For most people, the finances are the most stressful part of buying a home. There is much to consider from the time you create a budget to the time you are negotiating with a seller. With this, here are a few important home finance tips for buyers today.
Don’t put too much stock in Zestimates.
Online zestimates can sometimes be helpful when searching for your next home. However, buyers need to understand that they oftentimes can have a wide margin of error. In most cases, the best way to determine if a home is priced accurately is to lean on the expertise of your agent. Your agent should know how to look at comparable homes in the area and know if a home is priced correctly.
Don’t assume you won’t qualify for a loan.
Do not assume because your credit is not great that you won’t be able to qualify for a loan on your home purchase. There are many resources available to you to find alternatives to conventional bank loans. Be sure to consult a mortgage broker because they will help you explore your options.
Always anticipate bidding wars.
In a sellers market where inventory is low and there are many buyers on the lookout for their next home, bidding wars are especially common. However, even with that being true, a buyer needs to accept that bidding wars are always a possibility. Many buyers find success in their home search by looking at homes that are at the lower end of their price range so they can bid higher if necessary.
