Buying a home can be both exciting and stressful, and it’s important to have every advantage you can get when you’re buying a new home. One extra step on your part can be the difference between thousands of dollars in savings or none at all. Here are six tips to utilize when you’re buying a new home that will help you get the best deal possible.
1. Consider the Market
The housing market has normal rises and falls on a yearly basis. There are plenty of websites you can check out to see the statistics on real estate for the area you want to buy in. Doing so can help you decide on whether to wait a little longer to buy or to see what you can find right now. Try to look at overall area trends. Be sure to keep your long-term goals in mind. If you are planning on selling if five or ten years, what will the market be like then for that area? Consider new schools or developments in the neighborhood that will increase or decrease your chances of selling in the future.
You can search for market trends by city or zip code on the First Team site to get an idea for where inventory is high and prices are affordable.
2. Be Aware of Your Financial Limitations
Make sure you have a solid grasp on how much you can spend and where it’s coming from when you’re buying a house. Sellers don’t like dealing with buyers who are overly hesitant due to pricing. Spending too much money on a house can cause you to end up in a deep in a financial hole. Try to predict what property values in the future will be like so that you can get good returns off the purchase if you decide to sell in the future.
3. Consult A Professional For Advice
There’s a lot of value in consulting real estate agents and mortgage brokers when you’re buying a new home. Financial experts can help you determine how much you can spend in certain areas as well. Don’t try to do everything on your own when you buy a home, since it almost always ends up more costly for you.
4. Make Yourself Appealing to Sellers
Getting pre-approved for a mortgage can be a great point to bring up during sale negotiations. If a house has a lot of offers, the bid amount isn’t always as relevant as the guarantee that the buyer can pay.
5. Don’t Over Commit to One Area
If one neighborhood seems ideal because of local attractions, but the housing prices just aren’t viable, don’t be afraid to investigate surrounding towns for a better deal. Compromising and receiving short commute is sometimes the better choice when compared to taking a large financial hit.
6. Be Cautious of For Sale By Owner Listings
Make sure that the listing reflects that there is no real estate commission involved, which is usually around six percent. Keep in mind that the pricing may be off because the owner hasn’t consulted expert sources on appraisals or the overall market.
With these tips, it can be simply to get a great deal and stay within your budget when buying a home. It’s important to be open to different options and talk with experts to get more insight and advice. For more advice on the current Orange County market and deals near you, contact a local First Team area specialist. You can search online or reach out and we’ll connect you with a top agent in your area.
Call 888-870-1142 or
Email us at clientservices@firstteam.com
This guest post was written by Anita Ginsburg. Anita is a freelance writer from Denver, CO and often writes about home, family, real estate and finance. A mother of two, she enjoys traveling with her family when she isn’t writing. Informational credit to The Mortgage Centre.
