In First Time Homebuyers, For Homebuyers

How Do Homebuyers Prepare to Buy in a Hot Market?

 

We’re in a market where a house goes up for sale, but then, before you can even get in to see the house, it’s already pending. This can be an overwhelming and stressful experience. 

Currently, we’re living in a hot market where sellers will get what they’re asking for 97% of the time, or their house isn’t even on the market for more than a couple days — if not hours. Because of this, it’s crucial as a buyer to be prepared! Even more so as a First-Time Home-Buyer! Below, you’ll read the top three things you, as a buyer, need to do to come in hot in this hot market. 

  1. Talk to a lender.
    Don’t freak out, but talking to a lender is one of the best things you can do. I know that sounds intimidating, but talking with a lender is CRUCIAL! Why? It will put you one step ahead of everyone else! When you talk with a lender, you start the process of getting pre-qualified. Meaning, you’ll share all your income and expenses so the lender can plug in all your numbers with the current market interest rates and other fees in order to tell you the grand total you are approved for! After being pre-approved, the lender will then send me (your realtor) the pre-approval document! This document is the biggest document that will give you leverage when making an offer on a house. Basically, this document says, “I’m so serious about buying your house that the lender has already told me how much money he will lend to me.” This is HUGE and can make all the difference when putting in offers.
  2. Start saving your money now!
    Buying a home isn’t easy — otherwise everyone would do it! It’s important to know that it will take some money to get into your first home. Unless you qualify for down payment assistance through the government, you’ll want to save up a good chunk of money. 

*Here are your two main expenses when buying a home: (1) the down payment, which is usually 3-3.5% of the purchase price; and (2) closing costs, which we’re able to negotiate with the seller to pay some or all of. However, it’s always a good idea to have at least a couple grand set aside for that.

  1. Understand you probably won’t find your DREAM home.
    Set your expectations low. Remember, the chance of finding a home that you love every part of most likely isn’t in your budget. You’ll want to come to terms with the idea of having to narrow down your “dream home list.” This is your first home — and, typically, nobody’s first home is everything they ever wanted. You have to start somewhere — and that’s perfectly okay!

 

With these three steps, I know you’ll be prepared and be able to come out on top. My very last step for you would be to make sure you find a realtor that best fits your needs! Buying a house is a huge expense and you’ll want to make sure you have someone willing to fight for you and be on your side! My name is Kylie Elliott and I am a First-Time Home-Buyer Specialist and love what I do! I would love nothing more than meeting up with you and start putting together a game plan on how to get you into your first home!  

 

About the Author:

 

 

 

 

 

KYLIE ELLIOTT

FIRST TIME HOMEBUYER SPECIALIST, REALTOR®

928-848-8922 || kylie@prescottrealty.com

Kylie specializes in helping people who want to purchase their first home someday that might be currently feeling overwhelmed, scared, underprepared, lost or uneducated. She’s passionate about guiding her clients through a journey that’s exciting, fun and super rewarding! Kylie believes you shouldn’t have to go through it feeling alone.

 

How Do Homebuyers Prepare to Buy in a Hot Market?

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