As the new year sets in, new resolutions are also set - from eating healthy to becoming more present. When it comes to buying a home, these are the top five resolutions that can help you get ready for the market:
Be flexible: With low inventories across the country, it is important to stay flexible on price, location, and type of property. Even though you may have your eyes set on single-family homes, don't dismiss a townhome or condominium. You may find more options and less competition if you are flexible.
Save: Housing expenses can quickly add up. It's not only about saving money for a down payment, closing costs, and monthly mortgage payments, but also for occasional repairs and maintenance work. Start saving up as soon as you can!
Don't blow your budget: Although you may be saving money for a home, it can be tempting to buy a home that is overbudget, especially in today's fierce sellers' market. A good tip is to search for properties at least $20k to $50k below your maximum budget, so you can have some leverage in a multiple-offer scenario.
Less is more: Don't discount a home because it is not a certain square footage. Some smaller properties may have very spacious and open floorplans.
Make it your own: If a home is in need of some extra love, consider that you could purchase it for less and obtain a renovation loan, and make the home more yours.
Stay calm: Purchasing a home is likely one of the largest financial decisions you will make in your lifetime. As such, the process of finding and buying a home can feel somewhat stressful. Stay calm and focus on one step at a time. With the help of a trusted real estate agent and loan officer, your homebuying journey can be a lot smoother.
When you are ready to buy a home, I would love to review your financial goals to see if we can make owning a home a reality for you. We will review your credit report, discuss any repairs that may need to be made, and talk with you about your homeownership objectives. Call me today to set up an appointment!