Homeownership may be your dream, but to purchase a home you need to make sure you are financially and mentally ready. Owning a home comes with responsibilities of paying a mortgage, property taxes and home maintenance. Preparing for homeownership requires you take critical stock of your finances and your expectations.
Before we go house hunting, we will need to know what you want and how much can you afford. You will need to get pre-qualified with a loan officer/lender. Make sure you get a pre-qualification letter. When you see the house that meets all your criteria, we will submit the written letter with the purchase agreement. This shows the seller you’re a serious buyer and that you’ve already taken the first step toward owning a home.
Visiting a home that potentially could be YOUR home within the next 30 days can be overwhelming at times. We recommend you stay focused on the list of features you need and want in a home. Judge each home by your list instead of the details the home offers. This way you will know ahead of time what you are willing to give up and what you simply can’t live without. It will also help to avoid distractions and keep you on track towards your goal. After we visit each home, we can talk about the pros and cons. We always share ideas with our clients about things you can do regarding the cons. There’s no such thing as a perfect home, but you will find a home that is just right for YOU at the right price.
You’ve found the right home and you want to write an offer. As your Realtors®, the first thing we do is run a CMA (Comparable Market Analysis) Report. Our analysis will take into account homes throughout the neighborhood, including active real estate listings, real estate listings currently under contract and real estate listings recently sold. This will help determine how much the property is worth. We also obtain property tax amounts including the property’s base tax and special assessments. When making an offer, you don’t want to low ball a well-priced listing. Sure, we all know some properties are over-priced, but you could lose your dream home by not understanding the difference between a fairly-priced home and an over-priced home. Remember, this is one of the biggest purchases you may ever make so be patient. Negotiations can take several days before the seller responds to your offer.