Traditionally, spring has been the time that many buyers and sellers become motivated to enter the real estate market. The warm weather and longer days encourage potential buyers to look around for a home that fits their needs and budget. Buyers with families like to move into a new home in time for school starting in the fall. As a buyer, use the winter months to get ready for the spring market. Here are some tips to help you get ready.
5 Tips for Buyers
1. Get your credit in shape. Check your credit history if you are a first time buyer. If you plan to finance your home, make sure to double check your credit history. If you run into any issues, you can correct them and take steps to boost your credit score. Annualcreditreport.com provides one free credit report a year.
2. Get pre-approved for a mortgage. Early in your search, meet with a mortgage lender who will take a look at your credit history, your savings and investment statements and your current financial situation, and give you a better picture of what you can afford and the financing options available.
3. Establish your budget. Whether you are financing your purchase or paying cash, it helps to establish a budget. This will help you focus your search on the right properties within your range!
4. Make a list. Buying a home is a process of elimination. Not every home will be perfect. Make a wish list of your ideal home! Prioritize your wants and needs. This list will help you to quickly narrow your search to fit your current and future lifestyle.
5. Think about resale. The average homeowner lives in their home for nine years. While you may purchase your home as a long term investment, keep in mind that you may need to sell it one day! Don't overlook the resale value during your home search.
Stay tuned next week to how to prepare your home as a seller during the winter months!
*Source: NAR Profile of Home Buyers and Sellers 2016
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