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Excellent real estate tricks in Arizona, US? What Slim Pickings Mean for Sellers? Low inventory means low selling competition! You can probably expect to see offer letters flooding your mailbox the same way Hogwarts sent Harry Potter his acceptance letters. Since your home will be one of the (relatively) few listed on the market, you could be in the driver’s seat. So enjoy possibly picking the best offer and moving at a pace that best suits your timeline. But after your home is sold, you probably won’t be in the driver’s seat anymore (if you’re buying again). So decide on plans for your next home before you sell.

Any Realtor will tell you that homes that do not get shown have a tough time getting sold. The last thing you want to do is make it difficult for your agent to get their clients into your home. If you require buyers to make appointments during a restrictive timeframe or way in advance, they will more than likely go to other places that are easy to get into or even cross your home off the list. Discover extra information at http://www.mapquest.com/places/-427913588/.

While you might have your hands full with an overzealous real estate agent, it’s important not to neglect your mortgage homework. Mortgages are often just mailed in, with little attention given to where they are originated. Your real estate agent will have their preferred lender that you “really should consider using because they’re the best,” but you don’t have to use them or even speak to them. I’ll typically say get a quote from them as a courtesy to keep things amicable, and to appease your agent, but also shop around with other banks, credit unions, lenders, and mortgage brokers. At the same time, think about how you want to structure the mortgage, including down payment, loan type (FHA or conventional), and loan program. The 30-year fixed isn’t always a no-brainer, though right now it’s a tough argument to go against it.

Have an Emergency Fund: If you lost your job tomorrow would you have enough money to live off while you look for a new one? If not then you’re not alone. This study found that although Americans are doing a better job at saving, around 24 percent of them (57 million people) don’t have an emergency fund. Now I don’t want to be a negative Nancy or a Debbie downer, but emergencies happen all the time. They may not happen to you, but it’s always good to be prepared. You can’t predict an emergency, but you can prepare for one. The best way to do so is to set up an emergency fund of 3-6 months living expenses. That means if you lost your job tomorrow, you’d be able to live off your emergency fund for 3-6 months while you look for a new one. Net worth can seem like a tricky topic, but it’s quite simple. Your net worth is how much money you are worth. If you were to sell everything you own, then pay off everything you owe, how much money would be left? Read extra information at http://www.n49.com/biz/3997347/dezert-properties-real-estate-az-bullhead-city/.

Now that you know the “fair market value” of the home you like, it’s time to determine how much you are willing to pay. Establishing this prior to making a formal offer helps define your personal limits. You should determine how much to offer, how much earnest money you will put down, how much of the closing costs you will ask the seller to pay, when you plan to settle, and what inspections you plan to have conducted. Your agent will offer great advice for structuring your offer. Remember to ask your agent about contingencies and their importance. If you don’t fully understand something, be sure to clarify it.

One of the largest reasons some buyers walk away from a home purchase feeling remorseful is because they don’t consider everything about purchasing real estate before they jump into it. There are common buyer mistakes we address with all of our buyers upfront so they have a highly successful transaction. One thing that many folks don’t want to do is put in the upfront work, studying, and preparation that goes into buying a house. You need to prioritize your needs, and your wants – and if you have a partner you need to communicate together on everything. Maybe one person is ready to buy, and the other isn’t ready just yet. Discover extra info on https://iglobal.co/united-states/lake-havasu/dezert-properties-real-estate-2.

Overlooking FHA, VA and USDA loans. First-time buyers might be cash-strapped in this environment of rising home prices. And if you have little saved for a down payment or your credit isn’t stellar, you might have a hard time qualifying for a conventional loan. How this affects you: You might assume you have no financing options and delay your home search. What to do instead: Look into one of the three government-insured loan programs backed by the Federal Housing Administration (FHA loans), U.S. Department of Veterans Affairs (VA loans) and U.S Department of Agriculture (USDA loans). Here’s a brief overview of each: FHA loans require just 3.5 percent down with a minimum 580 credit score. FHA loans can fill the gap for borrowers who don’t have top-notch credit or little money saved up. The major drawback to these loans, though, is mandatory mortgage insurance, paid both annually and upfront at closing. VA loans are backed by the VA for eligible active-duty and veteran military service members and their spouses. These loans don’t require a down payment, but some borrowers may pay a funding fee. VA loans are offered through private lenders, and come with a cap on lender fees to keep borrowing costs affordable.