The housing market is in a cooling period, but that doesn’t mean it’s a bad time to buy. If you’re selling a home now, check out our blog with tips on selling a home in this market. But, if you’re in the market to buy, here are some tips for you to be successful and enjoy a stress-free process.
Understand Your Budget: Deciding on your budget is one of the first things you’ll want to do when buying a home in any market. You’ll want to get pre-qualified before you get too serious, then once you’re ready to secure your financing, you can get a pre-approval. In fact, most offers won’t even be considered without a pre-approval. Check out our blog on pre-qualifications and pre-approvals for more information.
Save for a Down Payment: You don’t always need a down payment when securing a loan to buy a home, but if you’re able to get some money saved it will never hurt. Even if you opt for a loan where a down payment is not required, you’ll be one step ahead with some money ready to put against your loan right away. Read our blog on down payment requirements if you have more questions.
Work on Your Credit Score: It’s always a good time to work on your credit. There are many mortgage options for lower credit scores, but the best rates typically align with higher numbers. Consider your timing options for getting into a home and strategize how your can get that score up before you need to apply for the loan. For more information on loan options with poor credit, visit our blog here.
Get an Emergency Stash Going: Most home buyers end up putting some money into a home once they get into it. Even move-in ready homes that are exactly what the buyer wants will have some needs to make it their own. Saving money for emergencies or desired purchases will alleviate some financial stress. You can also use some of this money as earnest money to help secure a contract.
Be Patient: In our cooling market, buyers are finding they have more options than just a few months ago. Sellers are feeling the effects of the market shifts and negotiations may be a challenge still. Be patient with the process and try not let emotions be your guide. It’s a difficult task where home buying is so personal, but it will help if you can step back and slow down during the process.
Rely on the Experts: A crucial part of making the process enjoyable and stress free is to rely on the experts assisting you on your journey. Your team works in the housing market daily and understands the ups and downs. The right team will know how to help you best. Surround yourself with honest professionals and you’ll get to where you need to go.
For experts on lending, InterWest Mortgage has your back. We can offer referrals for other experts such as real estate agents, home inspectors, contractors, and more to make sure you have everything you need.
