Tips for Searching for Your Dream Home
In today’s market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared. Here are five tips from a realtor.com article titled, “How to Find Your Dream Home—Without Losing Your Mind.”
1. Get Pre-Approved for a Mortgage Before You Start Your Search
This will help you show you’re serious about buying a home. Even if you’re in a market that’s not as competitive, understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach, and help you avoid the disappointment of falling in love with one well outside your price range.
2. Know the Difference Between Your ‘Must-Haves’ and ‘Would-Like-To-Haves’
Do you really need that farmhouse sink in the kitchen to be happy with your home choice? Is a two-car garage a convenience or a necessity? Before you start your search, list all the features you’d like in a home. Qualify them as ‘must-haves’, ‘should-haves’, or ‘absolute-wish list’ items to help you stay focused on what’s most important.
3. Research and Choose a Neighborhood Where You Want to Live
Every neighborhood has its own charm. Before you commit to a home based solely on the house itself, take a test-drive of the area. Make sure it meets your needs for ‘amenities, commute, school district, etc. and then spend a weekend exploring before you commit.”
4. Pick a House Style You Love and Stick to It
Evaluate your family’s needs and settle on a style of home that will best serve those needs. Just because you’ve narrowed your search to a zip code doesn’t mean you need to tour every listing in that vicinity. An example from the article says, “if you have several younger kids and don’t want your bedroom on a different level, steer clear of Cape Cod–style homes, which typically feature two or more bedrooms on the upper level and the master on the main.”
5. Document Your Home Visits
Once you start touring homes, the features of each one may begin to blur together. Keep your camera handy and make notes on the listing sheets to document what you love and don’t love about each property you visit.
62% of Buyers Are Wrong About Down Payments
According to the ‘2019 Home Buyer Report’ conducted by NerdWallet , many first-time buyers still believe they need a 20% down payment to buy a home in today’s market,
“More than 6 in 10 (62%) Americans believe you must put at least 20% down in order to purchase a home.”
When potential homebuyers think they need a 20% down payment to enter the market, they also tend to think they’ll have to wait several years (in some markets) to come up with the necessary funds to buy their dream homes. The report continues to say:
“The truth: 32% of current U.S. homeowners put 5% or less down on their home, according to census data.” (as shown below):
Down Payments of U.S. Homeowners
The lack of knowledge about the homebuying process is unfortunately keeping many motivated buyers on the sidelines.
Bottom Line
Don’t let simple misunderstandings keep you and your family out of the housing market. Let’s get together to discuss your options today.
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