the home inspection. Your agent can guide you on what to look for during the home inspection. Then, after the home inspection is passed, the closing date will be established. The lender will process your paperwork and give you a "thumbs up" to move forward to closing. At closing you will sign all the final documents, get the keys, and the home is yours!
Buying a home is an incredible--rewarding experience. You can begin shopping for your new home today. Simply sign up here on our site and you can begin the journey towards your dream home! See you soon! Warmly, Susan