Twila E. Palmer's Blog
As a homebuyer, entering the real estate market with insights into what it takes to find the perfect house is essential.
Becoming an expert homebuyer, however, may seem impossible at times. Lucky for you, we're here to help you gain the knowledge and skills you need to make your homeownership dreams come true.
What does it take to become an expert homebuyer? Here are three tips to help you do just that.
1. Look at Real Estate Market Trends
The housing market ebbs and flows. Therefore, a seller's market today may transform into a buyer's market tomorrow.
Ultimately, the real estate market fluctuates constantly, and you'll want to learn as much as possible about the housing sector to ensure you can map out your homebuying journey accordingly.
In a buyer's market, there are usually more home sellers than buyers. This means homebuyers may be better equipped than ever before to secure a top-notch house at a budget-friendly price.
On the other hand, a seller's market features an abundance of homebuyers and a shortage of sellers. For homebuyers who operate in a seller's market, they may be forced to submit competitive offers on homes quickly, or risk missing out on a dream residence to a rival.
When you study the housing market, don't forget to check out the prices of residences that recently sold. By doing so, you can gain a better understanding of how much you'll likely need to pay to acquire a first-rate house based on the current state of the housing market.
2. Learn How a Mortgage Works
What differentiates a fixed-rate mortgage from an adjustable-rate option? An expert homebuyer will know the ins and outs of assorted mortgage options and select one that corresponds to his or her finances.
To learn about mortgages and how they work, you'll want to meet with credit unions and banks. These lenders can describe the different types of mortgages and the pros and cons associated with them.
Also, an expert homebuyer will get pre-approved for a mortgage. With a mortgage in hand, this homebuyer will be able to stick to a price range as he or she searches for the ideal home.
3. Collaborate with a Real Estate Agent
Let's face it – no homebuyer can afford to make mistakes. Fortunately, you can work with a real estate agent to receive expert guidance as you navigate the homebuying journey.
A real estate agent boasts the skills and know-how needed to streamline the homebuying process. He or she may have many years of housing market experience and is happy to teach you about the opportunities and challenges associated with buying a house.
Furthermore, a real estate agent will help you accelerate the homebuying cycle. He or she can set up home showings, negotiate with home sellers on your behalf and much more. That way, you can focus on what's important – finding a terrific house at an affordable price.
Take advantage of the aforementioned tips, and you can become an expert homebuyer.
Want to purchase a home? Spring may prove to be a great time to acquire your dream residence.
Many home sellers add their properties to the spring real estate market annually. Meanwhile, homebuyers can browse a large selection of houses in spring and move closer to transforming their homeownership dream into a reality.
What does it take to secure a home in spring? Here are three tips that spring homebuyers need to know.
1. Browse the Housing Market Closely
Although many homes will be available in spring, it is important to find a residence that matches your budget and lifestyle perfectly. Thus, you'll want to browse the housing market closely and search for a property that you can enjoy for years to come.
Purchasing a house is a major decision, and as such, you'll want to allocate substantial time and resources to find a home in spring. Evaluating online home listings is ideal, and you should find out how long a home has been available, the home's age and other home information before you submit an offer on a residence.
Spring remains a popular season for open houses as well. Therefore, you may want to visit a residence to get an up-close look at a property and determine whether it fulfills your needs.
2. Submit a Competitive Offer
When it comes to submitting an offer on a home in spring, you should try to put your best foot forward.
Ultimately, submitting a competitive offer is paramount for a homebuyer. If you submit an offer that matches a home seller's needs, you can accelerate the homebuying process. On the other hand, a homebuyer who submits a "lowball" offer on a residence could miss out on a golden opportunity to acquire his or her dream residence.
Conduct plenty of research before you submit an offer on a house. By doing so, you'll be able to provide a proposal that corresponds to your budget and a home seller's expectations.
3. Work with a Real Estate Agent
The spring real estate market may be tough to navigate alone due in part to the sheer volume of properties that is available. Lucky for you, real estate agents can help you overcome any obstacles along the way and ensure that you can purchase your dream home quickly.
Hiring an experienced real estate agent can make a world of difference for a homebuyer. This real estate professional can keep you informed about new homes in your area and help you handle negotiations with a home seller. Plus, your real estate agent is always happy to respond to your homebuying queries and will do everything possible to streamline the process of purchasing a residence.
With a friendly real estate agent at your side, you can explore a wide assortment of high-quality houses and find a terrific residence in spring. Employ a real estate agent to minimize guesswork as you search for a home in spring, and you can discover your dream home in no time at all.
What should you expect after you make an offer on a residence? There are several steps that will take place between the time you submit an offer on a house to the date you finalize a purchase agreement, including:
1. Acceptance or Rejection of Your Initial Proposal
A home seller will have a short period of time to accept or reject your initial offer.
If a home seller accepts your proposal, you'll be able to move forward in the homebuying process. Conversely, if he or she rejects your offer, you may be forced to restart your home search.
On the other hand, a home seller may counter your offer as well. In this scenario, you likely will be given a set amount of time to accept or reject the counter-proposal. Or, you may be able to further negotiate with a home seller in the hopes of finding common ground.
The time between when you submit an offer on a home and receive a home seller's response to your proposal can be stressful. Fortunately, working with an experienced real estate agent ensures that you'll be able to stay up to date. This real estate professional will even help you put together a competitive offer on any home, ensuring that you can boost your chances of getting an instant "Yes" from a home seller.
2. Completion of a Home Inspection
Although a home seller has accepted your initial proposal, you'll still want to conduct a thorough home inspection to identify any major property issues.
For example, if a house has a faulty roof or defective hot water heater, an expert home inspector will be able to uncover such problems immediately. That way, you can learn about issues that may impact the long-term value of a home as part of an inspection.
If you find out about major issues with a home during a property inspection, you can rescind your initial offer and walk away from a house. Comparatively, if you still want to buy a home in spite of problems that were discover during an inspection, you can ask the home seller to complete home repairs or upgrades. You also may want to consider asking for a price reduction if major home repairs or upgrades are needed.
Ultimately, a home inspection will help you make an informed homebuying decision. After a home inspection, the ball is in your court, and you can choose to move forward with the purchase of a home, revise your initial offer or remove your proposal altogether.
3. Relocation to Your New Address
The final step of the home selling process involves closing on a home and relocating to your new address. At this point, all you'll need to do is pack up your belongings from your current location and move them to your new home.
Purchasing a home may seem impossible at times, but the homebuying process often gets easier as it progresses. Plus, homebuyers who collaborate with an experienced real estate agent can receive plenty of support as they navigate each stage of the homebuying journey.