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Are You Ready to Buy?

Apr06
2010
Leave a Comment Written by Shanna

If you’re thinking of buying a home these days, particularly if it’s your first home, you’re probably a little nervous. Becoming a homeowner is a big commitment! So along with all the excitement of owning your own place (and the undeniable benefits of doing so), it’s only natural to feel some anxiety.

How can you know when you’re ready? Ideally, you are ready to buy when you’ve:

  1. Studied the market: The surest way to create peace of mind in a home purchase is to do your homework. Find out what similar homes are selling for and how long they’re usually on the market. What is available in your price range? What would be a reasonable offer? When you know these things, you’ll be more confident to make your decision.
  2. Maintained good credit: Mortgage lenders will use your credit history to determine your eligibility for a loan. Wondering what affects your credit history and how you can find out what your credit score is right now? Check out this Buy Owner Blog article, ”What is a FICO?”
  3. Saved a down payment: Most experts agree it’s best to put down at least 20% of the purchase price when buying a home. If you’ve saved that or close to that amount, you are well on your way to a new home!
  4. Prepared for the financial costs: As significant as the down payment is, it isn’t the only cost to be concerned with, however. You’ll also need to factor in monthly mortgage payments, property taxes, utilities, insurance, potential repairs, etc. Crunch the numbers to be sure you’re financially prepared, and if you are, you’ll know you’re going into the purchase with eyes wide open.

Of course, people buy homes all the time without doing these things. They didn’t study the market or have good credit scores or save enough for a 20% down payment. And sometimes, everything still worked out for them.

That’s because this list details not what qualifications there are to be able to buy, but rather qualifications that will give you the peace of mind that comes with making an informed, researched decision. Buying a home is a big commitment; in fact, for most people, it’s the most expensive purchase they’ll ever make.

Posted in Buying Tips, Tips and Ideas - Tagged buying a home, economy, home ownership, real estate market
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New Year, New Home

Dec30
2008
Leave a Comment Written by Carrie

Although difficult economic times will not change at the stroke of midnight on January 1, 2009, the housing market is set to improve within the coming year. What can buyers do to make it easier to purchase a home? Here are a few suggestions:

Improve your credit score

In order to get the best rate on a mortgage, you need to have a good credit rating. Recently, many lenders have started imposing fees for everyone who does not fall into the top tier of credit. Here are some tips on how to improve your score:

 Know your score. Many people use MyFico.com.
 Pay your bills on time.
 If you can’t afford it, use your credit card sparingly.
 If you can manage your spending, try to build good credit. As long as you pay your bills on time, use your credit card for daily/weekly purchases of products such as gas and groceries.
 Do not open a number of new credit cards. Having several credit cards will not improve your rating. Older credit is better credit. And if you can’t afford to pay off one bill, do not give yourself three of four more.
 Closing an account does not make it disappear. The closed account will still show up on your credit report.

Look for homes listed on the market for 3+ months

If a house has not sold after several months, the current owners may be more willing to accept a lower offer. The year 2009 will be a buyer’s market; sellers know that potential buyers have a lot of options to choose from. And if they wait, current homeowners might even end up selling their condos and homes for an even lesser price than originally offered.

Buy a Buy Owner® home

By purchasing a home through Buy Owner, you will have access to the best mortgage rates through our partner, Guaranteed Rate. Learn more about mortgage preapproval from this article at the Buy Owner blog.

Rent-to-own

If you need time to build your credit or simply to save up enough money for a down payment, rent your home first! Once you agree on a lease, the price of the home is fixed. The seller cannot offer the home to any other interested parties unless you decide not to purchase the home once your lease is done. Rent-to-own also gives buyers several other benefits. Check them out by reading this Buy Owner Blog post!

Posted in Buying Tips, Tips and Ideas - Tagged buying a home, buying a home in the new year, real estate buying, real estate tips
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Saving Money to Buy a New Home

Nov18
2008
1 Comment Written by Shanna

Congratulations! If you’re considering buying a new home, now is a fantastic time to do it! Choosing to invest in the American Dream is an exciting decision, but, as you probably know, it’s also a big responsibility. In fact, for most people, purchasing a home will be the single largest investment they’ll ever make. That’s why it’s critically important to know a little bit about what you’re doing before you get started.

First things first: Where are you going to get the money to buy a new home? Saving up for a house down-payment can seem daunting, but with some savvy planning, it’s possible. In order to know the goal you’re working towards, though, you need to know what price range you’re looking at.

Take a look at this article for tips on shopping for a new home. Even when you’re not quite ready to move, narrowing down the location and type of home you’re wanting will allow you to compare prices better. Then you can come up with a price range for your target down-payment goal. Most experts agree you should be prepared to put down 20% of a home’s selling price when you purchase it. The more you can put down, the less you need to borrow (and pay interest on), so it makes sense to save up.

OK, so you know how much money you need. How can you save up?

Take a look at how much you already have saved compared to your goal amount. Then, it’s time to reevaluate your spending habits and see what you can do to accelerate savings.

Here are some ideas for savvy savings:

Cut back on unnecessary purchases: After you pay for the basics (rent, other bills, insurance, food, transportation, etc.), where does your money go? If you’re like most Americans, it goes towards little luxuries like eating out, magazine subscriptions, entertainment, new clothes, coffee, etc. Evaluate what things are needed and what things could be cut down. Remember, the decision to buy a home is a big one, and it may require sacrificing short-term pleasures in pursuit of long-term ones.

Look for additional sources of income: Beyond cutting your expenses, finding ways to increase your cash inflow is the best way to put away more money into savings. Brainstorm to see what additional income sources you can come up with!

Use all the information above to create a plan that works for you, and you should be able to estimate a timeline of savings, knowing approximately when you’ll be ready to purchase.

To stay motivated, keep your eye on the goal: browse the for-sale-by-owner listings at BuyOwner.com!

Posted in Buying Tips, Tips and Ideas - Tagged buying a fsbo home, buying a home, fsbo, home purchase, real estate tips, saving for a down-payment on a home, saving money, ways to save money
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About the BuyOwner.com Blog

Welcome to the BuyOwner.com Blog, your source for regularly updated market information!

Founded in 1984, BuyOwner.com® is the leading provider of real estate marketing services. We pioneered the "For Sale by Owner" (FSBO) market, which today represents over 20 percent of all residential real estate transactions.

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