Get the latest real estate news to help you succeed in commercial and residential real estate. Learn about policy that impacts the market, mortgage rates, and best practices used by industry professionals and agencies. Find out why interest rates have increased rapidly and how this affects homebuyers and sellers. Also, discover the latest market trends and tips for sales and marketing.
How to Buy a Home
Home buying is a complicated process that involves finding the property, securing financing, making an offer, getting a home inspection and closing on the purchase. It’s important to be prepared by doing your homework before the big purchase.
The first step is to determine whether you are actually ready to buy a house. Make sure that you are debt-free, have a few months’ worth of expenses saved in an emergency fund, and have a clear idea of how much mortgage payments will be. Once you have a solid handle on your financial situation, it’s time to start looking at listings and researching the market.
Consider putting out feelers to friends and family for recommendations on real estate agents. Or visit real estate websites such as Trulia to connect with a Premier Agent who can help you find properties that match your criteria. Once you’ve found an agent, ask to see their credentials and references before hiring them. They will be your guide through the entire buying process.
Once you’re ready to begin, create a list of “wants” and “must-haves” for your new home. This will help you focus your search, and may point to areas where you can compromise on some things in order to get the house of your dreams. It’s also a good idea to talk to your lender before starting your search. They can review your finances and provide you with a pre-approval letter that will be helpful when submitting offers.
View homes in person as often as possible. Online photos can be deceiving, so it’s essential to tour the property in person before making a decision. Take note of the layout, number of bedrooms and bathrooms, and other important features. You should also walk around the neighborhood to get a feel for the area and see what other homes are like.
If you’re in a competitive market, having preapproval from your lender and being willing to submit an all-cash offer may help you stand out from the competition. Also consider putting together a package of items that will sweeten your offer, such as a short inspection period and flexibility with closing dates. These can be major selling points in a bidding war.
Selling a Home
Selling your home can be a complicated and time-consuming process. Whether you’re moving to a new city for a job or need more space for your growing family, there are many financial and personal considerations involved. To make the most of your sale, you’ll want to sell at a fair price and close quickly.
A good place to start is by gathering important paperwork and documents. You’ll also want to get a home inspection and repair any issues identified in the report.
Spring and summer are prime selling seasons in most areas. Tax refunds and the end of school inspire buyers to move, while warmer weather can bring in more traffic.
Mortgage rates are an important factor for homebuyers, as they directly impact how much a buyer can afford to spend on a property. Mortgage rates can either be fixed at a certain rate, or they can fluctuate with the benchmark interest rate. Real estate professionals stay informed of the prevailing rates in their area, as well as nationwide trends. This information helps them advise buyers on what kind of loan they might qualify for.
*Data provided by Podium.
The latest real estate listings, including homes for sale and open houses. Also, new construction and home price trends for residential and commercial properties throughout Long Island, Westchester and New York City. Plus, tips and advice for buyers, sellers and investors from top real estate agents.
Inman News puts breaking news into a real estate context each weekday. It also provides real estate professionals with the industry insights they need to navigate innovation and succeed.
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