Stories such as the one featured on KCTV5 make our day. Homes are selling fast… homes that have been on the market FOREVER. Just watch for yourself:
Not only does this mean that the market is slowly rebounding from the recent downfall, but it means great things for homeowners and homebuyers, too. In a healthy market, sellers may expect multiple offers on previously owned homes. And buyers need to be ready and move fast when they’ve found “the” home they want to purchase.
Moving quickly to buy a home
Nothing is guaranteed in real estate and it’s not a one-size-fits-all industry. So many variables come into play – the sellers, the agents, the inspector, the appraiser and the mortgage lender. And while buying or selling a home is a harmonious synchronization of all of these players coming together toward a common goal – it can get convoluted in the midst. That’s why it’s important to take several smart steps when you’re on the hunt for a home:
Work with real estate professionals you trust.
Make sure to work with individuals who come with great reviews and referrals. Before you sign on to work with an agent, lender, inspector or more – do your homework. Do they have reviews online or testimonials on their website? Do friends or trusted acquaintances know them? We always recommend working with a local real estate professional – nobody else is going to know the market better. And it’s always a plus when you work within their network. If your agent is referring a lender or appraiser, it’s a good sign that they’ve done business with them in the past and historically had a smooth process.
Get a pre-approval letter.
As a lender, I encourage all homebuyers to have a pre-approval letter in-hand before they look at houses. Not only does this help limit your search (and save you time), but it also is a good sign to the sellers that you’re serious. A pre-approval shows that you’re in good financial standing to purchase a house, that you know what you can afford, and that it’s highly likely that the deal will go through under all foreseen circumstances.
Be prepared for the appraisals & inspections
Part of the home buying process includes appraisals and inspections. I specialize in government home loans (FHA, USDA & VA), which require appraisals as part of the home buying process… as well as termite inspections and more. Be prepared that once you’ve made an offer on a house, there are more processes to come. An appraisal is required to guarantee the property is eligible for your home loan. A home inspection is advised to protect you as the buyers before you make a large investment. Budget for these two expenses that will come your way, and be prepared to make time for them as part of the process.
Look into qualifying for government loans
There are several programs out there for buyers wanting to purchase a home without a conventional loan. Programs like USDA, FHA and VA can help reduce fees and down payments, and truly make home ownership an option for those who don’t qualify for “traditional” loans.
It’s an exciting time to buy a home! The market is healthy and rates are still low.
If you’re in Kansas City and ready to begin the home buying process, give a me a call to get pre-approved.