Tips For Home Buyers

(Many housing markets across the United States are now considered buyer’s markets because they have a surplus of homes for sale on the market with prices continuously falling.)

Any area with more than a 6-month supply of homes available is considered a buyer’s market. This means good news for buyers and bad news for sellers.

If you are one of the lucky few that are actually financially and emotionally prepared to buy a home right now, things could not be better for you.

You have plenty of homes available to choose from, and prices are consistently dropping in most parts of the country. The ball is definitely in your court. But whether you are a seasoned home buyer or embarking on your first home buying journey, there are a few things to keep in mind before, during and after the home buying process.

A recent article posted on re-articles.com, “Before you buy a house – top ten tips,” by Stuart Simpson, discusses some important points that every potential homeowner should learn or review.

“There are several things you need to think about and check on before you buy a house. Even looking at so many houses can be confusing.”

The first thing to do is to think about the financing aspect of buying a home. Unless you are sitting on a couple hundred thousand dollars of cash, you are going to need to take out a mortgage. And, contrary to popular belief, not everyone who applies for a mortgage actually qualifies for one.

“Pre-qualify for a mortgage. Now you know how much house you can afford before you start looking. This will narrow your search and keep you ‘real’ and not disappointed on houses you can't afford.”

Once you know how much house you can afford, you can start your house hunting for houses in your specific price range that fit your specific needs.

Start by looking in neighborhoods that you can picture yourself living in, and if you have children, look for areas with good school districts.

“Shop till you drop. Don't stop at the 3rd house and say that's it and pick one. You should look at a bunch of homes to get a good comparison. You should look at 15 homes at least as an average guideline.”

“Log your visits to potential houses. Sounds silly, but after you look at several, it can get confusing later on. Write down advantages and disadvantages of each house. Even draw a simple layout sketch to refresh your memory.”

After you have found a house that you think will work, getting a home inspection is the next step. It is a very important step because if there is anything wrong with the house, the inspector will notify you which will save you a lot of time and stress in the long run.

“Found the house you want? Ready to make an offer? Not yet. Hire a professional inspection service. Once they make their inspection, you are better armed with any potential problems and can adjust your price accordingly.”

Once everything is free and clear you can start the negotiation process and make an offer on the home. If all goes well, and the offer is accepted the home could be yours in a matter of weeks.

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