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Tips for home buyers in this changing market

Friday, September 2, 2022   /   by Laura Larson

Tips for home buyers in this changing market

Being financially and psychologically prepared can make all the difference if you're thinking of buying a home this year. Use this five-step checklist that could improve your chances of getting the house you want.

Finance
To determine your budget, use a mortgage calculator. Note your comfort level for a down payment and monthly mortgage payments. Consider closing costs, in addition to your down payment, closing costs might be up to 5% of the purchase price. Compare rates from different lenders, and get pre-approved for a mortgage loan.

*Buyer tip: Lenders can assist you in locating special programs, like VA loans, estimating your closing expenses, and deciphering annual percentage rates.

Present your best offer
According to research, 41% of agents believe that in the current market, making a cash offer is the best way to compete. To strengthen your offer put in additional earnest money or a larger down payment. It's crucial to always submit an offer as soon as you can.

Don't take unnecessary risks like forgoing an inspection contingency or underestimating the cost of repairs.
Have you thought about whether the following features meet your expectations before making an offer: Location, condition, size/layout, and surrounding neighborhoods?

Seal the deal
Closing can be expensive and stressful. The official loan estimate, which contains an itemized list of closing expenses before purchasers can close, is something first-time buyers should check for. The closing fees of reputable third-party closing providers can be compared by home buyers.
Larson Fine Properties
Laura Larson
7294 Joffa Circle
Warrenton, VA 20187
703-743-4410

The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which Larson Fine Properties participates, and is provided by BRIGHT through a licensing agreement. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on this website may no longer be available because they are under contract, have Closed or are no longer being offered for sale. © 2022 BRIGHT, All Rights Reserved Information Deemed Reliable But Not Guaranteed. Data last updated: September 29, 2022 7 PM.
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