So you have made the decision to purchase your first home. With interest rates at historical
lows, and rental costs continuing to rise, this makes for a great time to purchase a home. Now that you have come to the decision, what should you do next? In the current fast pace real estate market there are 2 things you should strongly consider before buying a home. Contact a financial lender and get pre-approved, and seek the services of a local real estate agent.
Getting pre-approved is one of the most important first steps to buying a home. The lender will take a long look at your financial picture and evaluate your ability to buy a home and how much you can realistically afford to pay for a home. Once the lender has completed the pre-approval process they will provide you with a pre-approval letter stating that they are prepared to finance a mortgage for you. You will know exactly what you can be financed for and what price range you should be searching in.
When submitting an offer on a home the majority of sellers will expect you to submit a copy of a pre-approval letter as well...proving that you are a strong buyer in a position to get a mortgage for the home. The very real truth is if you do not commit the time to get pre-approved beforehand, you could spend valuable time and effort finding the right home only to see it sold as you are attempting to get pre-approved. While if you have that pre-approval letter in hand you put yourself in the ideal position of being able to place an offer as soon as you find the right home for you!
Seeking the services of a local real estate agent could be incredibly valuable to your home buying experience. Buying a home is likely to be the largest financial investment of your life. Real estate transactions are complex with paperwork, legal requirements, inspections, and many possible pitfalls. It would be a good idea to have someone protecting your interests. This is where a real estate agent comes into play. Along with protecting your interests an agent could provide you with many services such as:
Guide and educate you to understand the home buying process
First hand knowledge of the current market
Discuss and create a detailed profile of your future home wants and needs
Create a search and update you when homes fitting your profile come on market
Extensive knowledge of local neighborhoods and school districts
Tour properties with you pointing out features/faults with a property
Negotiate the best possible sale price and navigate documents, paperwork and coordinate with all parties involved until your transaction is complete
The ideal real estate agent will ultimately be putting your interests first, and guiding you to making the right decisions in both your present and your future. How do you find a local realtor? People you know are a great way to find an agent. Consult your friends and family on agents that they know, like, and trust.
As always the Moran Properties team is available to answer any questions you may have.
-Moran Properties