Buying a new home is a large investment in time, energy and of course, money. A professional real estate agent’s job is to guide you (the buyer) through the process, answer all your questions, and help you make the best decisions possible.
Agents at Running Horse Realty are trusted, local and real people with expertise and education in real estate who can gather property information for you, show you properties, get answers to your questions, write offers, and work with you through the process of purchasing a property to get you to closing!
Your Lender is an important resource in the purchase of your property. Finding a lender that you can work with is important! There are many local lenders to choose from who hire local appraisers who know the value of local property, which can make a difference in your property purchase. Please ask us today!
Avoid making any huge purchases or moving your money around 3-6 months before being a buyer of a new home. This helps maintain your credit profile. Lenders want see that you’re reliable and they want a complete paper trail so that they can get you the best loan possible. If you open new credit cards, amass too much debt or buy a lot of high dollar items, you’ll have a hard time getting a loan.
Anybody can get pre-qualified for a loan. Getting pre-approved means a lender has looked at all of your financial information and they’ve let you know how much you can afford and how much they will lend you. Being pre-approved will save you a lot of time and energy, as you’ll know which houses you can afford. It also gives you the opportunity to shop around for the best deal and the best interest rates. Avoid hidden loan costs: learn about junk fees, processing fees and points.
Don’t try and figure out when is the best time to buy. As a buyer trying to anticipate conditions of the housing market is impossible. If you found your ideal house, see a fair price and can afford it, it’s a good time. Real estate is cyclical, it goes up and down. Don’t miss out waiting for the “best” time.
We all love bigger. There’s an old adage in real estate that says don’t buy the biggest, best house on the block. The largest house appeals more to a smaller audience and you don’t want to limit potential buyers when you go to re-sell. Your home is only going to go up in value as much as the other houses around you. If you pay $250,000 for a home and your neighbors pay $75,000 to $100,000, your appreciation is going to be limited. As a buyer it might be a better idea to consider a “fixer-upper” as it likely has more investment value.
Contact the seller, for the property boundary facts. This can depend on subdividing and contractual issues. It’s absolutely essential to get a survey done on your property (or the property you’re considering) so you know exactly what you’re buying (or selling). Knowing precisely where your property boundaries are may save you from a potential dispute with your neighbors. Also, your property tax is likely based on how much property you have.
The difference between renting and home ownership is the sleeper costs. Often a buyer just focuses on their mortgage payment, but they also need to be aware of the other expenses such as growing property taxes, utilities and insurance premiums for example. New homeowners need to be prepared to pay for repairs and maintenance. Budget for these costs that aren’t up front.
Buying a house based on emotions is often the wrong choice. There’s a big difference between your emotions and your instincts. Using logic and instinct helps you recognize you’re getting a good house that fits you at a fair price. Avoid choosing a place based on just a few nice features.
A home is a large investment, so look closely at its condition and potential. Hire a licensed home inspector, and one that is good. It may cost $200 but could end up saving you thousands. A home inspector’s responsibility is to provide buyers with information of what repairs may be needed or negotiated with the seller. A licensed inspection gives you negotiating leverage with the seller.
A buyers opening bid should be an affordable one and illustrates what you believe the property is worth on the market. Avoid offending the seller with an extremely low number. Consider location and what the area’s homes are currently going for. Utilize a non-rounded number for your bid, as sellers will know you’ve considered every angle and it’s not the same old bid style.
Several times a buyer has moved into a new house and found out several unappealing elements of the neighborhood. How far away is a grocery or gas store? How is the trip to and from your workplace? Even if you don’t have kids, do your research on the area’s schools. Even if
Running Horse Realty understands the seller’s perspective, current market trends and values, know-how and the team to get it all done!
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July 11, 2023