Looking to Jump Into Real Estate? Four Things You Should Know When Home Shopping

May 31 - Alex Longoria

At the time this blog post was written, homes are selling 8% faster than they were at this time in 2017.

Additionally, home prices are higher than they were at this time last year, diverging from the previous trend that homes and properties would sell slower when prices and interest rates increased. It's an interesting time for real estate.

Whether you're looking for your first starter home or you're a seasoned, house-flipping property investor, here are some hot tips to keep in mind.

Dream home or investment?

Decide whether you’re buying a dream home or are you looking to make an investment. These two are not mutually exclusive. If you’re looking for the home you want to live in forever, you will evaluate things differently than when you are buying a home for it’s potential value.

Look ahead to your needs.

In three years are your kids going to be teenagers who need more space or do you have aging parents who need a floor level guest bedroom? Think about the location and the surrounding areas. Does the surrounding community have the amenities you are looking for? Is the commute from work to home ideal for you?

Cost comparison

Make sure you know the value of other homes is similar to what you’re buying for the size and neighborhood you are in. Is it too high, too low, just right?

Get your finances in order

Purchasing a home is a huge financial commitment. When purchasing a home make sure you have your finances in order to make the big leap. Get a free credit, either through your bank or using a free third party website to make sure your score will not negatively impact your chances for getting a loan. Make sure you have access to your tax returns, pay stubs, receipts on large purchases, or any other paperwork potential lenders might want to see.

Today's Woman to Watch is Nora Apsel! Nora is the co-founder of Morty, which is reinventing how people get a mortgage by allowing consumers to shop, compare and close on mortgages fast. Click here to learn more!

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