Move Up Buyers

If you’re thinking of buying a first-home or perhaps trading up to a bigger home, you need to prepare for the home-hunting and home-buying process.

For most people, the biggest obstacle to purchasing a house is coming up with the cash for a down payment, closing costs and other home-related expenses.

That helps explain why buying a home is currently one of the top things Americans are saving for, and 8 out of 10 people think the right age to start saving for a home is in your 20s, according to a recent Chase survey on the modern home buyer.

But even if you’re in your 30s, 40s or 50s, saving as early as you can, and as aggressively as you can, will help you in your quest to become a homeowner.

No matter how much you might fall in love with a home, don’t buy a house that is overpriced.

Real estate values are always driven by local market conditions. So when considering a home that’s for sale, have a strong sense of comparable prices, or market comps, for similar homes in the neighborhood.

Understanding local prices, and how light or heavy demand is in your region, will make you a more strategic buyer who doesn’t overbid or underbid on a given home. Besides, if you agree to an unrealistically high price, the house will likely appraise for less, and no lender will offer you a mortgage under those conditions.

1. Check your Credit Report
2. Make sure you have adequate savings
3. Enlist the aid of the pros, find a qualified Buyer’s Agent
4. Get pre-qualified for your mortgage
5. View with your heart – but buy with your head

By using these five tips, you’ll reduce the time, stress and effort it takes to find and finance the home of your dreams.
Happy home-buying!