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Jul 6 2018 60051 1
STEPS TO TAKE BEFORE BECOMING A HOMEOWNER IN 2018
Employment growth, rising home costs and limited inventories has all contributed in boosting the real estate market in Ohio. Looking to buy a home in one of the country’s biggest real estate market may sound simple enough, but in reality, it covers a great deal of ground.
This is because it is a competitive market out there and a seller’s market where the demand for houses is high and the supply of properties is low. With these few tips, you can find the home of your dreams, bid for it and win it.
STEP 1- Get Pre-approved
The first step towards buying a house is to ensure you are pre-approved for a mortgage before you even commence the house hunt. A lot of buyers get pre-qualification letters which is quite distinct from being approved for a mortgage. While being pre-qualified for a mortgage only confirms your income & credit profile which determines the amount a bank may lend you, getting pre-approved means your credit have been examined by your lender and has determined what you can afford in terms of mortgage.
You have a chance to beat the offer of other buyers when you submit your offer along with the pre-approval. It not only shows that you are serious and ready, this also shows you are capable financially to close the deal quickly.
STEP 2- Choose a Professional and experienced Realtor
Your realtor will play a vital role in your home buying experience most especially for first time buyers. Your real estate agent will show you homes that match your criteria, guide you through the home buying process, and also help you with negotiations for the best offers and with closing documentation.
STEP 3- Let there be a limit to the contingencies in your offer
In a situation where there is a multiple bid, sellers would always go for clean offers. So to buy a home quick in a very competitive market, you as a buyer should avoid having in your contract a lot of contingencies. As this will only make the seller choose other offers over yours.
STEP 4- Be Flexible
Sometimes there might be a buyer who outbids your offer to the seller, but your offer may seem very attractive to the seller if you are being flexible. You can be flexible by offering to close at a later date especially if the seller needs to get a new house at that time. This way, there’s a high possibility of your offer being chosen over the other buyers.
STEP 5- Get ready to move fast
You need to be faster than the average buyer out there, as it is a competitive real estate market with a lot of buyers looking to bid for homes just like yourself. In order to be ahead of other buyers, you should carry out adequate research on the type of home you want and your preferred neighborhood. This should be done three-to-five month in advance.
Formal Announcement- We Welcome Rachel Kent to Harmony Realty Group! Energetic, passionate and all about the customer. Rachel grew up in Northwest OH, she moved to the greater Toledo area in ....