In a previous blog, we explored eight great reasons to become an Albuquerque area first time buyer right now.
We hope we inspired some would-be house owners to think very seriously about taking the big step of finding a home of their own.
Today, we'd like to offer some simple strategies to help you along in that process:
Identify your needs - No one has exactly the same requirements from their home, of course. That's why there is never a "cookie cutter" one size fits all solution. Therefore it's really a good first step to sit down and define not only what facilities you need right now, but to also identify likely future needs. Many first time buyers won't start a family until they have a place of their own, hence the requirements of a couple with no children will differ greatly from those that parenthood inevitably brings to the fore. Although there is often a price/feature compromise that has to take place, especially early on in your home ownership career, try to decide on a realistic set of features that will avoid you having to move as soon as your circumstances change - and there is little more dramatic change than when your first baby arrives in the world...
Decide on the right location - Although it directly relates to identifying your needs in many respects, deciding on the right location can often be a more subjective matter. It may be that you've lived in the Albuquerque area all your life and know exactly where you'd like to reside, but it still pays to think like a newcomer and drive around likely areas and observe if they meet your expectations. This is often where the art of compromise rears its head - you may want somewhere near to your downtown workplace, but you also want a quiet environment to relax in at the weekends - plus you may need to find an area with homes that are affordable for you. Nothing can replace some quality spare time in the car travelling to likely locations and really getting to know them. And while you are at it, why not talk to the locals about what makes their area great and, of course, what the negative aspects are.
Get your finances in order - Carry out a thorough audit of your financial situation. Do you have a strong credit rating? Is your spending in proportion to your earnings? What economies can you make to show lenders that you are in good shape? Although there has recently been some relaxation of requirements for successful home loan applicants, if your finances are in a mess then it's still a racing certainty that you won't be successful. In short, do everything you can to make your situation look as best as possible on paper. The better shape you are in, the more you can borrow, expanding the possibilities for houses you can own.
Be realistic - If you feel that your finances can stand up to the litmus test of a mortgage application, it makes a lot of sense to get pre-approved for a mortgage so that sellers will take you seriously and, crucially, you will know what you can afford. Click here to make a free of charge start on this process. Pre-approval lets you know exactly where you are and ensures your home search is as efficient and rewarding as possible.
Stay focused - Keller Williams research reveals that the vast majority of buyers view less than 11 homes, whereas buyers who view 30 or more homes only account for 5% of all home sales. If you've followed all the above steps, you should be in great shape to precisely identify the type of homes that suit you and which you can afford. As these statistics would suggest, in the vast majority of cases, buyers viewing a vast number of homes have failed to create an effective home buying strategy and are adopting a scattergun approach to buying real estate. Everyone is so busy these days, so why waste time when doing some initial homework, as it were, will pay huge dividends and save you so much time and hassle.
Partner with the right realtor - Existing Everest Peak Realty clients will readily identify all the above steps in the buying process, as these are standard procedures we go through with every potential buyer. It would therefore be accurate to say that we will be with you every step of the way but, seeing as forewarned is forearmed, it will be even more time efficient if you've been through these processes yourself, as you approach the time to start looking for your home. Call us today for an informal conversation related to your own circumstances.
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