Today’s Orange County Real Estate Market is Highly Competitive, so as a serious home buyer, you have to make sure you put yourself in the very best position to succeed! I went over the importance of a Home Buyer Consolation in a previous blog and today I want to review what a home buyer should do before jumping into a Realtor’s car and looking at homes. Here are the first 3 steps you, as a home buyer, should take:
- 1. Hire an Agent
The internet is providing home buyers with access to property listings but it can be tricky to navigate the actual home buying process when it comes time to purchase. The best way to safeguard your investment and ensure that your best interests are protected is to hire a buyer agent. Purchasing a property is a big responsibility on your shoulders. We all know that buying a home is a difficult and accountable job. Making the wrong choice while purchasing a real estate property can land you up in serious financial trouble.
The benefits of using a buyer agent include the following but are not limited to:
- 24/7 up to the date access to the Realtor’s MLS
- Leverage, as the buyer agent will be doing the majority of the research
- A professional skilled negotiator on your side
- Access to all of their vendors (inspectors, contractors, lenders, etc..)
- Professional comparative market analysis on every property
- A person that will preview the properties for you, so no time is wasted
- You don’t have to manage any paperwork, the buyer agent does!
- It’s completely FREE to use a buyer agent!
- Much, Much, More!
A study by the National Association of Realtors revealed that home buyers who used a buyer agent examined three more properties and found a home one week faster than unrepresented buyers.
- 2. Pre-qualify for a mortgage
Each mortgage program has its own set of requirements and rules. As a result, the simple question "How much can I afford?" can be difficult to answer without a careful analysis of your personal financial situation. Mortgage originators and real estate agents frequently call this analysis "qualifying" (or "pre-qualifying" if you do this before you shop for a home).
It is to your advantage to pre-qualify for a mortgage. By pre-qualifying for a given loan amount, you can comfortably shop for a home within your price range. In addition, prior credit approvals can expedite the closing of your loan, and your pre-authorization letter provides the agents and sellers with whom you work the confidence that you are determined and qualified buyer.
- 3. Determine your criteria
So you are pre-approved and ready to begin your search. But how or where do you begin? There are a lot of homes out there and diving in without a guide can become overwhelming and confusing. A great agent will help you more accurately pinpoint homes that fit your criteria. The right home will meet all your important needs, and as many of your additional wants as possible. Some questions you might ask yourself include:
- What do I want my home to be close to?
- How much space do I need and why?
- Which is more critical: location or size?
- Would I be interested in a fixer-upper?
- How important is home value appreciation?
- Is neighborhood stability a priority?
- Would I be interested in a condo?
- What features and amenities do I want? Which do I really need?
You'll learn as you look at homes, your priorities will probably adjust along the way.
What are your thoughts on the first 3 steps? Do you agree completely or would you do it a bit differently? Steps 4 – 10 are coming soon!
Do you want your own copy of the Home Buyers Handbook? Then like this blog post below and request it in the comment box below:
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