You’ve landed your dream job and dreamier spouse/partner/whatever. Suddenly, you find yourself thinking about putting down roots, moving out of your noisy apartment and buying a house. Slow down just a bit. It’s a huge step. Taking on a house usually means an increase in your monthly outlay for mortgage, utilities and maintenance, plus a time commitment for keeping the yard in shape.
Still, it’s the American dream — to go along with the job and spouse. Before you find yourself mired in a nightmare, read through our list of things to keep in mind to help make the dream that much sweeter.
A buyer’s market is when there are more houses for sale than there are buyers for them. That happened early in the recession when, after the boom in new home sales, suddenly there were more new homes than builders could sell. The buyer’s market continued as the recession lingered, people lost their jobs, foreclosures peaked and housing prices tanked. REP Calgary Homes can provide you best service which you are looking to buy a home
The opposite, a seller’s market, occurs when fewer houses are on the market than there are buyers. The run up to the recession was a booming seller’s market in most areas of the U.S. With several buyers often bidding for the same house, home prices kept reaching new heights.
Talk to a real estate agent in your area who can help you understand the market and how it’s currently impacting buyers.
Buying a house is not like buying groceries — or even a car. It can be a complicated process involving a lot of paperwork that often makes little sense. Here are some of the general steps (specifics vary by state) that you will need to take as you prepare to sign on the dotted line.
Once you’re under contract:
- Apply for a loan. Just because you’re preapproved for a specific amount doesn’t mean you’re approved for a loan. Your lender can help you understand the loan process, including the documents you’ll have to provide and the loan costs involved.
- Have the house inspected. A professional inspector can uncover problems that you may not find otherwise.
- Gather your funds for closing. You may have to have certified funds (a bank check — not a personal one) for the down payment and closing costs.
Buying a home can be a stressful undertaking. The best plan is to work with a real estate agent who understands the market in your area and will help you find the affordable home of your dreams.
