March 20, 2023

Wanna Buy a House?

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Wanna Buy a House?

Wanna Buy a House?

This is what you need to know and do to make that happen!

First, despite what the media may be telling you, now really is a great time to buy a house. For the first time since the pandemic time is on your side, bidding wars have decreased, inspections are back and so are concessions, think seller paid closing costs. Interest rates are still relatively low. I know, I know but our first house was 8%. So it's all about perspective and changing our mindset at this point. Don't be afraid of the higher rate, as long as you can afford the house payment, buying a house is never a bad idea. It's one of the best things you can do to build long term wealth.

So if you're ready to get started, this is what you need to do:

  1. Get pre-approved. Nothing can happen without this. The pre-approval will help you figure out your finances and establish your budget. You absolutely can not look for homes without one. Just don't forget your pre-approval is the first step, there will be additional things you will need to do after you get an offer accepted. Pro tip: prepare for extra expenses, there's always something and don't forget to include moving expenses.
  2. Hire a real estate agent. I know what what everyone says here but the key is to find someone you connect with, preferably someone who knows the area. You will be spending a lot of time with this person and you need to trust in their abilities to guide you through this process.
  3. Let your real estate know what you want but keep your search and your options open. Unless something is a deal breaker don't limit yourself to never having the opportunity to consider it.
  4. Don't be afraid to go look at a house. Pictures don't always do it justice, trust me when I tell you that some homes are better in person. Pro tip: the first house may be the one. Don't let that idea freak you out.
  5. Make an offer. Once you find the house, it's time to make an offer. Your real estate agent will walk you through this process and tell you everything you need to know, from how you want your name to appear on title to whether or not you want to do an inspection and how many days you'll need to do it. Pro tip: If you're the type of person who likes to prepare, ask your real estate agent to send you a blank copy of the purchase agreement to read prior to having to put in an offer. Being prepared will reduce the stress and pressure you may feel when the time comes.

Buying a home requires a lot of moving parts and let's face it, a lot of money. This may create some stress so it's important to understand the process and have trusted advisors on your side. Never be afraid to ask a question and don't assume anything. Real estate is different in every state and in every market. Lean on your people and enjoy the ride. Buying a home should be fun!

As always, from all of us here at Matt Engen Group, thanks for reading!

If you have questions about buying or selling be sure to connect with us here.

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