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Tips for home buyers in this changing market

Friday, September 2, 2022   /   by Laura Larson

Tips for home buyers in this changing market

Being financially and psychologically prepared can make all the difference if you're thinking of buying a home this year. Use this five-step checklist that could improve your chances of getting the house you want.

To determine your budget, use a mortgage calculator. Note your comfort level for a down payment and monthly mortgage payments. Consider closing costs, in addition to your down payment, closing costs might be up to 5% of the purchase price. Compare rates from different lenders, and get pre-approved for a mortgage loan.

*Buyer tip: Lenders can assist you in locating special programs, like VA loans, estimating your closing expenses, and deciphering annual percentage rates.

Present your best offer
According to research, 41% of agents believe that in the current market, making a cash offer is the best way to compete. To strengthen your offer put in additional earnest money or a larger down payment. It's crucial to always submit an offer as soon as you can.

Don't take unnecessary risks like forgoing an inspection contingency or underestimating the cost of repairs.
Have you thought about whether the following features meet your expectations before making an offer: Location, condition, size/layout, and surrounding neighborhoods?

Seal the deal
Closing can be expensive and stressful. The official loan estimate, which contains an itemized list of closing expenses before purchasers can close, is something first-time buyers should check for. The closing fees of reputable third-party closing providers can be compared by home buyers.