Should buyers be afraid in today's market?

1. Research before you look. Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you’d be willing to spend each month for housing. Develope a budget and stick to it.
  

2. Be realistic. It’s OK to be picky, but don’t be unrealistic with your expectations. There’s no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property. Remember carpet and paint are things you can change.

3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and closing costs. Talk to several lenders to compare products available and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can’t afford. Explore all programs available to you such as for first time buyers or government grants.

4. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own. After all you will be the one who has to live with your decision.

5. Decide your moving timeline. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move. Don't forget to give the proper notice (in writing) if you are leasing. This is usually 30-60 days prior to lease expiration. Get a signed approved copy for your records.

6. Think long term. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? Is this a neighborhood you can see yourself living in long term? What are the schools like? These decisions may dictate what type of home you’ll buy as well as the type of mortgage terms that will best suit you.
 
7. Insist on a home inspection. For new construction as well as existing. If possible, get a warranty from the seller to cover defects for one year. A reputable builder will usually offer at least a 10 year warranty on the structure of a new home.

8. Get help from a REALTOR®. All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. Hire a real estate professional who specializes in buyer representation. As your REALTOR® I will help you determine your buying power and guide you through to the closing of your home.