Buying a Home
For most people buying a home can be stressful just thinking about it.
So many questions, so few answers, some at the wrong time. In today's market with so few homes being offered for sale, the process seems to go into overdrive. Most people like to "think" about a purchase this large, yet today homes are going on the market one day and marked pending the next day, thus people feel like and are being told that "you better put an offer in now cause it will be gone tomorrow." It goes against our better judgement most days.
So what do you do?
Sit down as a family. What does the family need today that it does not currently have? What is the family going to need in the next five years? ten years? or longer, that it does not have today?
Armed with this information, the next step is to determine the family's financial qualifications. The last thing you want to do is look at a house is that is out of your price range. If you do, your mind will keep telling you each house you are qualified to buy is not good enough. AND the LAST thing anyone wants is for the family to end "Up-side-down" because future income will not support the mortgage payment.
Sit down with a trusted loan officer. Provide factual income, the amount you have in savings, expenses, credit card debt, car payments, and anything else you owe. This is nothing more than the truth, which the loan officer uses to determine your maximum loan payment and calculates into how much you can afford to pay for a house.
Armed with the information from the two steps above, you can now start looking. But first find a real estate professional to help you. The professional knows the market and can steer you away from homes that are "over-priced", or at least provide you with a market analysis that allows you to offer current market value for a property. Keep in mind it is up to the seller to accept, but sometimes sellers shoot themselves in the foot by wanting more than the market will bear.
If you have questions about buying a home, join me Thursday evening at 6:00 p.m. and I will be available to answer your questions. You will find me at WeLIft Job center from 6:00 - 7:00 p.m. on May 5th. WeLift Job Center is on Hwy 92 West, across the street from the A&W Drive In.
Terry Pauling is a Broker & REALTOR® at EXIT Realty North Star, 222 W Salem Ave. Indianola, IA 50125. We provide full service real estate services to the Indianola, Warren County and Des Moines, Iowa metro area. Find Links and contact information for Terry at www.exititown.com.