The leaves are beginning to change colors and the pumpkins are growing in their patches—fall is officially here and that means Halloween is upon us! But just because the kids are dressing up as ghosts and the house down the road seems a little haunted right now doesn’t mean you should be scared of owning a home of your own. In fact, buying a home in the fall has its perks. Often buying a home in the fall means fewer buyers, which means less competition, and when there is less competition there is more room to negotiate!
So, don’t be scared of the home buying process. We have a few tips to help you get through it without spooking yourself out.
Make a Plan
Take some time to look at your current financial situation. How much money do you have coming in? How much money do you have going out? Once you have everything organized, use our home ownership calculators to see if home ownership might be possible.
Create a List of Must-Haves
Every home buyer needs a list of things they need in a home to make it perfect. Whether that means a specific location or a certain number of bedrooms, this list will help you throughout the home buying process. Often, the more homes you see, the more your list will change. And that’s okay! The home buying journey is a learning process that you will become more comfortable with the further along you are in it.
Talk to a Lender
The next step in your home buying process should be talking to a lender. These home buying professionals will walk you through your current financial situation and help you determine how much home you can afford. They can also provide you with tips on how to increase your credit score and show you what financing options are available. The NC Housing Finance Agency offers home buyer programs and mortgage products through participating lenders statewide.
Get Preapproved
Your lender can get you preapproved for a loan by checking your credit and reviewing documentation to determine if you qualify for a specific loan amount. Once you get preapproved, you will get a preapproval letter that can be given to the seller with your offer to prove that you have financing and are a serious buyer. This is a great tactic to place you as a frontrunner to buy the home you have your heart set on.
Find a Real Estate Agent
Your real estate agent is your boots-on-the-ground partner who will help you make your dream home a reality. Real estate agents have special expertise in helping buyers visualize how a home could work for them. They are experts in buying in certain locations, understand the housing market and can help you find the right home that works for your lifestyle and your budget. You can find a real estate agent who has completed training on our mortgage products in the home buyer section of our website.
Once you’ve gone through the above steps, you are in good standing to make home ownership happen! Just remember that the most important part of the home buying process is finding a home you can afford. And although you won’t get any tricks or treats at any of the homes you visit, each home will provide you with more knowledge about what you want in your own home. Learn more about how the NC Housing Finance Agency can help make home ownership a reality for you by visit NCHomeAdvantage.com today.
