The current housing market presents unique challenges, including rising home prices and tight inventory. Here are 3 steps to help you overcome these hurdles and achieve your homeownership goals.
Prepare Your Financials
Build and maintain a good credit score and save for a down payment. 20% is considered an ideal down payment, however, there are lending programs that allow for a much smaller percentage. So, remember to take the time to research different loan options or assistance programs you may qualify for.
Identify What You Want in a Home
Identify the key factors you need in your ideal home. For instance, condos, townhomes or fixer-uppers might be more budget-friendly but may not suit your specific needs. When thinking about your essential aspects, keep the following in mind: the minimum number of bedrooms and bathrooms, parking requirements, proximity to schools, work, and recreational activities, and possible Homeowners Association (HOA) fees that could raise your monthly expenses. If you are unable to find these features in your current area, you may need to expand your search to nearby cities which could provide more choices.
Find a Real Estate Agent
When you’re ready, you’ll want to work with a skilled real estate agent. An agent with deep knowledge of your local area’s market can provide insights on the best times to buy and the most promising areas. They may even have connections that can help you learn about listings before they hit the market.
Get a Pre-Approval Loan
You will also likely need a loan pre-approval. This is important so you can act quickly once you have found a house you are interested in. But be patient and flexible. The market is competitive. More so during peak seasons. Regularly check listings and be prepared to visit properties as soon as they are listed. The market may be challenging, but staying patient and continuing to look can eventually lead to success.
Needing help with figuring out what mortgage loan is right for you? Check out SESLOC’s Home Loans or contact the SESLOC Lending Team.
