As if making the decision to buy a home wasn’t difficult enough, factoring in the desire to find the perfect place can make the home buying process a challenging one. With Texas’ booming housing market and even hotter economy, there is no time to waste when it comes time to finding the right home for you and your family. If this is your first home, it can be an even more daunting experience. If you ask your homeowner friends about their first experience buying a house, chances are they have a few things they would do differently. Thankfully for you, there are tons of great resources (hint hint) out there today that will enable your experience to be a positive one.
When trying to decide where you are going to live for the next five, ten, or 30 years, it is important that you take your time and make sure you understand what the entire process entails. That being said, we know that time isn’t always on your side, especially when it comes to finding your dream home in Frisco, Plano, or elsewhere in North Texas. There are many helpful real estate apps and other local resources that will allow you to filter out all the junk and really find the right home. That being said, we also have a few industry secrets (shhh, don’t tell!) that will make finding your right home even easier.
Plan for the Future
One of the most common mistakes we see people make when it comes to buying a home is not planning far enough into the future. Even if you don’t think you are ever going to have kids or that your elderly parents will have to live with you, it isn’t a bad idea to take these scenarios into consideration. Look for a home that you can see yourself living in for the next five to 10 years, or even more. Buying – and moving, for that matter – is an exhausting and time consuming experience. Planning for the future so that you don’t have to move again in a couple years is one of the smartest things you can do.
Get Pre-Approved for Your Home Loan
Another misstep that homebuyers make is not getting pre-approved for a loan before starting to look at houses. Let’s say, for example, you find your dream home the first time you look, but you haven’t met with a lender yet so you aren’t sure what you are approved for, etc. In a housing market as hot as Frisco’s, it is absolutely imperative that all your ducks are in a row before starting the home search. By getting pre-approved for a loan means that you can jump on a house if you find one that you like, which will decrease the chance of you missing out because of something as silly as not being pre-approved.
Don’t Try to Figure Out the Market
It seems everyone has their own opinion on when is the ‘right’ time to buy a home, but if you try and figure out the market all you will do is drive yourself crazy. The best time to buy a house is when you find the home that meets all of your needs, not when experts say the market is right. Real estate is extremely cyclical, meaning it changes frequently and is highly unpredictable. If you have decided that now is the time to buy, have been pre-approved for a loan, and know what features you are looking for, go for it!
Check Out the Neighborhood
If you have found a house you love, be sure and check out the neighborhood at different times of day and night before pulling the trigger and placing a bid. One of the most common regrets of homebuyers is settling on a house they thought was perfect, only to find out the neighborhood wasn’t quite for them. Drive by the house in the morning, afternoon, evening, and night to see what is happening and what kind of vibe you get.
To learn more about the housing options in Frisco and elsewhere in North Texas, please contact a Realtor from The Cheney Group today.