If you plan on buying a home in 2018, I have three important tips for you:
1. Get pre-approved. In the Boise My Top 3 Tips for 2018 Homebuyers area, there is very, very little inventory available for sale. That means there are a lot of buyers going after the same house. If you fall in love with a home but you haven’t met with a lender yet, there is a very real possibility that someone else will buy that home before you get everything finalized with your lender. We can put you in touch with an amazing lender to get you pre-approved.
Get pre-approved before you start looking at homes.
2. Have a buyer consultation. When you meet with us for your buyer consultation, we will answer any questions you may have. We will also ask a lot of questions to ensure that we find the right property for you. Based on your answers, we will set up a custom search. That way, anytime a new property hits the market or there is a price change on an existing property that meets your criteria, you will get a text or email notifying you right away.
At the end of the consultation, we will gain commitment from each other. That is one of the mistakes I often see buyers make. They want the freedom of calling different agents to look at houses. In this market, you have to have a partnership to find the right property quickly. The commitment shows that you are committed to the agent and the agent is committed to you. If you want to see a house at night or during the weekend, your agent will be there for you. You won’t have to worry about calling the listing agent or tracking down another agent to see the house.
3. Maximize your purchase. Interest rates are at an all-time low right now, hovering around 4%. Interest rates do fluctuate all the time.
You should know that for every $1,000 you borrow, that ends up costing you around $5 a month. If you borrow $100,000, that’s $500 a month. Some people want to stay around $800 a month, which can get you a $130,000 or $140,000 house—maybe even a $160,000 house with minimum taxes and insurance.
For just an extra $50 a month, you could get another $10,000 in purchasing power. In some price points, that can put you in a completely different home, a completely different neighborhood, or a completely different area. Make sure that you are maximizing your purchase so that you make a decision that you will be happy with for a long period of time.
Those are my top three tips for 2018 homebuyers. If you have any other real estate questions, just give us a call or send us an email.