Hello! Happy Tuesday and the 1st day of October! We think that it’s now officially acceptable to embrace the fall season. Go hang the autumn decor, sip on all things pumpkin spice, and don’t forget to turn those heaters on cause it’s getting chilly outside!
This time of year tends to be hectic for many people as calendars fill up with family get togethers, company parties, and all kinds of necessary end of year tasks. The majority of people are busy and have put their goals of buying a home on the back burner. If you are serious about getting into a new home before the new year, it couldn’t be a better time to hunker down and get looking!
The competition will continue to drop as the holidays near, so your chances of getting into a multiple offer situation is significantly less. Also, those that are keeping their house on the market or even just now listing it are likely highly motivated to sell before the new year! Keep a look out for competitively priced inventory and frequent price drops as sellers get more anxious to find a buyer.
We want to make sure you are ready to move forward quickly, so here is some professional advice we recommend taking to best prepare for buying a home. It may have been a few years since you purchased property or maybe this is your first time. Things have changed a bit and it pays to be aware of these changes. Since the recession and the sub-prime mortgage meltdown, banks have become more stringent in their lending standards which has an effect on people buying a home. Here are some things you can do now to prepare:
- Get a copy of your credit report – go to annualcreditreport.com and download a free report from each of the three credit agencies: Equifax, Experian, and TransUnion. Review and make sure everything is accurate. If there are discrepancies, get them cleaned up.
- Determine your down payment source – will you be using proceeds from your current home for your down payment? A savings account? Borrowing money from a family member? Receiving a gift from a family member? Different paperwork is involved with each which your lender would be happy to go over with you.
- Meet with a lender – a quality lender has your best interest in mind and wants to help get you set up with a loan program that fits into your budget. Sitting down with a lender gets you honest and professional feedback in regards to your debt to income ratio, credit history, and a comfortable price range.
We want to help facilitate this next step in your life, so please don’t hesitate to give us a call for further information on a property of interest or if you’d like us to set up a specific search. Our goal is to get you in that new home without the stress that can come up when making such a large purchase. Enjoy your holiday season and remember we are just a phone call away!