At Oakstrand Realty, we understand that purchasing real estate can be a complex process. To make the process easier, it's important to be well-informed and to have a clear understanding of the steps involved. Here are some helpful tips that can help you make the right decisions when it comes to buying real estate.
When it comes to buying a home, the right time is always now, provided you are prepared. The real estate market fluctuates, so it's important to make sure you have done your homework and found the home that best suits your needs. Additionally, waiting until the fall season can be beneficial, as it is not peak market season and you may be able to make lower offers on a home.
If you're looking for a brand-new home, consider purchasing one in the fall. Builders often discount their inventory and offer incentives around September in order to make sales before the end of the year. Prices of homes that don't sell in the fall are likely to go back up in the spring.
When making a purchase decision, it's important to think about what it will be like to live in the home for 10 or more years. Assess the trend of the neighborhood, and consider whether the house is laid out to accommodate a larger family if yours expands during that time.
It's also important to know your budget before beginning your search. Experts suggest that housing costs should not exceed 30% of your monthly income. Make sure you have room in your budget for unexpected expenses such as repairs or remodeling before committing to a loan. If it seems like too much of a stretch, it's probably too expensive.
When looking for a home, be sure to consider Home Owner Association (HOA) fees. In some cases, these fees are minimal, but in other cases they can be quite high. Make sure you read all the disclosures your real estate agent provides, and ensure you can still afford the monthly payment on your new home.
Finally, keep your eyes open for vacant real estate. Vacant homes are often indicators that the previous owners are ready to sell. The longer the home sits empty, the more motivated the owners are likely to be to sell.
At Oakstrand Realty, we strive to make the home buying process as easy and stress-free as possible. We hope that these tips have been helpful in guiding you through the real estate purchasing process. If you have any questions or need assistance, please don't hesitate to contact us.