Is Now the Right Time to Buy?
People choose to purchase a home for a variety of reasons. Space, privacy, proximity to family and friends, and a sense of community can contribute to the decision to buy a home. Tax breaks, transportation, amenities, and the opportunity to build equity are also factors. But the biggest reason cited by homebuyers is simply the desire to own. According to the National Association of REALTORS, 75% of first-time buyers are former renters. They prefer to build equity for themselves rather than for someone else.
What are your goals for buying a home? You might want a better home and neighborhood. You might want a different kind of living experience, such as moving from an apartment to a single-family home with a private garage and yard. Your family may be growing, so you have think about school districts and proximity to parks and other recreation.
Renting is a short-term convenience, and a great hedge when property prices are spiraling downward. But for long-term gains, tax benefits and building equity, owning a home is better. So how do you know if it's the right time to buy?
Only you know if you're in the right position to buy a home. Your lender will let you know how much home you qualify to buy. Your real estate professional can help you find neighborhoods and homes that are within borrowing limits. Compare the rent you're paying now with the monthly payment you'll be making including property taxes and hazard insurance.
Ultimately, you will know if it is the right time to buy if you can picture yourself living in your new home, comfortable with. your new neighborhood as well as with your mortgage payment.
To learn more about buying a property with Engel & Völkers Foothills, visit the link or give our office a call at 828.584.9999.
The Homebuying Process
Follow these steps
- Get prequalified - Your lender will look at your income, credit scores, revolving debts, obligations such as child support as well as the type of loan you choose. Other factors that impact how much home you can buy is the down payment; smaller down payments mean higher monthly payments. Last, the interest rate and terms (30-year, fixed or adjustable rate) will determine what you can afford in monthly payments.
- Make your wish list - Decide where you want to live and how many bedrooms and baths you'll need. Consider lifestyle - condominiums offer shared amenities, with little responsibility. Single-family homes offer more space and privacy, but much more exterior and yard maintenance.
- Hire a real estate professional - Your real estate professional should be expert in the area where you want to live and familiar with the type of home you want to buy. Your agent has house-by-house experience in your neighborhood and can offer the best advice on homes in your range.
- Select your home - No home is perfect, so don't let minor flaws influence you. Think long-term. Which home best suits the activities and needs of your household now and in the years ahead? Don't buy more than you need or can comfortably afford.
- Make an offer - Your offer depends on the current market. If a home has been on the market a long time, you can ask the seller for a price reduction, but if it's new on the market, the seller is unlikely to accept a low offer. Ask your real estate professional for advice.
- Get an inspection - A home inspection is a professional third-party opinion of the home's condition. The inspector will point out the age of systems, and large and small repairs that are needed, so you'll know what you're facing as the next owner.
- Get an appraisal - The bank appraisal determines the market value. If the home doesn't appraise for the purchase price, the bank will refuse to make the loan unless you renegotiate with the seller. If it appraises, the lender will move toward closing.
- Go to closing - Once final negotiations are complete, the parties to the transaction meet at the escrow office. This could be a title company, real estate attorney, or whatever is customary in your area. All paperwork is signed by both parties. The lender pays the seller, minus any liens against the home such as the seller's mortgage. Once all the disbursements have been made, you get the keys to your new home, according to your agreement.
Contact Engel & Völkers Foothills for assistance on your next real estate journey. Whether you're looking to buy or sell, trust the local experts. Our advisors offer their clients a wealth of knowledge and work to get them the most favorable deal.
828.584.9999
www.foothills.evrealestate.com
Things to Consider When Buying a Home
Buying a Home is Kind of a Big Deal....
Finding and purchasing a home that will meet your needs is a significant and often stressful time. Our goal is to make this transition as smooth as possible. We are experts in the area, and once we learn what it is that you're looking for, finding your dream home is simple.
Before you start looking for a home, you should ask yourself a few questions:
- Where do you want to live? Are there particular communities or neighborhoods that you like?
- What kind of house would you like (need)? Are you looking for a particular style? How many bedrooms and bathrooms do you want?
- Is a home office a necessity? Do you need a bonus room or flex-room?
- Do you entertain often? Is a home suitable for entertaining something you're looking for?
- Do you want a yard, pool, gated or guard gated community?
- Have you determined your price range or consulted a lender to determine the best price range?
Searching for your dream home can be a time-consuming experience. Working with our professional team will make the process much more efficient.
Learn more today by visiting our buyers page.
For all your real estate questions, contact Engel & Völkers Foothills.