When should we start physically looking at homes? How early is too early?
This is an excellent post written for those buyers who are not sure when they should start looking for a home. The Christian Team does answer the question, but honestly there is no exact timeline for when you should shop for a home.
It is best to shop for your mortgage first and THEN go look for your home. From there, it really depends on when you find the home for YOU. The question is when will YOU be ready to move? If you dont leave yourself enough time to shop for the right home, you could find yourself settling on something you can 'work with' but don't truly love.
This post still address the question and is insightful.
I got a call last week from a really nice couple that is considering buying a home in the Fort Wayne area. They are first time home buyers, and they didn't have a clue where to start, so they called me.
That's the perfect place to start!
After asking them a few qualifying questions I found out that they weren't working currently with a Realtor, and that they did talk to a lender and got pre-approved for a mortgage.
I also found out that they weren't going to be ready to actually purchase a home until September of this year.
Since most of the homes that are currently on the market are going to be long gone by the time they are ready to buy, I recommended not physically viewing homes until late July to early August.
I found out what they wanted in a home and the area that they wanted to live in, and I got them set up through our MLS to receive emails when homes that matched their criteria became active. I encouraged them to keep an eye on the market and I will send them reports on homes sold in their desired area.
I went on to explain the time frames for different types of loans...
FHA Loan: This is the most common type of loan that most buyers use. It normally takes 30 - 45 days to close these.
Conventional: I've had conventional loans close in 15 days, but I like to write them for 30 days just to make sure we have enough time.
USDA: This is a 100% loan for rural areas around Fort Wayne, and these normally take 60 days to close.
VA: This is a loan for our veterans, and they normally take 30 - 45 days to close.
Since they are FHA buyers, looking at homes in late July or early August gives us enough time to find the right one and close it in September.
The Christiansen Team. Real People. Real solutions.
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