I work with people everyday who know it is time to buy a home but have not taken the next step. Maybe the other tenants are driving you crazy, maybe you are too tired with trying to keep up with the maintenance of their home, maybe you can't afford your current housing payments, or maybe you just want to start investing a begin building a real estate portfolio.
The reason I am writing is to tell you that if you know deep down that you need to buy a home...now is a great time to buy! Interest rates are low and prices are lower than ever. I currently have time to begin working with a few new clients and want to let you know I am available. I have the contacts in place to get you the lowest rates available (we can run your credit and talk about this), I have the process in place to make sure you find the lastest listings first, and I have the systems in place to help make it a smooth transaction as possible.
Call (860 558 2122) or email (robrosa@sbcglobal.net) me if you would like to talk more about your real estate needs and let's get started.
Here is a list I wanted to share with you as you are thinking about taking that next step:
- Don't buy if you can't stay put.
If you can't commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner.
- Start by shoring up your credit.
Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.
- Aim for a home you can really afford.
The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you'll do better to use one of many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.
- Don't worry if you can't put down the usual 20 percent. I have products available as low as 3%.
There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a down payment as small as 3 percent of the purchase price.
- Buy in a district with good schools.
In most areas, this advice applies even if you don't have school-age children. Reason: When it comes time to sell, you'll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values.
- Get professional help.
Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an agent like myself who will have your interests at heart and can help you with strategies during the bidding process.
- Choose carefully between points and rate.
When picking a mortgage, you usually have the option of paying additional points -- a portion of the interest that you pay at closing -- in exchange for a lower interest rate. If you stay in the house for a long time -- say five to seven years or more -- it's usually a better deal to take the points. The lower interest rate will save you more in the long run.
- Before house hunting, get pre-approved. We can get you pre-approved on a SAME DAY basis.
Getting pre-approved will you save yourself the grief of looking at houses you can't afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.
- Do your homework before bidding. I will complete a FREE Buyer Comparative Market Analysis for you.
Your opening bid should be based on the sales trend of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. If homes have recently sold at 5 percent less than the asking price, you should make a bid that's about eight to 10 percent lower than what the seller is asking.
- Hire a home inspector.
Sure, your lender will require a home appraisal anyway. But that's just the bank's way of determining whether the house is worth the price you've agreed to pay. Separately, you should hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road.
(list is courtesy of cnn money)
Don't wait if you know the need is there. It is a buyer's market but it won't be forever. Call me and let's get the process started.
Sincerely, Rob Rosa - Your Personal Real Estate Counselor
WPI - Rubicon Crossings, Broker - Owner Phone - 860 558 2122
Email - robrosa@sbcglobal.net
PS....Visit my website at http://www.InvestwithRobRosa.com for FREE Buyer Reports!
Rob Rosa
;)
;)
