Making the "Right" Choice: If you are looking to buy there is likely more than one "right" home for you—every property will have its pros and cons. Learning how to be selective is a process. You'll need to visit a variety of homes, compare styles and neighborhoods, and note what you like and dislike about each house. Take photos of the homes you visit and keep a short list of your favorites. To maintain an objective approach, always keep your housing goals in mind, and remember that it's ok to wait until something that suits your needs comes along.
Patience is a Virtue
When you enter a home, it is important to check your emotions at the door. House hunting is an exciting process, but no matter how tempting—it isn't a good idea to make an offer on the first house you see. Most experts say you should visit and consider at least 10-20 houses in your price range. Chances are good that for any home you like, there are similar properties worth considering. Viewing multiple homes allows you to compare key features and objectively think through your decision.
By comparison, being hesitant can be just as problematic for your search process. Whether you are facing a tough choice between two properties, or are reluctant to make the final offer, it is common for buyers to have trouble making up their minds. If you are indecisive, have an open conversation with your real estate agent before other buyers scoop up homes that fit your needs.
Mortgage Rates Sink to Three-Month Lows
Home shoppers and refinancers saw some relief in mortgage borrowing costs this week. The 30-year fixed-rate mortgage moved to its lowest average since mid-September, Freddie Mac reports.
“While the housing market softened in response to higher rates through most of this year, the combination of a low unemployment and recent downdraft in rates should support home sales heading into the early winter months.”
Freddie Mac reports the following national averages with mortgage rates for the week ending Dec. 13:
Timing is Everything
If you're currently renting, you should schedule your closing date so that it coincides with the end of your lease. Otherwise, you will need to be prepared to pay both rent and a mortgage. Don't sign onto a year-long lease if you are looking to purchase a home soon—and if you do plan to sign a lease, discuss your options with your landlord. They may consider a short-term lease or an escape clause.
Are you ready to make a move we're here to Help! Working with real estate professionals like Carriene Porter of Precision Realty & Associates, you’re guaranteed to get the expertise and advice you need.
Not quite ready to buy a home? You may qualify for the Lease with a Right to Purchase program. Call me and I'll give you the details on how you may qualify to get into the home you want, get settled and then purchase it when you are ready! If you prefer a more personal touch, CALL 801-809-9866 today
#LeasePurchase #UtahRealEstate #Buying