For anyone who is beginning their new home search, especially first-time home buyers, the process can seem overwhelming. An added complication for Chicago buyers is knowing that homes do not stay on the market long. Even starter homes are becoming harder to buy because investors are scooping them up just as they are with traditional homes.
How can buyers commit to saying yes to a home when the market is so tough? The experts at Equifax share five tips in their article, “
Five Tips to Remember When Shopping for a Home,” to help buyers feel confident when purchasing their new home:
- Deciding on a budget before searching for a home is very important. Nothing is more disappointing than finding your dream home and then realizing it’s out of reach. Instead, make a list of how much you would like to spend for all costs including the down payment, closing costs, taxes and property insurance.
- Commit to purchase once you find a home. If you find yourself in love with a home, be ready to show the seller that you are serious by getting pre-approved for a mortgage. There is a lot of competition in the housing market, including investors who are ready to purchase a house in cash. By getting the pre-approval letter from your lender, you are letting the seller know you are serious and ready to by their home.
- Take time to learn about new listings. Many times, real estate websites will post homes that are “coming soon” when, in fact, they are not officially on the market. Spend time searching through the many listings that fitr your criteria so you don’t miss a great opportunity.
- Issues will come up during the inspections, and this is okay. Do not be too critical when it comes to repairs. When the inspectors tell you about the house, you will get to choose before or after you close. Look at what the inspector found carefully. Some of the repairs you can easily fix yourself or, for the costly repairs, you can ask the sellers to fix before you purchase.
- Do not emotionally invest in a home until you have thoroughly checked it and know you can afford it. Many times, we let our emotions control our decisions. However, it is important that you stick with the budget that you have set for yourself that you know is realistic.
There is a dream home for everyone and, with these tips, finding that dream home can be less stressful! Learn more by visiting the Equifax Finance Blog today.