Derrick Green's Blog
Let's face it – there is no shortage of buyers competing for the top residences. However, there are many things you can do to rise above the homebuying competition, and these include:
1. Review the Local Housing Market
The housing market fluctuates. In some instances, the housing market may favor buyers. Or, in other cases, it may favor sellers.
If you analyze the local housing market closely, you can differentiate a buyer's market from a seller's market. You then can map out your homebuying journey accordingly.
To distinguish a buyer's market from a seller's market, you may want to look at available houses in your city or town. If homes are selling just days after they become available, a seller's market may be in place. Comparatively, if houses linger on the real estate market for an extended period of time, the real estate sector likely favors buyers.
2. Get Pre-Approved for a Mortgage
With pre-approval for a mortgage, you will know how much you can spend on a house. Then, you can narrow your house search to residences that fall within your price range.
To get pre-approved for a mortgage, you should meet with a variety of lenders. These financial institutions can teach you about many mortgage options and help you choose home financing that suits you perfectly.
Of course, selecting a mortgage can be difficult, regardless of whether you are a first-time or experienced homebuyer. But if you ask mortgage questions and perform a comprehensive home financing analysis, you can choose the right mortgage without delay.
3. Establish Homebuying Criteria
Homebuying criteria is a must, particularly for those who want to seamlessly navigate the property buying journey. Because if you enter the real estate market with homebuying criteria in hand, you can speed up the process of finding your dream residence.
As you craft homebuying criteria, you should try to define your dream house. Think about the features you want to find in a home. You next can include these features as "must-haves" on your list of homebuying criteria.
In addition, consider where you want to reside. If you hone your house search to residences in a select group of cities and towns, you may be able to quickly discover a great home that you can enjoy for years to come.
For those who require extra help during the homebuying journey, you may want to hire a real estate agent, too. In fact, with a real estate agent at your side, you can receive in-depth assistance as you pursue your ideal house.
A real estate agent understands what it takes to navigate any housing market, at any time. He or she will help you search for residences that match your expectations. Plus, if you have any homebuying concerns, a real estate agent will address them right away.
Gain a competitive advantage over rival homebuyers – use the aforementioned tips, and you accelerate the process of finding and purchasing your dream residence.
The homebuying journey is exciting, particularly for an individual who is pursuing a residence for the first time. Ultimately, there are many questions that a buyer should consider before he or she searches for a house for the first time, and these include:
1. What is my "dream" home?
Perhaps the most enjoyable part of the homebuying journey involves defining your dream residence. Because once you define your dream residence, you'll be able to narrow your house search and move closer to purchasing your first home.
Think about what you absolutely require in a new home. For example, if you want to own a house in a region where the weather is hot and humid year-round, you may require a central air conditioning system. Or, if you want to enjoy a fast, easy commute to work, you may want to pursue residences close to your office.
2. How much can I afford to spend on a house?
Getting pre-approved for a mortgage is essential. Because if you have a mortgage in hand when you begin your house search, you may be able to gain a competitive advantage over rival homebuyers.
To obtain a mortgage, you should meet with a variety of banks and credit unions. These financial institutions can teach you everything you need to know about fixed- and adjustable-rate mortgages.
In addition, don't hesitate to get expert insights into assorted mortgage options. The longer you wait to get pre-approved for a mortgage, the longer you may need to wait to kick off your home search. Thus, you risk missing out on a potential dream house if you fail to get your home financing in order.
3. Do I need to hire a real estate agent?
Hiring a real estate agent is a must, especially if you plan to embark on the homebuying journey for the first time. In fact, a real estate agent can help you quickly and effortlessly navigate the housing market and discover your ideal residence in no time at all.
Typically, a real estate agent will offer comprehensive assistance at each stage of the homebuying journey. He or she first will meet with you, learn about your homebuying goals and help you craft a homebuying strategy. A real estate agent then will keep you up to date about houses that match your criteria and set up home showings. And when you find a home that you want to buy, a real estate agent will help you submit a competitive offer and negotiate with a seller's agent on your behalf.
Let's not forget about the advice that a real estate agent will provide, either. A real estate agent is unafraid to be honest with you and will provide feedback throughout the homebuying journey. Also, if you ever have homebuying concerns or questions, a real estate agent is ready to respond to them.
Take the guesswork out of finding and acquiring your first house – employ a real estate agent, and you can receive plenty of support as you move along the homebuying journey.
Looking to buy a house without having to break your budget? Put together a homebuying roadmap, and you can increase your chances of finding a top-notch house that falls within your price range.
Ultimately, there are many things to consider as you put together a homebuying roadmap, such as:
1. Your Dream Home Definition
Differentiate your dream home must-haves from your wants – you'll be glad you did. If you can determine exactly what you want to find in your dream house, you can narrow your home search accordingly.
For example, if you need a home with multiple bedrooms to accommodate your entire family, you should include this information near the top of your homebuying roadmap. You then can kick off a search of multi-bedroom homes and move closer to finding your ideal residence.
2. Where You Want to Live
Do you enjoy life in the big city? Or, would you prefer to settle down in a small town? Think about where you would like to call home so that you can effectively plan your homebuying journey.
Ideally, you should try to refine your home search to a small collection of cities and towns. This will enable you to speed up your home search and ensure you can find a house that suits you perfectly.
Keep in mind your day-to-day activities as you consider where you want to live too. For instance, if you work in the city, you may want to pursue houses in or near the city itself. On the other hand, you may be able to purchase a small town home for less than what you would have to pay for a city residence and commute into the city for work.
3. Your Homebuying Timeline
Determine how quickly you'd like to finalize a home purchase. That way, you can map out exactly how you want to approach the housing market.
If you are committed to buying a house as soon as possible, you'll need to be proactive. The top houses sell quickly, and if you don't act fast, you risk missing out on your dream residence to a rival homebuyer.
Conversely, if you can afford to be patient, you can avoid pressure throughout the homebuying process. In this scenario, you can pursue houses at your convenience. And once you find the right home, you can submit an offer and finalize your home purchase.
When it comes to creating a homebuying roadmap, it generally helps to get support from a real estate agent. In fact, this housing market professional can provide plenty of assistance throughout the homebuying journey.
A real estate agent will learn about your homebuying goals and help you develop a successful homebuying roadmap. Furthermore, he or she can keep you up to date about new homes as they become available and make it easy to discover a wonderful residence at a budget-friendly price.
Ready to get started on the process of purchasing a house? Consider the aforementioned items as you create a homebuying roadmap, and you can plan a successful homebuying journey.
The definition of a "dream house" varies from homebuyer to homebuyer. Fortunately, there are many things you can do to determine if a residence is right for you.
Now, let's take a look at three tips to help you evaluate a home so you can decide whether to proceed with an offer to purchase.
1. Review a Home's Features
Think about why you are searching for a home and what you want to find in a house. For example, if you require a home that features a deluxe kitchen, you can narrow your house search accordingly. On the other hand, if you want a home that boasts an above-ground swimming pool, you can focus on houses that offer this amenity.
Consider where you want to reside too. That way, you can hone your home search to a select group of cities and towns and find a residence that is located in one of your preferred locations.
2. Examine a Home's Price
The cost of a home depends on a number of factors, including the residence's age and condition. Of course, the housing market itself plays an important role in a house's cost as well, so you'll want to examine the real estate sector closely. By doing so, you can differentiate a buyer's market from a seller's market – or vice-versa – and determine if a home's price falls within your budget.
In a buyer's market, there may be an abundance of quality houses available at budget-friendly prices. If you shop for a home in a buyer's market, you may be able to purchase a house at or below a seller's initial asking price.
Comparatively, in a seller's market, there is a shortage of premium houses, and top-notch homes that become available may be in high demand. In a seller's market, you may need to act fast to acquire your dream home. Plus, you may need to submit an offer to purchase that exceeds a seller's initial asking price so you can purchase your ideal residence without delay.
3. Consult with a Real Estate Agent
A real estate agent is a home selling expert, and he or she is happy to help you weigh the pros and cons of buying a house. In fact, a real estate agent will go the extra mile to ensure you can make the best-possible decisions throughout the property buying journey.
With a real estate agent at your side, you can receive lots of support so you can enjoy a seamless homebuying experience. A real estate agent first will learn about you and your homebuying goals and help you search for a residence that matches your expectations. Next, a real estate agent will help you craft a competitive offer to purchase your dream home. And if your homebuying proposal is approved, a real estate agent will help you finalize your house purchase.
Use the aforementioned tips, and you should have no trouble deciding if a house is right for you.
Let's face it – buying a home in a hot housing market is no easy task. For example, if you wait too long to submit an offer on a house, you risk losing this residence to a rival buyer. On the other hand, if you rush to submit a home offer at or above a seller's initial asking price, you risk spending too much to acquire your dream residence.
Clearly, there's a lot to think about as you search for a home in a hot housing market. Lucky for you, we're here to help you overcome myriad homebuying hurdles and acquire your dream residence, even in a hot housing market.
Let's take a look at three tips to help you succeed as a homebuyer in a hot housing market.
1. Narrow Your Home Search
You know that you want to live in a specific city or town, but you still are uncertain about what type of house that you want to purchase. However, if you create a list of home must-haves and wants, you can narrow your house search and speed up the homebuying process.
Once you have a homebuying checklist in hand, you should have no trouble evaluating residences in a hot housing market. Then, you can check out these houses in person and move one step closer to submitting an offer to purchase your dream house.
2. Get Pre-Approved for a Mortgage
To acquire a home in a hot housing market, you'll likely need a mortgage. Thankfully, lenders are available that can teach you everything you need to know about a wide range of mortgage options.
Lenders can explain the differences between adjustable- and fixed-rate mortgages, describe exactly how a mortgage works and much more. That way, you can assess many mortgage options and select one that matches your finances.
After you obtain a mortgage, you can enter a hot housing market with a homebuying budget. This will enable you to further accelerate your home search and ensure you can quickly submit an offer as soon as you discover your ideal residence.
3. Collaborate with a Real Estate Agent
Navigating a hot housing market sometimes can be tricky, particularly for a homebuyer who is competing against dozens of rivals. But if you hire a real estate agent, you can receive comprehensive support as you pursue a home in a hot housing market.
A real estate agent is ready to assist you in any way possible. This housing market professional will offer insights into the real estate conditions in a particular city or town and help you map out your homebuying journey accordingly.
In addition, a real estate agent understands exactly what it takes to buy a residence in a hot housing market. He or she will help you put together a competitive offer on any home, at any time. And if your offer is rejected, a real estate agent will help you regroup and reenter a hot housing market so you can find your dream home.
Ready to buy a home in a hot housing market? Use the aforementioned tips, and you can accomplish your homebuying goals faster than ever before.