Leon Springs Community News - February 2017
#1 Tip for First Time Home Buyers
Congratulations! You have decided to embark on the adventure of purchasing your very first home!
As you know from last month’s article, the San Antonio area is in a ‘seller’s market’. Meaning that the number of buyers looking for homes outnumbers the amount of homes for sale, making it a competitive marketplace. As a buyer, your purchase offer needs to stand out as the best offer that the seller may receive. The very best way to show that your offer is the most serious, is to be pre-approved or pre-qualified for a mortgage BEFORE you start searching for that dream home. This will provide advantages to you in several ways:
You will know what your budget is, and, most importantly, that you are going to be looking at homes within your budget. Per Freddie Mac: “Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”
In a seller’s market, sellers most value offers from buyers with a pre-approval already in place. In fact, many seller’s will not consider an offer that doesn’t come with a pre-approval letter.
You can ‘shop’ your mortgage BEFORE you make that offer, saving you time and money!
Find a local REALTOR®. They have the knowledge and have developed relationships with lenders who will be able to help you with this process. They can also provide you with insights on who are the most responsive lenders in the area, and who works best with First Time Home Buyers. Come to the negotiating table with strength and knowledge behind you, and even in a competitive market your offer will come out on top!
Gina M. Sohmer, MBA, is a veteran, a second-generation REALTOR®, a Graduate of the REALTOR® Institute and a member of the Phyllis Browning Company, San Antonio’s Largest Independently Owned Real Estate Company. Visit her online at www.ginasohmerrealestate.com to help YOU make YOUR Real Estate Dreams Come True!