Searching for a home can be an exciting, hope-filled, stressful, & uncertain experience, all simultaneously. To help alleviate a quantity of this stress & uncertainty, it is suggested that you generate a "Wants & Needs" assessment. It may sound simple, & it is, but it can save you a great deal of time in narrowing down homes to inquire in to & preview. Walking through homes that have everything you are looking for, except that extra bedroom, extra bathroom, full basement or other component you cannot live without, can be a frustrating experience. No need to fear! Gather your relatives, get comfortable, & start your assessment. Basically list items which are "must haves" as your NEEDS, & items you would "like to have" as your WANTS. This exercise will force you to take a more in-depth look in to two of the most important purchase decisions of your life. It will also help to keep things realistic. If you have a $150,000 limit to purchase a home, but you think you need a 10,000 square foot mansion with gourmet kitchen, gym, indoor swimming pool, tennis court, & manicured gardens in Beverly Hills, you may need to reconsider your needs or play the lottery. OK, that example is extreme, but I think you get the point. Take a realistic & honest approach to what you need. Two time you start searching for homes that meet your needs, any additional "wants" will be an added bonus, & may help you to pick on two home over another. dallas homes for sale
Lots of real estate professionals think about price, promotion, & condition are the most important controllable factors affecting the Albany Homes For Sale, with price being the most important of them all. If you think about it, much anything will sell if it is priced right. An elderly non-classic beat up automobile would probably not attract lots of buyers at an asking price of $10,000, but at $500, fixer-upper buyers suddenly appear willing & able to purchase the vehicle. Market value of real estate is determined by what willing buyers will pay within a reasonable time period. How do you decide the market value of your home? The most common method used is the Comparative Market Analysis, also known as a "CMA". The CMA document will include comparable properties that closely match your property's characteristics & location, which are currently for sale or have recently sold. The purpose of the analysis is to arrive at an estimated fair market value, or the price at which a home will sell within a reasonable amount of time. Major factors that affect the value of a home include location, competition, market timing, & condition. Most real estate agents will be over happy to prepare a CMA for you free, & you may need to request an analysis from over two agent. A professional appraiser can also be employed to decide home value. An appraiser can be helpful where there's no comparables that closely match your property's characteristics & location.
Buyers, on the other hand, are often left with a limited number of choices. This is on account of the fact that most of the homes that the early settlers had built are located close to the road or lack proper planning that is characteristic of modern day construction. So even if you are willing to pay a lump sum, you may not finish up getting a house that would match all your requirements. dallas homes for sale
Tuesday, February 9, 2010
A Quick Guide to Buying Your First Home
If you are a first time buyer then there are a few things you should know before you enter the world of real estate.
A good place to begin is by learning what all those confusing terms mean. You probably know what a mortgage is, but there are plenty of different types of loan and lender which you should compare, and there are many different figures that will be thrown at you when you begin to investigate the possibilities. Before you start looking for your new home and thinking about how you are going to pay for it, it is a good idea to read up on some of these terms so that you will know what your mortgage lender and real estate agent are talking about. It will also help you to decide how you want to arrange your finances. Chances are you're going to be paying for your house over a long period of time, so you want to make sure that you will be doing it in the best possible way. dallas homes for sale
Get as much advice as you can about your finances. It is a good idea to look over your current financial situation before you try to get a home loan. You may want to improve your credit rating first, for example by getting rid of some of your old loans. It is also a good idea to buy at a time when you are in a stable job and have not recently made any major purchases. This will make you look like a much more reliable borrower. You can get a copy of your credit report to check that there are no mistakes, which could be bringing your score down.
Once you understand both your own finances and the world of mortgages and home loans, you are ready to work out how much you can afford to spend on your new home. You should consider how much you are likely to be able to borrow, what size deposit you are going to be able to make, and how much you will be able to repay each month. This means taking into consideration your earnings and other expenses. The last thing you want to do is buy a house you will not be able to pay for, even if the bank wants to lend you the money. dallas homes for sale
As a first time buyer you will probably be able to move into your new home quickly, unlike those potential buyers who need to wait to sell their old home before they can close the deal. You can use this to your advantage, as sellers who want a quick sale may be prefer to sell to you, or may be willing to take a slightly lower offer in return for a speedy sale. You can also improve your chances by getting pre-approved for a mortgage, even before you have picked out a house. This will show sellers that you are serious, and that you are a dependable choice.
Don't be afraid to negotiate over the price. You are not obliged to pay what the seller is asking for, even if you can afford to. Take a look at what similar houses have been selling for in the neighborhood, consider any repairs that you will have to make if you get the house, and offer something a little bit low. This will leave you room to raise your offer, perhaps in return for the current owner getting some work done on the property, or to negotiate inclusion of some of the fixtures and fittings. dallas homes for sale
A good place to begin is by learning what all those confusing terms mean. You probably know what a mortgage is, but there are plenty of different types of loan and lender which you should compare, and there are many different figures that will be thrown at you when you begin to investigate the possibilities. Before you start looking for your new home and thinking about how you are going to pay for it, it is a good idea to read up on some of these terms so that you will know what your mortgage lender and real estate agent are talking about. It will also help you to decide how you want to arrange your finances. Chances are you're going to be paying for your house over a long period of time, so you want to make sure that you will be doing it in the best possible way. dallas homes for sale
Get as much advice as you can about your finances. It is a good idea to look over your current financial situation before you try to get a home loan. You may want to improve your credit rating first, for example by getting rid of some of your old loans. It is also a good idea to buy at a time when you are in a stable job and have not recently made any major purchases. This will make you look like a much more reliable borrower. You can get a copy of your credit report to check that there are no mistakes, which could be bringing your score down.
Once you understand both your own finances and the world of mortgages and home loans, you are ready to work out how much you can afford to spend on your new home. You should consider how much you are likely to be able to borrow, what size deposit you are going to be able to make, and how much you will be able to repay each month. This means taking into consideration your earnings and other expenses. The last thing you want to do is buy a house you will not be able to pay for, even if the bank wants to lend you the money. dallas homes for sale
As a first time buyer you will probably be able to move into your new home quickly, unlike those potential buyers who need to wait to sell their old home before they can close the deal. You can use this to your advantage, as sellers who want a quick sale may be prefer to sell to you, or may be willing to take a slightly lower offer in return for a speedy sale. You can also improve your chances by getting pre-approved for a mortgage, even before you have picked out a house. This will show sellers that you are serious, and that you are a dependable choice.
Don't be afraid to negotiate over the price. You are not obliged to pay what the seller is asking for, even if you can afford to. Take a look at what similar houses have been selling for in the neighborhood, consider any repairs that you will have to make if you get the house, and offer something a little bit low. This will leave you room to raise your offer, perhaps in return for the current owner getting some work done on the property, or to negotiate inclusion of some of the fixtures and fittings. dallas homes for sale
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