There are plenty of well-kept secrets for buying a home, but you don’t have to be an expert homebuyer to take advantage of them. Here are a few of the best-kept secrets out there that many new homebuyers don’t know about:

Secret #1: Don’t try to time the market to your advantage.

The housing market can be fickle, and even industry experts often can’t predict what it will do next. If you find a home you love but start waiting for prices to drop, you might end up missing out on an already good deal. When you find something that’s affordable and meets your needs, snatch it up and don’t think about what things might be like in a few months.

Secret #2: Scope out the neighborhood.

You may have found the perfect home, but how is the neighborhood? Start dropping by at different times of the day and consider what is important to you for your daily life. Where is the nearest grocery store? How is the traffic? Test your commute to work or school and see how you handle the drive. Even if you don’t have children, the quality of school districts in the area play an important role in the future value of your home, so consider carefully.

Secret #3: Don’t make any large purchases.

As soon as you start thinking about purchasing a home, you should keep your money exactly where it is for approximately 3 to 6 months before buying. Your credit profile is important when it comes to your mortgage, so avoid large purchases like a car or high-end furniture to keep your credit score and debt-to-income ratio in tact until closing time.

Secret #4: Get preapproved before home shopping or making an offer.

Aside from finding out for yourself exactly what kind of home you can afford, getting preapproved puts you at a great advantage in a bidding war with another potential buyer. When you are preapproved and the other bidder either hasn’t spoken to a mortgage company at all or is only prequalified, chances are a seller and listing agent are going to take your bid much more seriously.

Secret #5: Don’t let your emotions get the best of you.

It’s easy to let our emotions overwhelm our instincts from time to time, especially when making such a big decision. You might fall in love with one aspect of a house and ignore all other factors, which may lead to some unwise financial decisions. While a home is vastly important to your family and personal life, treating it like the investment that it is will allow you to make sound financial decisions. Don’t get wrapped up in the little details, but instead think more of the value of the home and what kind of deal you are getting.

Secret #6: Call the inspector.

Most people don’t even buy a carton of eggs without checking each one for cracks, so why would you buy a home without letting a professional give it a good once over? Hiring a home inspector will cost you a few hundred bucks, but it can save you thousands in the long run by providing you with the information you need to decide whether or not to buy. Furthermore, any issues found can be used as a bargaining chip for negotiation.

Secret #7: Never turn down help.

If two heads are better than one, than it never hurts to add more professionals and help into the mix. Ask family, friends, real estate agents, and mortgage professionals all the questions you can and educate yourself properly.

Secret #8: Take your time.

There is often a lot of pressure placed on homebuyers to push through a deal as quickly as possible. Don’t feel like you have to give in to that pressure. Buying a home is a major step, and since you’re probably going to spend at least 5 years living and investing in it, you should feel comfortable taking all the time you need. You don’t want to get locked into rates and terms that are not in your best interest, so take advantage of any opportunities to speak with professionals in the industry.

The more you know, the better. For more insider info and helpful tidbits, give us a call at 321-265-4000.