Buying Step 1: Are You Ready to Buy a Home?
Knowledge and experience are the keys to successful real estate transactions. The National Association of REALTORS (N.A.R.) states that 80% of all buyer's have researched their prospective market on the Internet before ever contactin a REALTOR. You can only gather so much knowledge from internet research, however. At some point you need to talk with an experienced agent who will match up your desires with the best location in Del Norte County to meet your needs.
Do You Know What You Want in a Home?
Whether or not you are a first-time home buyer, you need to ask why you want to buy. Do you need to move, or is buying an option and not a requirement? What property features do you want that you do not have now? Do you have a purchasing time frame?
Whatever your answers, the more you know about the real estate marketplace, the more likely you are to effectively define and achieve your real estate needs. I am happy to answer your questions, give you a realistic picture of the market and help you clarify your real estate goals. You can get a pretty good idea what the real estate market is doing in Del Norte County by reading my monthly market report.
Do You Have the Finances to Buy a Home?
It is important to get prequalified for a mortgage before you begin your house hunting quest. This way, you will only view homes you can afford and get excited about.
Homes and financing are closely intertwined. Financing is the difference between the purchase price and the down payment and is commonly referred to as debt or the mortgage. There are a many different kinds of mortgages and different lenders, so be sure to shop around to make sure you get the mortgage that best meets your needs and at the best price. I have worked with many local lenders who understand the uniqueness of the Del Norte County real estate market and who have been recognized by my clients as being efficient and professional.
In addition to a down payment, purchasers also need cash for closing costs (the final costs associated with completing the transaction). Some mortgage programs not only allow the purchase of a home with no money down, but also underwrite closing costs.
While some people purchase with little or no money down, it means higher monthly mortgage payments, so most homebuyers choose to put down some cash.
As for closing costs, in buyer’s markets, it may be possible to negotiate an offer that requires the owner to pay some or all of your settlement expenses. I would be happy to guide you through this process.
Get Your Financial House in Order - Establish Your Credit
You need good credit to get a mortgage. For at least one year prior to purchasing a home, you should assure that every credit card bill, rent check, car payment and other debt is paid in full and on time. This can save you a lot of money in interest by qualifying for a lower interest rate, so give this attention.
Prepare yourself for the complex adventure of buying a home: do your research, allow me to assist you, plan ahead, know what you want, what you can afford and establish your credit. This will make your real estate experience run more smoothly.
Read Buyer Step 2.