Sound off: What are the first steps to take when buying a home?
When considering buying a home, one of the first steps for buyers is to get pre-approved or pre-qualified by a lender. This process will help buyers understand their budgets, and having a pre-approval or pre-qualification letter to submit at the time of making an offer will also show the seller that a buyer is serious about proceeding with a purchase.
Mortgage rates are at historic lows. Rates have fallen over a full percentage point since Q4 2018, making this a great time to buy. This gives buyers more purchasing power, allowing a buyer to explore higher price ranges that would be unattainable with higher interest rates.
Most buyers start their search online, but there are approximately 230 possible steps to navigate through a real estate transaction. Using an experienced Realtor to help navigate through this process is key. Locating a home, determining value, submitting an offer, and successful negotiations are just a few of the steps toward a purchase. Realtors have great contacts to lenders, real estate attorneys and home inspectors, as well as knowledge about the market throughout the town of Greenwich.
Identifying what part of town a buyer may want to be in can be a factor, as well. If the commute to work is to be considered, then access to Metro North, I-95, the Merritt Parkway, Rte. 684, and more can identify certain locations in Greenwich as being more convenient than others.
Sellers are getting their homes ready for the fast-approaching spring market, so if you are a buyer, start the process sooner rather than later.
John Bates, Houlihan Lawrence,
Real Estate Listings
203-249-2023 cell, firstname.lastname@example.org