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6 tips for buying a house right now

1. Get pre-approved for a loan.

Most sellers require a pre-approval letter along with your written offer. You need to have it ready so that when you find the right home there is no delay in submitting your offer. There is a lot of confusion about pre-approved vs. pre-qualified… even real estate agents sometimes use the terms interchangeably! But pre-approval is the real deal. With pre-approval, the lender has executed your credit and will typically have completed a loan application and provided documentation to the lender, who will then inform you of the amount for which you have been approved. With prequalification, you will usually have verbally provided the lender with some information about your credit, income, and assets, and the lender will give you an approximate amount for which you are likely to be approved. Sometimes a prequalification letter will suffice; The main thing is to talk to a lender before you start looking for houses.

2. Decide if short sales and bank holdings are for you.

Don’t waste your time looking for properties that don’t meet your home buying needs. Each of these types of sales has its own challenges for the homebuyer, so it’s important to learn the basics of each and decide if one fits your game plan. For example, if you need to move into a new home within a relatively short period of time, a short sale may not work for you, as it often takes many months to complete. And bank properties often need work, which can increase the total cost or make it difficult to obtain certain types of loans. If you can be patient with a short sale, or have the ability and/or resources to fix up a bank-owned home, these could be great avenues to explore. If not, tell your Realtor® to skip short sales and bank-owned homes.

3. Check out the neighborhoods ahead of time.

One of the best things to do at the beginning of your home buying project is to take a weekend or two and browse through various areas and subdivisions, especially if you are new to the area. Tell your real estate agent which neighborhoods are most attractive to you; It will really help her understand the type of house she wants and her taste in houses. Some buyers look for newer homes in areas with lots of families and children; others prefer quieter, “mature” neighborhoods. Fortunately, there is something for everyone, and a real estate agent who has a lot of experience and knowledge of the local area will be a great help in finding those neighborhoods that are hidden gems.

4. Take time to house hunt.

Don’t plan to go to the shows alone on the weekend; in this market, that is not a winning strategy. In reality, there is a shortage of affordable homes in good condition, and those that are also in a desirable location sell almost immediately. If you really want to find your dream home, clear the decks and be ready to jump when your real estate agent tells you a new listing just came on the market that fits your requirements. And most importantly, be prepared to make an offer if it’s the right house. It could easily be gone in a day or two.

5. Don’t waste time on houses that are already sold!

Do you spend your free time house hunting on Zillow, Realtor.com or Trulia? Or driving around and calling out houses with signs out front? So, you’ve probably already learned that a lot of those houses, which appear to be for sale, are actually not available. Very often they are “under contract”, which simply means that another buyer made an offer that was accepted by the seller. These are often still listed as available on public real estate websites, but in most cases the sale will close within a few weeks. Work with a Realtor® who will set up a custom search for you so you can zero in on only those homes that meet your criteria and are still available.

6. And of course, the most important thing is to find a truly professional and customer-oriented real estate agent!

A great agent will make your home buying experience smoother and more enjoyable. Get references from friends or family who have recently had a good home buying experience, or call or email a few local agents. See which ones are responsive and return your call or email right away, and get a sense of how professional and knowledgeable they are about the local area and current market conditions. Also check out their commitment to their clients in terms of training beyond that required to obtain a real estate license. Realtors® who work diligently on behalf of their clients have often invested in advanced training and designations such as:

  • GRI – Graduate Realtor Institute, only 19% of Realtors®
  • ABR – Accredited Buyer Representative, only 15% of Realtors®
  • CRS – Certified Residential Specialist, only 10% of Realtors®

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We hope these tips are helpful and we wish you success in your home search!

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