Buying a Home in Rochester Hills
Rochester Hills is a city in the northeast of Oakland County, Michigan, United States. The city is on the northern outskirts of the Detroit Metropolitan area. The area is well-known for its safety and security with residents feeling comfortable letting their children play on the streets. Residents in Rochester Hills have a higher average adult educational attainment as well as higher median family income in comparison to the National Average. The region has several amenities you would expect from a city, including great restaurants, nightlife, community activities, and more. The city is an excellent place to call home; this guide will help walk you through the process of choosing the right home for your family.
10 Things You Need to Consider when Buying a Home in Rochester Hills
1. Know the Market Seasons
There are certain seasons where buying a property becomes optimal for homebuyers. Following the law of supply and demand is an effective method when looking at the Real Estate Market. Working with a Realtor who knows when the best time to buy a home will help you maximize your investment.
2. Improve Your Credit Score
The first step in improving your score is by looking at it. If you are hesitating at looking at your score because of how low it might be, the more reason for you to review it now! Handle your financial situation and work on getting a better score and your future Real Estate investments will work out for the better.
Steps that should help you on the right path are:
- Talk to a non-profit counselor.
- Use a credit score service.
- Buy a score.
- Check with your credit card company.
3. If You Have Bad Credit, Review Your Options.
Review your Credit Score for any errors. If you are fortunate enough to find one, you can increase your credit rating a lot faster. Other options include increasing your upfront Downpayment and working with the Federal Housing Administration. You can find updated info on FHA loans for Oakland County, Michigan here.
4. Get Pre-Qualified Before Home Hunting
This advice is perfect for individuals who are already in good credit standing. If you know you have a low credit score, it may be a good idea to delay this step. Showing your best financial self to the bank can help get you a better housing loan. Getting Pre-Qualified for a House is providing an overview of your financial history to the lender, including your credit score, income, debts, and assets. The lender will review the information and estimate which mortgate options would best suit your credit standing.
5. For First-Time Buyers, Know your Options
There are numerous incentives, programs, and grants available to first-time homebuyers in Michigan. Check out your options on this webpage. Know that if you help with these options, our team in Ethos Real Estate can help you.
6. Lender Fees
Understanding the Fees you will pay when setting up your mortgage is crucial to avoid future problems. Research your monthly mortgage payment, you must also pay interest, insurance, and lender fees. Identify the total cost of this investment and decide if you have the appropriate funds for this investment.
7. Think Long-term About Buying a Home
Besides the financial cost of buying a home, you also need to think about the actual property you are buying. Is the home appropriate for your family's needs. Are schools zoned for the neighborhood appropriate for your children? Are you happy with the amenities available in the community? These questions and more are things you need to ask your family before deciding to buy a new home.
8. Understanding Seller Psychology
The Wall Street Journal has put together a long-form article on real estate seller psychology. It’s chock-full of nuggets of wisdom. Enjoy! Work with a Real Estate Professional who understands Seller Psychology. Our team can help you work with Home-Sellers and make purchasing a home easier for you.
9. Research The Rochester Hills Housing Market
The most effective way of identifying good real estate deals in a region is by hiring a trustworthy Realtor that is familiar with the area. They will have resources and tools that will enable them to identify good deals on your behalf. If you plan to do a bit of research yourself as well, here are a few steps you can follow:
A. Do your homework on the local housing market.
This overview of the Rochester Hills Real Estate Market is an excellent place to start.
B. Manage your expectations according to your budget and the Rochester Hills real estate market.
See STEPS 2-6 again to ensure your expectations are realistic.
C. Make a specific list of housing features you NEED.
Good examples might include a handicap-accessible 2-car garage or a fenced-in backyard for your dog breeding side hustle. For a complete list of home features available, check out this post with 100+ options.
D. Make a WISHLIST list of amenities, but…
Don’t get married to it. You can put it under your pillow and hope the real estate fairy visits you.
E. Make a specific list of you DON’T want and/or need.
Maybe you don’t want to be in a particular elementary school zone. Or perhaps you don’t mind having a kitchenette. Any information relating to your priorities can be helpful.
F. Revise your lists based on STEP 2: Be flexible.
Then proceed to Step 10 and head on home. Make sure you collect $200 as you pass GO!
10. Work with a Great Realtor
The market is getting increasingly complex and challenging to navigate. Meanwhile, the stakes are high, and one slip-up or oversight can cost you big time and long-term. This is true for everyone, including people buying a home in Rochester Hills. Our team of professionals has helped clients find their dream home in the city of Rochester Hills. Work with us today, and let us do the same for you!
Let Me Help You Find Your Rochester Hills Home!
Click the link to find the original Rochester Hills, MI Real Estate Buyers Guide. If you are a buyer, it is important to have the assistance of a Buyer's Agent to represent you during the transaction. If you need additional assistance or would like to schedule a showing, contact our office at (248) 336-2086.
Rochester, MI 48307