Buying a home today is a little more challenging than it has been over the past 10 years. We went from having to qualify for a home to everyone deserved a home. That’s a big change in thinking. This shift in the market gives a savvy and prepared buyer a great opportunity. Below are 3 points to follow when buying your next home.
1. Talk to a mortgage professional about your financial situation to determine what loans will meet your needs. It’s important to know how much house you can afford based on your down payments and income. A mortgage lender can provide you a Pre-Approval Letter that will greatly improve your negotiating power with a seller. Many sellers require a buyer to be pre-approved before even showing the home.
2. Have a meeting with your real estate agent to discuss what you are looking for in your next home. Come up with a must list and a wish list. This may change, but will provide your real estate agent a “shopping list”. A seasoned agent will have a working knowledge of the local market and will save you tons of time in your search.
3. When you find the home of your dreams, your real estate agent will work on your behalf to ensure the best deal possible. A good agent will pull comparable sales of the local market to ensure you are not overpaying and should get an idea of the motivation of the seller. While negotiating price is a major factor, it’s only a part of the overall process. Buying a home entails inspections, appraisals, a number of unexpected issues that always arise.
***If you must sell your current home to afford the new one, consider placing the home on the market before starting your search. Your negotiations will be from a stronger foundation if the home is under contract.***
For questions on the home buying process, feel free to give 4th Avenue Property Management a call. We have been selling, managing, and buying homes in the Gwinnett County area for more than 18 years.