Going on a home tour? Wear shoes that are easy to slip on and off- Get pre-approved for financing, so when you find a home you love you are in a position to make an offer
- Multiple offers happen in any market… usually involves a call for 'highest and best' offer (which may be higher than list price)
- Make your highest and best offer what the property is worth to you… high enough so you aren't sorry you didn't offer more if your offer is rejected, and low enough so you won't regret it if your offer is accepted
- Credit score is more important than ever in securing a mortgage
- Location is so important because you can't change it
- Home buyers usually search with their heads but buy with their hearts
- Mortgage rates are the lowest they have been in history (over 100 years)
- You may need a credit score of at least 720-740 to get the best interest rates
- Don't buy a new car, boat, houseful of furniture (or any big credit purchase) until AFTER you close on your new home
- If you tackle a fixer-upper, will it be the right home for you when you are finished?
- Empty rooms look smaller than rooms with furniture
- Writing an offer? Don't forget to bring a check blank for your earnest money
- You can't lock in your interest rate until after you sign a purchase agreement
- Don't buy (or not buy) a home because of the paint colors
- Rule of thumb… you can afford to buy a home that is about 2 1/2 times your annual salary
- In a housing coop you don't actually own any real estate… you own a share of a corporation that owns a piece of real estate
- You can't use FHA financing to buy a condo unless the whole complex is FHA approved
Sharlene Hensrud, RE/MAX Results – Email – Twin Cities Realtor
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