It is a seller’s market. That means there is very little time to waste when the perfect home comes on the market. Be prepared, and you will likely snag that home before the any other buyers have a chance.
#1: GET PRE-APPROVED. Not just pre-qualified, but go and sit with a lender and have them scour over your financials so they can come up with the amount the bank is willing to loan you. They will provide an approval letter that is good for 60-90 days. This shows any possible seller that you are serious. On the flip side, working on your pre-approval can also identify any credit issues you may need to clear up before buying a home. Find a lender that you can trust. For a list of a few preferred Reno, NV lenders, click here.
Keep in mind that your monthly payments should be in your comfort zone. Take the time to use a mortgage calculator to seriously consider how much you are comfortable with paying for a mortgage each month. The standard is about 28% of your gross income.
#2: LIST THE “MUST HAVES”. Organizing your "wants and needs" will help you and your agent streamline the home buying process. Here is an easy-to-use form. Of course, some of things you thought you could not live without may change when you find a home in the “perfect” neighborhood, but it is good to have thought of what is important to you. There is a distinct difference between “want” and “need":
A “need” is something that you cannot change without a major remodel. This might be items such as…
The “wants” are items that you would like to see, but also know you could update later...
A deck or patio
A pool or hot tub
Hardwood or tile floors
#3: USE A REALTOR. As the buyer, there is no cost for you to use a Realtor® to find, negotiate and complete the forms and contracts to purchase your home. In fact, it is our job to protect you in everyway we can during the process. Talk to me about the market, sign up for hot new listing alerts and let ‘s go look at some homes!