Making Finances Simple. Changing Lives.
Muddying The Home Search Waters
We’re in the midst of one of the craziest Real Estate markets on record. Buyers are feverishly competing for homes; some are more prepared for the battle than others. Those are the ones winning. Read below to see how you can win…
All too often we hear about prospective homebuyers looking at homes before ever considering the financial side. They then find a home they like and the scramble begins!
Figure Out The Finances First!!
In all markets, especially the current seller’s market, buyers must be Pre-Approved in order to make a competitive offer. With the current market seeing houses receive multiple offers on day one, it’s important buyers are in a position to make a quick offer…but NOT impulsively!
If you are in the market to buy a home, don’t look for homes before you know the financial implications. That includes not only the lender’s “budget” for you as far as Pre-Approval limits, but also your own personal budget. If you do proper diligence upfront, you can act quick on the right home.
It doesn’t pay to look at $600,000 homes and later find out you’re only Pre-Approved for a $500,000 home, or your budget shows you can only realistically afford a $450,000 home. You’ll now be discontented with these homes because your mind will still be set on the $600,000 homes you looked at previously.
Start with the finances…yes, the boring part. Then go to the fun part; the homes!
Nobody likes to think about debt. But trust us, it’s backwards to look at homes first and almost always muddies the waters.
Contact us if you have questions as it pertains to your specific situation…we’re happy to help!
Comments are closed.