Introduction to Home Buying
The basic elements of home buying are time and money. The amount of inventory (available choices) and the mortgage rate changes make up the “market”. Choosing the best from these can be best done with personal preparation. Time spent in careful preparation will not only save time but cut down on frustration.
Budget
Figure out what sort of budget one is working with. What changes in living costs are acceptable? Before we approach a loan professional for the right loan estimate what sort of price range would be realistic. Establish a tight price range, affordable for someone with a predictable income and savings stockpile. Consider $25,000 between the high and low.
Preapproval
Assemble copies of tax returns, pay stubs, and evidence of savings then find a lender. Local mortgage brokers traditionally have most of their financing team in house and are more likely to work harder to keep the business and do a good job (in case they might get a referral down the line). The home you buy has to be appraised by the lender to see if it is a good risk for them: is the house worth the money. Local mortgage people are more closely aware of local home values. The chosen lender provides a letter of preapproval, essential in making an offer. This gives the seller evidence that the buyer has sufficient resources to enter into a contract. Mortgage brokers can be relied on for updates to the rate changes and in turn should be told of any changes in income, a better rate may become available.
Location, location, location
Understanding the choice’s area is a must.
Once the lender is in place, and the buying price point is narrowed down start researching some listings and neighborhoods. Look at online real estate sites to find neighborhoods that had homes that were in the price range and quality level. Make visits to the neighborhoods and stop into a few local merchants to get a feel for the areas. Yelp and Google are good sources of blog posts and reviews within a 3 mile radius of the target. Most buyers want to live close to shopping, be somewhat reasonably close to work and near culture; libraries, theaters museums. We showcase that walkscore in every listing you find within the Fairfield County Realtor website
Researching agents
Just like it is pointless to guess your ability to finance a home, there is no need to enter into a partnership with the first agent you meet. Look for care and track record. Agents focus on a specific geographic area and these are the field to choose from. Interview a few, be specific in your findings of price and location. Ask for references. Keep them assured that you are buying only through them and in turn expect reasonable performance. Communicate to them that we were working with them exclusively. There is something to be said for making sure a real estate professional knows that you are trusting them for the long haul to do the hard and complex job of being a buyers agent and that you won’t just flip flop or disappear just because there was some other available agent holding an open house.
