You will hear it said that today we are in a buyer’s market. The current real estate market is primed for buyers to purchase due to a huge inventory of homes to choose from and low interest rates. If considering buying a home, now may just be the time to take action.
Before answering “Is now the right time to buy?” some homework will be necessary. There may be a surplus of homes on the market, but buying a house will depend on the financial situation of the individual buyer. Take these steps to craft a plan of action to make buying a home now, or in the future, a positive and lucrative experience.
Step One – Contact a Trusted Loan Officer
A loan officer will be able to review income, financial history, credit reports, and other documentation and advise the buyer on how much of a loan they can qualify for. There are literally hundreds of loans available, which is why consulting a loan officer is a smart thing to do. A loan officer understands the various products available and will present one or more options that best suit each individual buyer. Should the buyer not qualify for a loan at this time, they will come away from the experience with an understanding of what actions they need to take in order to qualify in the future.
Step Two – Hire a Buyer’s Agent
A buyer’s agent is an agent who works on behalf of the buyer, representing the buyer. The services should include negotiating for the buyer, consulting the buyer, listening to the buyer’s wants and needs, assisting in identifying the potential of a property, showing the houses to the buyer, providing market analysis on houses the buyer is interested in, determining fair market value, and assisting in the completion of documents to purchase the house. The initial consultation should help you determine if the agent is someone you can work with. A buyer should interview two or three buyer’s agents in order to find the best fit for them personally and professionally.
Step Three – Consult Other Recent Buyers
This may include family members, friends, and co-workers. They will each have different experiences depending on a variety of factors, but it is good to start becoming familiar with what occurs during a real estate purchase. People do love to talk about their experiences buying a house, and it’s your job as a home buyer to listen closely. Take it all in, then make a determination based on facts.
Is now the right time to buy? The answer may be “Yes!” But first the buyer must understand how much of a home they can afford as well as the ins-and-outs of the real estate process. Consult a buyer’s agent who understands what you, the buyer, wants. Because, in a buyer’s market, there are hundreds of options available to the buyer who is prepared and has a plan of action in place.