Home Buying Tips

1. Start checking out open houses: Instead of doing all the math and stressing yourself out, just start popping into open houses on the weekend to get a feel for what’s going on in the market. Don’t know where to start? An experienced local agent can help curate listings for you. The key is to find one that meshes with you well, and you can trust to represent you, the buyer.

2. Talk to friends & family: I’m an advocate of getting as much information from friends and family, who have gone through the home buying process, as much as possible. Just remember that it’s a starting point, and ultimately, you’ll want advice from professional real estate agents, like the ones you can get connected through here on UpNest.

3. Find a real estate agent: There are DIYers, who prefer to search for homes on the Internet, and there are others who want to have full-service real estate agents to walk them through the process. In either case, there’s always a place for a real estate agent to help. Best of all, as a buyer, you pay no commissions. The seller of the home almost always will pay the buyer’s real estate agent commission fees.

4. Buying vs. Renting: Make sure it makes financial sense to purchase. In certain cities, it pays to rent vs. buy.

5. Be mindful of Foreclosures and Short Sales: You may find some of the best bargains with foreclosed homes or short sales, but buyers beware. There are many special conditions with these types of homes, and it could take 6 months and still not pan out. It may work or not work for you, again – consult a real estate agent on these types of complicated transactions well before you start bidding for one.

6. Get Pre-Qualified: It’s best to see how much home you can afford. And it’s as simple as stopping by your local bank branch and speaking to the mortgage specialist. However, in this ultra-competitive market, getting pre-qualified isn’t enough. By taking the next step and getting pre-approved, you signal to agents that you are serious about buying a home, which makes them work extra hard to help you find the home of your dreams. Find out the difference between getting pre-qualified vs. pre-approved.

7. Shop around for your Mortgage: There a lot of sites out there to help you get a mortgage. Besides your local bank, ask your realtor for referrals or search online.