Five Tips for Making
the Best of Fall Home Buying
Published: Tuesday Sep 8, 2014 By: Gene Wright.
Recently real estate survey reports that around 27 percent of people in season of fall home buying are first-time buyers. Although spring is most often the peak time of real estate activity, the buyer market this year should result a healthy spike of real estate activity during the fall months
The fall market is taking shape to be a great opportunity for prospective new homeowners to take advantage of a terrific blend of steady low home prices, low interest rates, and an economy that's recovering. First-time homebuyers or not, every potential buyer can take advantage of good information even during what's called a buyer market while they get ready to start another round of bidding on fresh real estate offerings.
To help prepare potential new homebuyers for a hectic fall market, I've composed the tips set out below to emphasize how imperative it is to become
thoroughly prepared before getting into the market.
1. Become connected: The majority of first-time buyers believe that they have an understanding of their local real estate market by reading the daily headlines. While continually keeping on top of of market real estate headlines is a great idea, itís very important to keep in mind that property prices fluctuate from one month to another and from one area to the next. If you are purchasing a home and are not closely linked to the neighborhood, become connected by using an experienced real estate agent who is. Set up a time to meet with with a local real estate agent and ask for their recommendations about the best ideas to stay in touch with their local real estate market, such as visiting local real estate web sites.
2. Find homes that are open: The realty market is always more gung ho during peak buying seasons, but a benefit of the fall season is that typically you will come across more open houses within an area due to much more comfortable cooler temperatures. So take a look at your local Multiple Listing website or ask an agent to point you in the direction of the best websites to find where these open houses are being held in your area.
3. Catch tax breaks: For those 27 percent you who are likely first-time homebuyers that are sitting on the proverbial fence over whether to buy, take a look at the years end tax breaks which also include mortgage interest deductions and property taxes You could well be be eligible to take if you buy your home and close escrow before the close of the year.
4. Tidy up your credit: By opting to buy your new home this fall instead of waiting until spring, as a homebuyer, you can take advantage of a few added months to make certain that your credit score and history is in order. Buyers should have a FICO score reaching 720 or greater to obtain the best available mortgage rates. The following nationwide consumer reporting agencies: Equifax, TransUnion and Experian are required to give you at your request, a free printout of your own credit report, once per year. To order a report, visit annualcreditreport.com .
5. Take time to save: Most real estate lenders are still doing belt tightening, and putting off buying during this fall season iand waiting until he spring gives you a few extra months of saving time. I suggest saving enough reserves for as much as six months of house payments, along with a minimum down payment of of 3.5 percent of the house price to cover both the down payment along with closing costs. Also first-time homebuyers need to prepare for not as visible expenses, like
unforeseen home repairs and moving costs, when saving up for a home.
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