Friday, September 2, 2022 / by Laura Larson
First-time home buyers who plan to join the bull market would be wise to prepare now for home buying success this fall.
Get honest about what you can afford as a first resolution.
Don't forget to account for enough money to pay for additional costs, such as taxes, appraisal fees, and homeowners insurance, when figuring out how much you can afford. Homeowners should budget more than $9,000 a year, or more than $750 a month, for hidden expenses including utilities, upkeep, and property taxes.
Boost your credit score (or at least don’t hurt it)
Get pre-approved, not just pre-qualified
Buyers who get pre-approved well ahead of their house hunt can make a competitive offer quickly when they find their dream home. Pre-approval means you are approved for full financing and requires a more comprehensive finance and credit check than pre-qualification. In today’s competitive housing market, pre-approval allows you to make a confident offer and stand out from buyers who might not be able to close as quickly.
Hire a representative with the necessary qualifications.
According to data, four out of every ten purchasers submit multiple offers. Employing an agent that is knowledgeable with multiple offer scenarios, escalation clauses, and other tactics that make your offer stand out might be beneficial in today's market. Look for top-rated agents who deliver great customer service such as Larson Fine Properties..., and An expert local agent, like Laura Larson, can help you understand what makes a winning offer in your area.
The pandemic has accelerated technology that makes it faster, easier and safer to shop for a home, which is critical in a fast-changing market where homes nationwide are selling in a median of 18 days.
Use that technology to your advantage by creating personalized saved searches for instant email notifications the minute an ideal home hits the market. View integrated 3D home tours and floor plans to get an immersive sense of home and narrow down your options from your couch. When it’s time to tour a home in person, look for self-tour technology that allows you to instantly tour a vacant Zillow-owned home on your schedule.
Have a Plan B
That said, more than half of all buyers who stay within their budget make compromises to buy a home, like buying a smaller home or a home with a longer commute, according to the research. Deciding on priorities and where you’re willing to compromise ahead of time can prevent stress and arguments when you’re in the middle of the home-buying process.