5 Buying Tips When Purchasing a Home

To say that the current market is a seller’s market is an understatement! These five buying tips will save you time, money and headaches when you decide it’s time to buy!

1. Get Pre-Qualified. Before you can seriously consider purchasing a home, it’s important to know exactly how much you can afford. This can be the scariest part of the buying process for some. It’s perfectly natural to be nervous, but we can put you in touch with someone you can trust to help get you pre-qualified. You also want to make sure that your lender gives you a true pre-approval letter, not just a pre-qualification letter. While a pre-qual letter is good, it won’t cut it when it comes to proving your buying strength to a seller.

2. Always Think Resale. In the US, due to the mobility of our economy, the length of ownership is about 5 to 7 years. This is important to keep in mind when looking for your next home. For instance, homes backing up to a busy street or railroad sell for less, and take longer to sell than other homes in the neighborhood.

3. Aesthetics Can Be Changed. Flooring, light fixtures, plumbing, paint colors and wallpaper can all be changed. Don’t let the lime green wallpaper turn you away from your potential dream home. Think of how much fun it will be to make a home yours!

4. Don’t Wait. Too often, we see homebuyers fall in love with a property, wait a few days to make a decision because they are nervous, and then find out that the home they fell in love with has already SOLD! If you love the home, don’t wait too long before acting – be prepared to write an offer!

5. Compare Sales. To determine the best price to offer, or to know if the asking price is correct, look at the recent sales of similar homes, called “comparable sales”. Comparable sales are recent sales of homes that compare closely to the one you are looking to purchase, usually sold in the past few months. Specifically, you want to compare prices of homes that are similar in square footage, garage spaces, number of bedrooms and baths, lot size, etc. Let us help you with Market Analysis.