7 Insider Tips to Help You Ace the Homebuying Process

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Zillow predicts a strong housing market in 2024, making it crucial for prospective homebuyers to equip themselves with insider tips for success. Here are essential strategies for a successful home buying experience:

  1. Get Pre-Approved: Obtain a mortgage pre-approval, a full loan commitment that enhances competitiveness in a low-inventory market. Differentiate between pre-approval and pre-qualification to ensure clarity.

  2. Ask Informed Questions: Successful buyers go beyond visual inspections, asking crucial questions about property risks, age of components like the roof, and details included in the sale.

  3. Consider New Construction: With an anticipated increase in new construction homes (estimated at 14% of sales in 2024), savvy buyers should explore this option amid limited housing inventory.

  4. Evaluate School District Costs: Recognize the impact of school districts on housing costs, with research indicating a $20 increase in home values for every dollar spent on public schools in a community.

  5. Understand Home Inspection: Familiarize yourself with the home inspection process, realizing its limitations and considering specialized inspections for specific concerns like roofing, electrical, or pest issues.

  6. Stay Smart Under Contract: Resist making significant purchases while your home is under contract to maintain financial stability. Secure homeowners insurance three days before closing.

  7. Build a Professional Team: Having a reliable team, including a real estate agent, attorney, and mortgage broker, is crucial for a smooth and painless home-buying process. Choose professionals who can streamline the journey to the closing table.

 

Source: Howard Hanna

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