Saratoga Springs, NY Homes for Sale
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Feedback on Homescout Real Estate Agents: "Mr. Hanson found us a great home at below market price and negotiated a great closing deal for us. He then listed our current home and sold it for top dollar the following day. This Realtor can do it all." - V. Hanson, Home Buyer and Seller, Altamonte Springs, FL
How to Buy the Right Home or..
How Not to Buy the Wrong Home for the Highest Price at the Worst TimeMost potential home buyers want to purchase the home of their dreams while paying the lowest possible price. These people follow certain steps to educate and prepare themselves for what will probably be the biggest financial decision in their lives. Continue How to Buy a Home.
Home Buying Tips
The Current MarketIt is important to note that the current real estate market favors buyers. Due to a variety of different conditions, there is a lot of inventory to choose from and interest rates are at a historic low. Real estate agents are highly motivated to get deals closed, and sellers are coming to the realization that they may have to wheel and deal to get their homes sold.
Your real estate agentLook for an agent who specializes as a buyer's agent. They will be knowledgeable about the home buying process and can probably refer you to other people who you will need to complete the purchase process, such as a good lender. You can ask an agent for a referral to other people they have recently worked with.
New or Used?You may ask yourself whether to purchase a new house or a house which has already been occupied. There are several considerations. Many people, particularly a first time buyer (someone who has not owned a home during the last 3 years), prefer a new home so that they can personalize it. They will choose a house which has all the features they want, and it will be move-in ready. So, they do not have to anticipate additional expenditures either to repair or upgrade existing older features.
However, many people prefer older homes. They want to be able to work on them and make changes. They like the historical aspects of some properties. They may also be able to get more home for their money by purchasing an older home or fixer-upper.
Talk to a lenderBefore starting your home search, speak with a lender to see how much they will be willing to lend you and, therefore, how much house you can afford. It is very attractive to a seller to know that their potential buyer has been pre-approved.
The lender will ask you for your most current bank statements, paycheck stubs, investment accounts and any other paperwork which will help determine your asset to debt ratio. Unless you archive your paperwork diligently, you may not be able to put your hands on this paperwork readily. So, before you can start looking for a home, start compiling all your recent statements, etc. Your agent may have a preferred lender to whom they can refer you.
Your down paymentMany people wonder how much they need to save for a down payment. Keep in mind that the lending industry is in a bit of turmoil. So, many of the loans which have been popular over the last few years may not be available when you are looking to purchase. Lenders are becoming stricter about their requirements.
Ideally, you will need to put down anywhere from 10 – 20% of the purchase price as your down payment. The benefit of putting down 20% is that you can avoid paying Private Mortgage Insurance (PMI), which only protects the lender, but is an additional monthly expense for you, the buyer.
There are other loan options such as a Federal Housing Administration (FHA) or Veterans Administration (VA) loans which, if you and the property qualify, will offer lower down payments.
What is available?Currently, a buyer has quite a choice of homes for sale. There are plenty of new homes as well as resale or homes which have been previously occupied. There are also many short sale properties and foreclosures. These can provide a lot of value, but the purchase process is usually more complex.
If you choose to look at a short sale or foreclosure, make sure the agent you choose has experience dealing with this type of situation. Otherwise, it can not only be a very frustrating process, but the deal can potentially fall through for a variety of reasons.
Be patient!Be patient, not only to help find the best deal, but to maintain your sanity as well as that of your family members. Moving is stressful. There is no other way to look at it. Stay organized. Make lists. Plan your move. These things will not fall into place without some effort. Being prepared will allow you to have the best possible experience and will make home ownership very enjoyable.