Before you begin your Chicago area home search, it pays to have a plan of action! First, obtain a mortgage pre-approval from a local, trustworthy lender. This will confirm your home buying readiness and identify your price range. It also shows home sellers that you are financially prepared for the purchase! We can refer you to Chicago area lenders who will explain your mortgage options. Call 847-348-1154.
Once you have the mortgage pre-approval in hand, decide on the home priorities within your budget. Don’t look at 2-bedroom homes if you need at least 3. Also be realistic about where you can compromise. Having a 2-car garage would be nice, but maybe it isn’t as important as having a second bathroom. (If you are buying a home with another person, be sure you agree on the priorities!)
When you’re ready to enter the market, here are strategies to help you!
- Get a home buying expert on your side. At StartingPoint Realty, we have been specializing in first-time buyers since 2004! We provide complete guidance for every step of the home buying process.
- Tell your agent what you are looking for. We can set up search parameters in the MLS to match your criteria, and alert you to homes that fit your needs! We often know of homes “coming soon” to the market, and you can be among the very first to know about them!
- Be willing to consider options you may not have thought about. Townhomes can be more affordable than single-family homes, for example, while providing desirable amenities.
- Look beyond new listings. Homes that have been on the market for awhile may have motivated sellers who are ready to negotiate.
- Don’t be afraid of homes that need minor updates, especially if they meet your needs and budget.
- When you’re ready to make an offer, it should be in line with market conditions, and in tune with recent sales for similar homes in the neighborhood. Avoid “lowball” offers that will offend the seller and possibly cost you the chance to own the home. (We will guide you on this, but the amount you offer is up to you.)
- Don’t skip the home inspection. We will help you write an offer that includes this important contingency.
- Once you are under contract, be on your financial “best behavior” through closing! Don’t buy a car, or change jobs, or close accounts, or apply for more credit cards, etc. Your lender will perform the mortgage underwriting after you are under contract, and they will check your credit shortly before the closing. Don’t give them any surprises.
For the best home buying opportunities, invest time in your home buying education! We’re here to help!
StartingPoint Realty – serving Chicago Area home buyers since 2004!
When you’re thinking of buying a home, get expert help from StartingPoint Realty! We proudly serve home buyers throughout the entire Chicago area. We offer free, first-time home buyer seminars every month! Contact us for your free consultation!
Ryan Gable, Broker/CEO Starting Point Realty
Phone: 847.348.1154
Email: RyanGable@startingpointrealty.com
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