paper house with Magnifying Glass, House hunting on wooden background
If you’ve been paying any attention to the housing market at all lately, you know how crazy things have been. Prices and rates have risen rapidly, so much so that it can be difficult to keep up with how everything is going. That doesn’t stop people from needing to move around and purchase homes. If you want things to go in your favor, you can’t afford to go into it blindly. So what should you do?
Do All the Research You Can
The right information is invaluable when it comes to buying a home. It can help you choose the right area to live in and what homes you should be looking at once you’ve decided where you should be looking more closely. Research things like local crime rates, the schools (if anyone in your household is attending school), and the cost of living in the area. From there, research the local real estate market so you know what to expect during your search for your new home.
Hire a Real Estate Agent
Researching the local real estate market can be easier said than done sometimes, especially if you want to know how an area is trending. Consider hiring a local real estate agent to help you. Any good agent makes it their business to be familiar with the ins and outs of the local market. Talk to them about what you’re looking for in a home so they can help you find a home that meets your needs and your budget. Don’t worry about how many hours it takes. Real estate agents are typically paid on commission. Commissions usually come out to be about 6% of the home value. That 6% usually gets divided between the buyer’s and seller’s agents. It’s often paid by the seller, typically by using the proceeds from the sale of the home.
Get Pre Approved
Out of all the real estate-related numbers you should know, one of the most important is how much home you can afford. That will help your agent know what houses to show you so no time will be wasted on homes outside of your budget. Take it a step further and get preapproved for a mortgage loan. Not only will that give you a better idea of what homes you should be looking at, but it will also help speed things along once you’ve found a home to make an offer on.
It’s always best to know what you’re getting into before things go too far, especially when it comes to the housing market. Do everything you can be informed, hire a real estate agent to help you, and get preapproved for a loan before you jump in. That will help you get off to a good start and increase your chances of having things go smoothly as you go through the process of buying a home.
Check out this article on risks that come with investing in real estate!