Housing market conditions change rapidly, with fluctuating interest rates, price and availability of homes. Your Berkshire Hathaway HomeServices network professional can help you with the following suggestions:
Step 1: Be financially prepared
Prequalification for a mortgage loan tells you what kind of loan is best, the interest rate you’ll pay, how much you can spend on the purchase price of a home, and whether you’ll pay private mortgage insurance.
Step 2: Be flexible
You may have to make compromises to your wish list, like moving further out to get the amenities you want, buying a fixer-upper instead of a new home, or getting a condo instead of a house. Be open to alternatives.
Step 3: Plan for the long-term
Building equity takes time, so plan to stay in your home long enough to “repay” your closing costs. Closing costs for homebuyers account for 2 to 6% of the purchase price so it could take five to seven years to sell at a profit or break even.
