Four Tips to Keep in Mind Before Buying A House

Whether you are buying your first home, looking to upgrade, or downsizing here are four important tips to consider when you begin your search!

1) Know What Kind of Market You Are In

Your local market will determine how much negotiation room you may or may not have in your next real estate deal. In a market with a high inventory and low demand, it is likely for more properties to remain for sale longer than a seller would like. This will give you leverage in your negotiations. However, if there is low inventory with a high demand, you may find yourself offering above the asking price and getting beat out. You may have to be prepared to act quickly in this situation. It is important to have a real estate agent advise you on these possible scenarios.

2) Get a Pre-Approval Before You Attend Showings

Mortgage lender have a process of calculating your debt-to-income ratio as well as other income and credit factors. If you are obtaining a mortgage, it is best to talk to a mortgage lender to determine and understand the maximum purchase price you can be approved for. This pre-approval will be submitted with any offers that you may make on a property.

3) Retain a Buyer’s Agent to Represent you

It is important to note that it is very likely that retaining an agent to represent you as a buyer of real property won’t cost you a penny. Generally both real estate agents are paid by the seller and their agent, making your representation as a buyer a zero cost process. In these types of deals, it is wise to have a licensed agent representing your best interests.

4) Don’t be afraid to ask your real estate agent questions

Your real estate agent is there to help and advise you in the process of purchasing real property and should be okay with walking you through every step of the way if needed. Buying a home is a big step, process, and commitment, so you want to make sure you are fully prepared and confident in your representation.