I'm Ready to Buy a Home. Now What?

I think I’m ready to buy a home, now what do I do?  Has this thought gone through your head?  Does the whole process seem overwhelming?  It does not have to be.  If you are prepared and you have the right support behind you buying a home, whether you are a first time home buyer or this will be your 20^th home, does not have to be a daunting task.  Let’s discuss the steps to buying a home.

GET PRE-APPROVED. 

Before you begin your home search, get “pre-approved”.  It is very important to know what you are comfortable with spending when buying a home.  Nothing is more disheartening than to find your perfect home, only to find out that it is not possible for you to buy.  One of the best places to start is with your banking establishment or an institution you have established a relationship with.  Interest rates are very favorable at near record lows.  Shop for the best bank rate and loan cost you can obtain.  Team Johnson will be happy to assist you with this.  We have the contact information for some great people that really take care of our customers. 

Pre Qualifications are better than nothing but a pre-approval will really help you out in the long run.  What is the difference?  A pre-qualification is done by supplying the bank with your overall financial picture.  You tell the loan officer your income, debt, and assets.  The lender then gives you an idea of the mortgage amount you qualify for.  This does not include an analysis of your credit report or an in-depth look.  A Pre-Approval is more in depth.  You will have to supply your lender with the necessary documents to perform an in-depth look at your financial background and current credit score.  The lender will be able to tell you the exact amount you are approved for.  Many sellers will not accept a pre-qualification.  It is best to get the ball rolling as early as possible so go for the pre-approval.

FIGURE OUT YOUR WANTS VS. NEEDS

Make a list of what you need in a home, and number the list in order of importance.  Make another list of what you want in a home, and number that list in order of importance.  Take this list with you on all showings.  It will help you dissect the information about each property.  Also, make a likes and dislikes list for each property and assign an overall “rating” number between 1-5 for each home you see.  Try to limit your final selections to 3-5 properties.  Consider if your final selections will meet your needs for the future.  We can provide a check list for you. 

CALL YOUR REALTOR®

As we have stated in previous blogs, you could drive yourself crazy searching sites like REALTOR.com, Trulia, Zillow, etc looking for a house.  Keep in mind using sites like this doesn’t hurt anything but they are often out dated.  For example, we received a call about one of our properties that someone found online and the property sold 6 months ago.  You don’t want to spend hours searching homes online just to find the one you want, and then it’s under contract or sold.  You also don’t want to compile a huge list of properties you want to see.  It is impossible to show 20 houses.  You will want to narrow your choices to between 3-5 properties at a time.  Your REALTOR can make the showing appointments and show you the home.  If you like what you see, it’s time to write an offer.

TEAM JOHNSON has a team of REALTORS working to find you your perfect home.  We are members of 3 local MLS boards and can show you any property as far south as Palm Coast, as far west as Palatka, as far north as Jacksonville and everywhere  in between.  Give us a call at 904-495-0146 or email us at teamjohnson@watsonrealtycorp.com