Friday, May 11, 2018

5 Things You May Not Know About Buying a House

The home buying process can be intimidating to any first-time homebuyer. With the popularity of house hunting TV shows, it can seem like the home buying process is a breeze...but you can't always believe what you see. Here are 5 things you probably didn't know about buying a house:

1. The home buying process takes time. TV shows make a home search appear to take a week or two, but the actual home buying experience can take much longer. The typical homebuyer in 2017 spent 10 weeks searching for their home and looked at a median of 10 homes*.

2. Get pre-approved for your mortgage. Many buyeres find themselves in a multiple offer situation, so it’s important to get your pre-approval from your mortgage lender. This says to the seller you are serious about your offer. Want to make your offer stand out even more? Check out HUNT Mortgage’s Pre-Purchase Commitment.

3. You don’t have to put 20% down. If a 20% down payment doesn't work for your budget, mortgage companies offer a variety of mortgage products that don’t require it. The best way to understand what mortgage program is best for you is to explore your options and reach out to a mortgage consultant.

4. Think about your long-term plans. Are you planning to have a family? Will your aging parents need to move in with you? Consider what your future plans are when looking at a house. Don’t just buy for your current lifestyle, or you may outgrow your home.

5. Look beyond staging. A well-staged home can sell faster. However, since staging should highlight the best features of a home, it can also mask the shortcomings. Ignore the professional set-up and take a look at the “bones” of a home.

The home buying process can be a daunting one, so when you're ready to buy your first home, be sure to reach out to a real estate sales professional. Your agent will be happy to guide you through the home buying process, answer your questions, and help you get into your ideal home.

*Source: National Association of Realtors