5 New Year's Resolutions for Buyers
If you are not truly serious about buying right now, you won't be ready to commit to these resolutions. But it will give you something to think about for when you are serious.
For those who are really ready, my thoughts on what you MUST do are here. Take a hint.
GET PRE-APPROVED
Yep, this sounds like a no-brainer, but in my experience many buyers do not do this when they are first getting started. If you aren't paying cash, then you're going to need a loan from a bank. Not an easy thing to do these days even with great credit. You should check on interest rates since they are trending up, and explore the loan programs that may be best for your financial situation. Need someone to chat with? Let me know - I have some great mortgage connections here on AR
DEVELOP A PERSONAL BUDGET
The bank will say you can borrow $X. But what can you really afford? Since the bank does not look at living expenses other than credit cards and loans, what you really can afford in order to maintain the lifestyle you enjoy is likely significantly less. And you should consider what monthly payment you are comfortable with. Your personal budget is essential when you are house hunting so you don't waste time looking at homes that are well beyond your income and expenses.
DECIDE WHAT YOU WANT AND NEED
I include both since what buyers WANT and what they NEED are not always the same. We all have dreams of what we would love to have in our homes. Reality, unfortunately, often seems to step in and say - nope, you can't afford it right now. What is most important is that you focus on what is truly a NEED. The wants you can work around. Repeat after me - "there are always trade offs." Download my free home search questionnaire on my website.
GET EDUCATED ABOUT THE MARKET
You need to learn as much as you can about what is going on in the market - the inventory, what's selling, areas you like, pricing trends, and so much more. You need to spend time researching, both on-line and in person. And don't rely on the media for your education. They speak in generalities.
HIRE THE BEST REALTOR YOU CAN
It may sound self-serving, but I truly believe you will benefit from working with a knowledgeable REALTOR during the home search and transaction. This should be someone you trust, and like, and they need to really listen to what you need. But your REALTOR must also be honest and tell you the truth, not what you want or hope to hear. Your REALTOR needs to help you explore alternatives, solve problems, guide you through mounds of paperwork, assist during the due diligence process, enable you to make informed decisions, and be a sounding board. Not an easy task, but so much better that trying to navigate the process without guidance.
If you are serious about buying a home in 2011, it's time to get started. Have you made YOUR resolutions yet?
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ALL ABOUT THE CALIFORNIA RELOCATION DUDE
If I can provide more information about Carlsbad homes and real estate for sale and surrounding areas, the housing market in general (or locally), or otherwise assist you, friends or family in a home search or sale, please contact my mobile office or text me at (760) 840-1360 or email me at JeffDowlerSolutions@gmail.com
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