Although purchasing a home is likely to be one of the biggest expenses you will ever have, there are some tips and tricks that you can employ to get the best possible price on the home as well as your mortgage rate. Home prices fluctuate throughout the market all of the time but there has never been a better time to purchase in recent years than right now.Many individuals who are interested in buying a home may be concerned about the various cost aspects of doing so, such as the down payment, any closing fees, as well as the cost of the mortgage as well. There is no doubt that people are concerned about affordability especially given the recent housing market crash. Thankfully though, there are some things you can do to keep your sense of perspective and purchase and move into the new home that you want this year. Follow these pieces of advice if you intend to purchase a home.
Hire an Expert
Everyone picks up an area for expertise for a reason, because we just cant be good at everything and so we count on other experts to do something for us. However Elionora Dudayeva, Founder of Chance Realty, warns us that we shouldn’t be to quick to pick a realtor because they don’t all have the same level of expertise. “It is a mistake to assume that the first real estate agent you meet is necessarily the right fit for you. This can be a big mistake because you need to interview several different agents who work in your neighborhood that you are interested in and ensure that they have the right expertise for assisting you” she says. You need to find the right fit of knowledge and personality in order to feel comfortable.
The Sooner You Purchase, the Better
Of course it is imperative to identify a home that has access to school districts and other amenities that you are looking for but you also need to make a move quickly if you identify a place that is within your price range and has all of these items as well. The longer you wait, the more you risk the chance that someone else will snap up this home.
Understand the Market
A good real estate agent will be able to indicate to you whether a listing price is misleading or not. An agent might also be able to tell you what homes and types of homes tend to be the most popular and can therefore lead you to being in a bidding war.
Be an Attractive Buyer and Know Your Finances
You should know from the outset of looking for a home what you are able to afford. This doesn’t always necessarily mean the same thing as what your mortgage broker tells you that you are eligible to purchase. Think about the monthly mortgage payments in conjunction with your overall budget. Being pre-approved for your mortgage before you begin shopping can make things a lot easier if you do identify the home of your dreams.
Look at All Possible Neighborhoods
The first neighborhood you spot may not be the ideal one for your specific needs. This is why you should consider other neighborhoods and again this where an experienced real estate, who has your best interest is mind, can be extremely helpful.