Passively waiting for the right time to buy is one of the safest ways to lose out on thousands of dollars as well as miss out on your potential dream home. Savvy home buyers are staying active in the home buying process, even if they are not planning on making a move in the short term.
Smart buyers are researching listings, touring homes, watching market indicators and being proactive in their home search, because they know this increases their chances of making the best purchase decision undertaking other proactive efforts to increase their chances of making the best purchase decision be it today, tomorrow, or later this year.
Review these steps to help with a smooth and successful Real Estate Transaction:
1. Make sure your goals are realistic. Talk with a real estate agent to make sure your goals are clearly defined. Your agent should know what you want to buy, and why. Are you buying an investment? A starter home? Or your dream home? This will allow your agent to whittle your criteria down, and you can start to familiarize yourself with homes in your range.
2. Know your financing options. Its important to talk to a lender as soon as you start your home search. This allows you to get pre-qualified as well as learn all of the different financing options available to you. Financing options are always changing and its important to keep in touch with your lender on a regular basis.
3. Always know the market you are in. Make sure to talk with your Realtor at the start of your home buying process. You will also want to get frequent updates as to the condition of the market as well as any changes that can be anticipated in the future.
4. Understand the timeline. These are weird times in the Real Estate Industry. There are multiple types of properties available to purchase(Bank owned, Traditional, Short Sale) and each one takes longer to close. If you need to finish a transaction in a certain time period it is important to discuss this with your Realtor and decide which property types will be your best fit.