According to the National Association of Realtors buyers are taking a wait and see approach to what is happening in the market trends. While interest rate are increasing there is a prediction that there will be a slow down towards the end of 2022 and will continue towards the beginning of 2023.
With this information, buyers seeking to purchase a home in the current housing market should consider the following tips to make a knowledgeable decision:
Check your credit score know what is in your credit report and what is your credit score.
Determine affordability, knowing your price range, how much you can afford and recognize what you can pay.
Get pre-approved, research and finding a loan is a key in the process of purchasing a home. Consult a loan specialist at your bank or a mortgage broker that can assist you in the steps and documents you will need. Take the time to explore what are your options and seek for the best interest rates.
Money saved, verify how much funds you have saved for down-payment and closing costs as well as other items you will need to cover such as escrow deposit, inspections and appraisal.
Do your research! Target zones, make your list of must have in a home and like to have in the home you are looking to purchase. Make a list of the amount of bedrooms and bathrooms, special features you may want to have such as a pool, patio, screen porch or fireplace.
Look for down-payment assistance programs in your area. These are programs available to help first time homebuyers to purchase their first home. Most of them will required to be free of a title or deed for three years or more to qualify
Find a Realtor! Once you have gone to the previous steps, find a professional licensed real estate agent who can assist you in your search. Ask every question that is in your mind and discuss the process up front going in depth into the details of the buying process.
Get your estimated costs. Knowing your cots schedule some showings with your realtor that are within your preference location, price parameters, number of rooms, square footage and other features.
Always do your research and follow the advice of your team of professionals. If you feel you are ready to purchase, take our home buyer class to know details about financial planning, the home purchase process, and down payment assistance. To register please visit https://ocfcs.eventbrite.com and consult a local housing professional to assist you today!