Millions of new housing permits are purchased every month, and as of April of 2020 alone, nearly 1,200,000 new homes reached completion. New single-family homes are alluring with modern features and appealing appliances and are available on the market nearly any time you look for a property for sale.
With so many single-family homes hitting the market almost daily and new subdivisions being purchased and sold almost as quickly as you can envision them, it's hard to know which new single-family homes will work best for you. Your realtor will be there for you to help you narrow down your options so you don't get overwhelmed. Here is a guide to help you make your list of new single-family homes for sale smaller, which will help enhance your purchasing experience for the better.
Get pre-approved so you have a budget
When you get pre-approved for a home loan, you know what your actual budget is for buying new single-family homes. With a sure budget in mind, you can cross off every home on your list that is majorly outside your budget, which will help reduce the frustration of buying a home in the near future.
Keep in mind that what you are pre-approved at for a home does not include what you have for a down payment on the home, it's just the amount of your purchase that your bank will finance. If you want to buy single-family homes outside your pre-approved amount but have a larger down payment for the property, you may be able to look at homes that are seemingly not affordable. Figure out a realistic price range with your realtor so you don't venture too far outside your actual budget.
Write down the features you must have
What features are a must-have when it comes to buying new single-family homes for sale in your area? Do you have to have a certain yard size in mind, or are you set on a home with a basement? Will you only live in one area? If you have features or location needs that you won't waver on, let your real estate agent know. Separate your needs based on must-haves that you won't compromise, features you'd like but can compromise on, and features you want but would sacrifice if you had to. This helps your realtor weed out homes that are entirely not feasible for you so your new single-family homes search is most beneficial for everyone involved.
For more help, reach out to a real estate agent that can help you find single-family homes for sale.
When you are faced with a down market, there are a lot of things that can run through your mind as a homeowner. If you had to sell, would you be able to make your money back? What will you do if you have to sell your property at a loss? Do you think you are ready to buy a new home?
Although there are a lot of things that are important to think about, the fact of the matter is that understanding real estate challenges is instrumental to making money with your property. From moving forward with new ideas about real estate to working with the right professionals, it pays to read up on the market. Learn more today!