Over the past 2 years, there is no doubt that home search has been quite challenging, especially for first-time home buyers. Some may even have given up looking for one, because most properties listed are taken almost as soon as they've been listed.
The good news is, the supply of homes is increasing bit-by-bit. This means buyers are having more options and opportunities in buying a home. Whether you are looking for a home on Long Island or a home in any city, here are a few tips that might come in handy when purchasing your dream home:
1) Know Your Homebuying Power
Mortgage rates have been fluctuating lately, so it is best to stay up-to-date. Even a small change in mortgage rates can affect your budget. In general, when mortgage rates rise, there is a chance that you exceed your budget unless you go for a lower amount of home loan. When mortgage rates go down, your purchasing power may go higher, which means the range of your options could go broader. In the sample chart below, your budget for monthly mortgage payment is within the $2100 to $2200 range. Those in green are payments that are within or below the budget range, while those in red are beyond the budget range:
Image source: Keeping Current Matters (KCM) and mortgagecalculator.net
2) Expand Your Search Options
Yes, there is an improvement in the supply of homes. On the other hand, the numbers are still lower compared to the previous years. Markets don't change instantly. As much as it is slowly shifting into a buyer's market, it is still considered a seller's market. If you are keen to find a home today, it is good to consider other options.
For instance, if you are looking to buy in a city where the prices are beyond your budget range, try looking into other places that may also offer the things that you are looking for in a neighborhood. You might be surprised with the options that you find.
3) Get Expert Guidance
The homebuying process is not something that can be explained plainly because it is in itself composed of various terms and steps that may vary on a case-by-case basis. This is why you need to work with an expert who can help you through the process step-by-step, so you can get into the home of your dreams without worrying about the jargon, headaches, and other complicated parts that only real estate professionals understand easily. Don't buy a home without consulting a Realtor® first.
Curious to know more about your local home market or how to buy a home in a different state? Want to move out of town and sell your current home? Simply curious about the real estate world? Let us know your thoughts, we're always willing to help!
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