Knowing your purchasing power from the onset can save you hours of searching for homes you cannot afford or may allow you to afford a better home than you anticipated. Knowing how much you can afford in your new home ensures that you are looking in the right price range and prevents you from purchasing a home that will put a financial and emotional strain on your family. The easiest way to avoid this mistake is to get prequalified for a real estate mortgage loan so you know in advance what price house you are looking for.

You need to know what a house is worth before making an offer to buy so that you don’t overpay. Your agent can prepare a Comparative Market Analysis for you, which will show what similar homes in the same area have sold for and what their asking prices were.

Many times, buyers meet a listing agent when they visit an open house and might ask this agent to represent them in the purchase of the house. A far better alternative for buyers is to have their own agent representing their best interest. A buyer’s agent will help their clients construct a successful offer that meets their needs as well as those of the seller. Additionally, once an offer is accepted, the buyer’s agent can work to ensure that their buyer’s concerns and questions are addressed and their needs are protected.

Different lenders offer different product options. A mortgage broker can pull a credit report to explore product offerings. The consumer should always be made aware of what options are available for their credit criteria.

A quote encompassing all fees, taxes, and interest rates due at closing must be provided in writing within 72 hours of applying for a loan. If two loans are required for purchase, quotes should be provided on both.

Reviewing the recent sales prices of comparable homes and the asking prices of similar homes currently for sale and in escrow, you will be better equipped to ascertain the true market value of available homes (if any) in competition for the home. You stand a higher chance of presenting a successful offer without overpaying for the property.

Purchasing the best or biggest in the neighborhood may mean that it is over-built or over-improved and could slow its rate of appreciation in value.  Ideally, a stable neighborhood consists of homes of equal size and value.

Buying a house is a major purchase usually made after looking at the property for less than an hour. You don’t want to be surprised by deficiencies that may cost thousands once you are the owner. One of the most expensive mistakes is also one of the easiest to avoid, by having a professional pre-purchase inspection. A complete inspection will reveal any hidden defect.

Schools, neighborhoods, crime rates, zoning, traffic, utilities, and community amenities are examples of potential issues that can effect property values. The value of working with one of our knowledgeable agents, who are experts in the area, are important to you and your family.

While most deed restrictions or condominium by laws do much to assure purchasers of neighborhood's consistent appearance and usage, those same rules and requirements may be considered by some to be burdensome. Make certain your family's lifestyle fits the neighborhood.

Buying your home is the biggest decision you'll ever make. Besides a Realtor you may want to consider retaining other professionals to assist you with your transaction. An attorney, a land surveyor, environmental consultant, mortgage lender and inspector will be professionals your realtor can refer. Relax and let the professionals do their jobs.