Today In Home Buying
Is this your season to buy?
The crispness of fall will soon be in the air &
you're eager to get into the home-buying
market? What can you afford?
Check selling prices of comparable area homes.
You want to know the total monthly cost,
including taxes & homeowners insurance.
Find out what you'll pay in closing costs --
Including lender, title & settlement fees,
taxes & prepaid items like homeowners insurance
or association fees.
Talk to a reputable agent about the current
home-buying climate. Will prices continue
falling? Have we hit bottom? Will home prices
be on the rise soon?
Checking the Home Buying Pulse
New home sales in the U-S rose 3-point-6% IN July. Forclosure sales down a bit. With record low interest rates right now, District area home prices were among those, up by 5-7% on average. VA home sales up by 4%, MD gains 5%, & DC returns to the peak levels of 2006. Another good sign, car companies say they're selling more trucks to contractors building new homes these days.
Find a Reputable Lender
When looking for the right fit with a new lender... look for someone who is there for you. Someone who can answer all of your questions. A good lender will be supportive and informed and work with you as a team. A reputable lender will offer references and testimonials. If they've had a good experience, chances are you will too. If the lender doesn't have a website, or the site looks outdated, could be a red flag. Will this company be around in a few years?
Importance of Home Inspection
When buying a new home...a good home inspection is perhaps the most important chapter...It usually includes most everything; Examination of heating, the A/C, plumbing, electrical system, roof, attic, walls, ceilings, floors, windows, foundation, & basement... So there are no suprises, you should be their for the inspection, to ask any questions... You can negotiate a lower price or have the seller fix any major problems found. If they say no, u can rescind the offer & continue to shop.
What can I afford? Where should I look?
So you're ready to buy a home? What can I afford? First you'll need to pre-qualify, usually over the phone. Think of it as a draft, supplying the bank or lender your overall financial scene, including debt, income & assets. Next, you'll need to be pre-approved for a mortgage, this is when they dig deeper checking out your credit report, so you'll know the "real" figures you have to work with. Some like to search based on location or price. Others have their realtor suggest some good options. Maintain a file on your search with things like general location & affordability, refining as you go, the things you like & things you don't to compare from home to home as you shop.
What's right for you, understanding your timeline?
If you are a first time home buyer, a checklist should be your top priority. Log all the steps you'll be taking, from educating yourself, to home shopping, all the way thru to closing. Next, put together a good budget, know what you want & what you have to work with. Use references from family and friends to find a good, reputable agent that will have your best interests at heart. Experts say you can expect the process to take at least 3 to 4 months. Your agent will be better able to help you find homes that fall within your criteria & price range more quickly.
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