Gain A Competitive Home Buying Advantage
With low mortgage rates and housing inventory, competition is steep and you need to be ready to go when you find that perfect home you’d like to buy. Working with a trusted real estate professional will help put you in a position to act quickly and efficiently when you’re ready to make your move.
If you’re thinking about buying a home, but are unsure about what makes sense for you in light of the global pandemic and today’s real estate market, don’t cancel your home buying plans just yet. Now might be a great time for you to buy a home, or, it might make more sense to wait; every situation is different and should be discussed with a trusted real estate professional so you can make a smart plan and the right decision based on your situation, goals, and timeline.
If you want to buy a home this year, here are the 4 things you can do right now to prepare:
1 – Keep saving money
The amount you’ll need to save will vary, so as you can, keep setting money aside for your down payment, closing costs, and moving expenses. Down payments can be as little as $0 down (VA )and 3.5% down (FHA). Your lender will be able to advise you on the best loan options for you and discuss down payments and other costs to consider.
2 – Get pre-approved
The best thing you can do right now is use this time to get pre-approved for a mortgage, which you can do from the comfort of your couch. (Source: Keeping Current Matters)
“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.” (Source: Freddie Mac – My Home)
Getting your pre-approval in place will help you:
- Understand how much you can afford so when you do begin shopping, you’re looking at homes that match your budget.
- With low inventory in our market, pre-approved buyers will have a competitive advantage compared to those that aren’t. Offers backed by pre-approved financing are the most attractive offers you can make to a seller. (Read more: Pre-qualified vs. Pre-approved)
It’s important to partner with a trusted local lender who can find the right loan program for you based on your situation and goals and who can advise a smart plan and properly communicate timelines and expectations while navigating through a housing market during extraordinary times.
3 – Do your research
Now you have a budget based on your pre-approval, you can start shopping for homes online to get a sense for what’s available in your price range. Depending on your must-haves list, you may want to look at specific neighborhoods or communities or you might also consider expanding your search to stretch your dollars. Looking at what’s available will help you hone in on what makes sense for you and your goals.
- Our website offers the freshest data with no sign-up required, so you can search for homes from the comfort of your couch and get in touch when you have questions or want more information
- We’re ready to host virtual property tours via Facetime or video for anyone not wanting to walk through a home in-person
- Prefer to go mobile? We’ve got an app for that
4 – Find a local expert
The home buying process has changed drastically almost overnight in response to the COVID-19 pandemic, but people are still buying and selling homes throughout Central Oregon and our team of local real estate experts welcome the opportunity to assist you.
As in-person property showings resume with the appropriate measures in place, we are also prepared to maintain a virtual-first approach. Our team of 140+ real estate professionals are informed with market movement and trends and are equipped with smart tech and tools to help our clients navigate their real estate journeys in this current market and digital-first climate.
Home Buying In Central Oregon
Fred Real Estate Group is founded on a fresh approach and local expertise backed by smart technology and business tools and we’re shifting our communication methods to connect with our clients and business partners (lenders, home inspectors, title companies, etc.) during this current virtual climate, and beyond.
If you’re thinking about buying a home this year, we’d love the opportunity to work with you. If you have questions or would like to discuss your home buying goals, we are open for business and we’re ready to assist.
Schedule a free virtual buyer consultation with a Fred Real Estate Group professional: