“The ache for home lives in every single one of us, the safe place where we can just go as we are and not be questioned.”
– Maya Angelou
Home prices in Florida have risen at an exponential rate in the last few years. Here’s a data chart we fetched from Zillow to help you gain a much better understanding:
Since the Covid-19 pandemic, home prices in Florida have soared like nothing we’ve ever seen before. And it’s not just Florida’s real estate market that’s red hot. The entire US real estate market is booming.
And while some experts claim it to be nothing but a bubble, the truth is – it’s not. Over the course of the next few years, we’ll witness home prices across the United States continue to soar.
This means – if you’re planning to buy a home, now’s the right time to do it. The ship hasn’t sailed yet – and it’s advisable to get in before it’s too late.
That’s the reason we’ve put together this guide where we’ve listed down five brilliant tips homebuyers should consider while purchasing a home in 2022.
5 Tips Homebuyers Should Consider While Buying a Home in 2022
Following are the five tips we’ll be discussing throughout this blog post:
● Start Saving for Your Down Payment Now
● Re-evaluate Your “Needs” List
● Reach out to a Trustworthy & Reliable Real Estate Agent
● Research Home Prices Ahead of Time
● Start Working on Your Credit Score – It’s Never Too Early
Start Saving for Your Down Payment Now
Saving for your down payment – it’s the first major step towards purchasing a new home. If you are planning to get a mortgage, it’s important to understand that different types of loans require different down payment amounts.
You’ll have to save for your down payment – which could be anywhere from 3% – 20% or more if desired. Your credit score will also influence your down payment amount and interest rate. In certain parts of FL, there are 0% down payment loans however that is based on availability. Check with your local agent and lender for qualifications.
It is advisable to start saving for your down payment the moment you think about owning real estate. Also, it’s important to note that your debt-to-income ratios play an important role in purchase prices.
It is important for potential homebuyers to create a budget and take into consideration their finances, credit score, debt, and various other factors to understand how much they’ll have to end up saving for a down payment. Based on this, it’s really important to build a plan to start saving money for a down payment. While building a plan and adhering to it takes discipline, not doing so will result in fewer financing options.
Re-evaluate Your “Needs” List
If you have been on the hunt for your dream home all of 2021 yet haven’t been able to find the perfect match, maybe you need to consider your “Needs” list. On the other hand, if you haven’t been hunting for a home and are just getting started, it’s advisable to make sure that your “Needs” list is reasonable and doesn’t make you opt for a pocket-draining mortgage.
Let’s say you are planning to move to Central Florida along with your significant other (2 people) and are looking forward to purchasing a 5,000 square feet single-family home with little success perhaps reevaluate and ask yourself – do I really need all of that square footage?
Setting unreasonably higher expectations will result not only disappointment or a home that is too expensive to maintain. Before you start/resume looking for homes, we’d advise you to re-evaluate your “needs” list.
Reach Out to a Trustworthy and Reliable Real Estate Agent
Realtors know the ins and outs of the market. They’re the local real estate market professionals and can offer valuable advice and insights to help you find your dream home. At the same time, they can tap into their network to help you find the right fit at a budget-friendly price. Along with this, some of the other benefits of reaching out to a reliable real estate agent include:
● They’ll guide you throughout the process.
● They are the local real estate market guides.
● They’ll help you find your dream home.
● They can help you with the negotiation process.
● They’ll help you deal with the paperwork.
And SO MUCH more!
Keep Yourself up to date with the Local Real Estate Market & Research Home Prices Ahead of Time
As we mentioned before, home prices have soared at an exponential rate in the last few years, especially throughout the Covid-19 pandemic. And while some experts are claiming it to be a bubble, it’s not. In the next few years, the numbers have been predicted to continue soaring.
Therefore it’s really advisable to keep yourself updated with the latest prices and educate yourself with the ins and outs of the local real estate market you’re planning to purchase your home in.
At the same time, before visiting any potential home or even sending an offer, we’d advise you to not only be preapproved for a loan but also research home prices ahead of time. When it is time to make that offer you’ll put your best foot forward based on local market knowledge.
If you have made an offer on more than one home perhaps reevaluating WHY your offers were rejected would be a great start and learning tip moving forward.
Start Working on Your Credit Score – It’s Never Too Late
As we mentioned before, if your credit score is high, your chances of qualifying for a mortgage are greater– even a low-interest rate mortgage. However, if your credit score is low, then you may find the approval process for a home loan more difficult.
For the best ways on increasing your credit score ask your mortgage lender. Based on YOUR specific criteria they will be your best guide because they are the ones getting you the loan.
Allow Us to Turn Your Homebuying Journey in 2022 a Memorable One
From connecting with top lenders to finding your dream home and handing you the keys we’ll be with you at each step of the way. Home buying is not a linear journey anymore. Not only do you need to keep yourself updated with the latest local real estate market, but at the same time, you parallelly need to focus on your needs and finances to streamline the homebuying process.
And if you are planning to purchase a home in Central Florida in 2022, contact Jenette & Brian today!