Today’s housing market is moving, changing monthly in some areas. Local realtor Moira V. (mvittengl@compass.com) knows how to best navigate the market if you are purchasing a home in Southern NH this spring. She uses her experience and a certain instinct to help her clients find properties, on the coast or in the city and suburbs.
“This is the time to jump in,” says Moira. “The early spring market is very busy, and interest rates are not going down. A 5% rate is great because most mortgages hit 6 to 7%.”
Whether it’s your first house or a condo, begin the process three to six months ahead. For example, if you want to move before school starts in September, now is the time to start.
Here she shares her 3 steps towards purchasing the best home this spring for your money.
STEP ONE:
Maybe you have been driving through neighborhoods or checking published listings regularly. That’s all preliminary. The first step is to talk to an agent who is an expert in the area you have chosen.
- Ask about experience, recent sales, and licenses. You will have a buyer’s meeting with your agent to create a list of what you want.
- Don’t rush to create your must or must-not have list. For example, a person may decide to live in a small suburb, but also want to walk to shops in the town and prefer a short commute. Those are two very different locations.
STEP TWO:
Step two is to check out and clean up your credit report.
- Go to a bank to get pre-qualified for an amount that is within your budget. It does not have to be the bank that you will eventually use for your mortgage.
- Plan a realistic number while considering the mortgage payment, insurance, property taxes, and possibly condo fees.
- If a bank does not agree to back a mortgage, offer to pay cash.
STEP THREE:
The third step involves visiting properties to decide what you really want.
- Your agent can accompany you or you can choose to view a home yourself and discuss your preferences with your agent later.
- Look at amenities such as proximity to hiking trails, a backyard with gardens and/or a swimming pool, maybe a hot tub, or a chef’s kitchen.
- Discuss your choices with your agent and ask questions.
- Your agent can explain what to expect in a home inspection and when it might be right to waive that step.
Finally, your agent will help you submit your offer. You might be asked to prove that your savings account covers three to six months of payments. A 20% down payment is often expected but not always necessary. An agent can advise you in negotiating with the bank to pay less.
What Happens After Submitting an Offer?
- You wait to hear if it's accepted or if you receive a counter offer.
- If accepted, you work with your agent and lender to complete due diligence steps and move toward your closing date.
What if My Offer is Not Accepted?
- Moira suggests: “Try again. Don’t give up.”
Interested in working with Moira V. as you venture on your real estate journey? Moira V. can help with purchasing homes as well as selling them! Go to Moira V. for all of your real estate needs. CLICK HERE for more information on how to get in touch with her!
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