You hear it in the radio, see it on TV and read about it in newspapers: “ Now Is The Time To Buy A House”. Everywhere you turn you hear it is a buyer’s market. With a huge surplus of houses for sale and low interest rates, if you have been thinking of buying a home now just may be the right time to buy.
Before you rush out to start looking at homes you need to do your homework. While there may be an abundance of available homes and low cost financing, purchasing a home will ultimately depend on the financial wherewithal of the individual buyer.
Consider these following steps before you head out to your first open house and you will have a more positive and rewarding experience.
Step One – Speak with a Trusted Loan Officer
Before you begin to look for a home you should know how much of a home you can afford. Your loan officer will look at your income, credit report and score and other factors to determine how much of a loan you can qualify for. Since the real estate bubble burst, loan standards have become much more stringent. Most buyers will not qualify for the same loan they would have in the past.
There are numerous products available and your loan officer will know which options work best for you. If you do not currently qualify for a loan, you will have gained the knowledge of what steps to take to qualify in the future.
If you do not have a loan officer you feel comfortable working with, your agent (see Step 2) should be able to provide you with a list to choose from.
Step Two – Hire an Exclusive Buyer’s Agent to Work for You
Why should you choose and Exclusive Buyer’s Agent? An Exclusive Buyer’s Agent works only for a buyer and never the seller. When you work with an Exclusive Buyer’s Agent, both the agent and their company represent only buyers.
The services you can expect from your agent include listening to your wants and needs, identifying properties that meet your requirements, showing the houses you choose to look at. Once you have selected a home for purchase; your agent will perform a market analysis to determine the fair market value, negotiate the deal on your behalf and complete of the documentation to purchase the house.
As a buyer you should interview two or three agents to find the one you determine to be the best fit. It is important that both you and the agent are comfortable working together.
Step Three – Talk to Other Recent Buyers
Speak to people you know, friends, family and co-workers. Everyone you speak to will have had a different experience based on their individual circumstances. This will be a good way to get familiar with what happens during a real estate transaction. You will find that people will for the most part talk freely about their home buying experiences. Your job is to listen to what they have to say then take that knowledge and make it work for you.
Is Now The Right Time To Buy A House? Only you know what is right for you. Do your homework. Seek the assistance of professionals who can help you determine the amount of house you can afford and then, help you find the home that meets your needs.
In this buyer’s market there are many good options available to the buyer with a plan.