With all of the news and negative media attention that the Real Estate market has been getting as of these last couple of years, a lot of 1st time home buyers are hesitant to jump off the fence and purchase a home. The government has been doing what they can to help pick the market back up in the forms of lowered interest rates, tax credits, etc. Locally, our Real Estate market is predicted to be one of the quickest rebounding cities in the nation. With the termination of the tax credits and the interest rates expected to rise, now is definitely a great time to buy.
Some things you should know when purchasing a home:
Make sure you see enough properties to make a good decision. That means something different for every person, but what I mean is, never get strong-armed into buying something you don't feel right about. IT'S A BIG PURCHASE.
If financing, get multiple quotes or Good Faith Estimates; they're free and also required by law for lenders to provide. Buying a home is a big purchase and it never hurts to get a few different people involved to make sure you get the best value for your.
Closings from mutual agreement (accepted offer) to recordings (when you get keys) are typically taking anywhere from 30-60 days. Short sales excluded, the average closing period today is roughly right in the middle taking about 45 days.
Be prepared to write a couple of checks during the process;
1) Earnest Money check- this will be made out to the escrow company and will appear as a credit on your closing statement, this could range anywhere from $500-$5000, typically around $1000.
2) A check to your lender to cover the appraisal amount, credit report, and title cancellation, typically around $500-$525.This will also appear as a credit on your closing statement, and
3) A check to cover the home inspection from a licensed inspector of your choice; roughly $350-$450 depending on square footage.
Call me for more information regarding the buying process, these are just a few things that most people don't know.
