Looking for a home can sometimes be tough. In a seller’s market, it may be quite difficult to find a home that meets your needs within your price range. However, you shouldn’t give up. There are strategies and tools that can give you an edge over the competition. Below are seven things you should consider trying to nail the house of your dreams.
1. Improve Your Credit Score
Being able to obtain the house you want requires getting approved for a mortgage you can afford. To do that, you are going to need a healthy credit score. Obtain your credit score and then take steps to improve it by changing your spending behavior and bill paying habits. You can also obtain a credit report from each of the three credit reporting agencies once a year. Fix any irregularities that appear on those reports.
2. Make Sure You Have Significant Savings
While the mortgage will be used to space out payments for your home over a period of decades, you will also be required to make a down payment. This down payment can be as high as 20 percent of the value of the home you purchase. Large down payments may be required for more expensive homes. Begin saving immediately.
3. Get Preapproved for a Mortgage
Obtaining a preapproval for a mortgage can help ensure that you are able to close on a deal for a house much more quickly than would otherwise be the case. It does, in fact, remove one of the big steps from the process. It can also allow you to know what homes are within your price range and which are not.
4. Deal Directly with Home Builders
While you may like shopping for homes the traditional way, you may not be satisfied with what you can find. If that is the case, you may want to form a relationship with a home builder to either build a home to your specifications or help you find one that has already been constructed that meets your needs. For example, if you are searching for homes for sale in Utah County that were constructed by builders you know, you will have a definite advantage over other buyers in those counties.
5. Limit Your Requests
In a competitive market, home sellers can pick and choose who gets the home. In this kind of situation, it may be advantageous to limit your requests for maintenance to be performed on the home or buy a home before your current home is sold.
6. Try to Be Flexible
If you have to deal with a lot of competition from other homebuyers, you should try to be more flexible than if it were a buyer’s market. This will help appease the seller and make sure you are chosen over other buyers that are pickier. For example, you could try to be flexible in regards to the timeline the seller prefers. While it may take longer to finish the process, letting the seller choose things like the closing date can produce a lot of good will.
7. Do Your Research
Buying a home is not something you should leap into head first. Before you even begin looking for homes to buy, you need to do a lot of research. This includes educating yourself on the homebuying process. It also includes research to determine the fair price for a home in the area you want to move to. Educating yourself first can help you avoid any significant mistakes.
Overall, a home is the most significant purchase most people will make in their lifetime. While buying the home you want isn’t always easy, use the tips above to help make the process quicker and smoother and to ensure that you get the home you want at a fair price.
Author: Lizzie Weakley