The Modern Homebuyer
So, you have decided that you are in the market for a new home? What a great time to be a homebuyer. With interest rates at still record lows and a great supply of homes for sale now is a fantastic time to buy.
How will you find a home that meets all of your criteria? What are your criteria for a new home? How much home can you afford? What are you financially comfortable with in regard to a monthly house payment? What steps do I take when I find the home of my dreams? All of these are questions that you will have to answer before beginning your search. Hopefully, you will find the following tips helpful in searching for a new home:
Searching for a home – The internet is a great place to start your search for a new home. There are many websites, both local and national, that can give you access to information and photos of homes for sale. Choose a website that makes your home search easy, and one that is updated regularly to insure that you are looking for the most up-to-date information. Finding the home of your dreams online, only to find out that it sold three months ago, can be a very disappointing reality if you choose the wrong site to search for homes. Some Realtors are even using online video sharing sites such as YouTube® to showcase homes that they have listed for sale. Of course, a Realtor can keep you informed of the latest homes to become available for sale and guide you to a great place to search for homes. Physically driving through areas that you feel may be a great place to live to get an idea of the homes available for sale is also an easy and fun way to search for homes. By doing this, if a home does become available in a neighborhood that you have previously visited, you will know right away that it was a neighborhood that you liked. Visiting open houses is also a great way get an idea for the market of homes for sale, and what you can expect to get fro your dollar in a particular area.
Criteria for your new home – Whether you are purchasing your first home, or building the home of your dreams, you will need to know some specific items that your new residence must have. A simple way to do this is to create a list of features that are the most important to you in your next home, and another list of things that would be nice have but not a necessity. As you view homes, use these factors as a guide to determine which homes have the most check marks on your list. This allows for you to have a standard by which to compare all of the homes that you view in order to compare them based on the criteria that you have selected. Be sure to share this list with your Realtor so that they can be sure to be on the lookout for homes that most closely match your criteria.
How do I obtain a loan? – The choice of which lender to work with for the loan on your new home is an important decision during the home buying process. If you do not already have a loan officer in mind, your Realtor can help you by suggesting some lenders and supplying you with their contact information. The next step is to contact them and find out some information regarding them and their company. Your comfort level with the lender that you choose is very important. Make sure that you ask them any questions that you may have, and that you are confident with their answers. After discussing your financial information and deciding on your comfort level with a monthly payment, the lender can then help you to decide which loan works best for you. With all of the above information, your loan professional can then provide you with a pre-approval letter to supply with your offer to purchase a home that establishes a level of confidence in the seller that you have completed the first steps to obtaining financing for your new home.
What do I do when I find the home of my dreams? – After you have found a home that you feel is the one you would like to purchase, your next step is to prepare an offer to purchase the home. Your Realtor will help you to prepare the necessary paperwork to purchase a home, as well as assist you with determining what an appropriate offer may be. By using data available regarding comparable homes that have recently sold in the area and calculating some of the differences between the home you want to purchase and those properties, they will help you to make an informed decision on your offer. After you and the seller agree to terms on the offer, you are well on the way to being a homeowner. But there are still a few more steps that you will have to make. The home inspection (if that was part of your offer to purchase the home), the appraisal (usually arranged by your bank for the home loan), and arranging for homeowner’s insurance are all things that you will need to make sure are completed by the dates set forth in your contract to purchase the home. Your Realtor can help you with keeping track of all of these items as well as the time frames for which they need to be completed by.
After you have completed all of the above steps, it is time to go to closing and make the home you love your own. Your lender will have paperwork that you will be required to sign, and there will be some other legal documents that require your signature and the home will be yours!
Remember, that buying a home should be a fun adventure, and one that you will enjoy and always look back on with fond memories. By being prepared and choosing the right professionals to work with, you will be sure to have a great experience.
Searching for a home in the St. Louis MO area? Search all of the homes for sale at: www.Service1stHomes.com
Published on 2011-01-03 17:35:00
