Hello World! Welcome Friends! Buying a house is a big step in life. In a competitive housing market like Spokane, completing the mission to own a home may seem harder than it needs to be. First-time buyers, especially, may find it difficult to navigate Spokane’s tough real estate landscape in 2021. If you are such a buyer, fret not; there’s a solution to your fix. You can find your dream home in Lilac City in 5 simple steps. So, are you ready? Let’s get started.
1. Prep Work Before the Hunt
There are several reasons you should invest in the Spokane real estate market at the moment. However, before you go gung-ho, take a deep breath and ask yourself the following questions:
Am I Financially Ready to Take this Step?
Buying a house is a huge financial commitment. A lender would look at your credit history, debt-to-income ratio (DTI), employment status, and more when you seek a pre-approved mortgage. Moreover, you will need liquid assets to cover the closing costs and down payment.
Am I Mentally and Emotionally Prepared?
Are you ready to settle down? Can you live in your chosen area for a few years from now? These are important questions to ask when taking a big step like buying a house. Factor in the needs of your family, as well.
What Do I Need to Buy a House?
Lastly, research into what you need to buy a house. For starters, you need mortgage pre-approval, liquid cash for downpayment and closing costs, a healthy credit score, and a manageable DTI ratio. Once you have done, start budgeting your purchase and saving up.
2. Look at your Mortgage Options
Once you have the liquid cash part saved up, it’s time to know your borrowing limit. Find a suitable lender and get started with your mortgage pre-approval process. This will help you get the loan quickly when the need arises.
3. Find your Realtor
With a pre-approved mortgage at hand, you are now ready to look for homes for sale in Spokane. Get going and look for the right realtor for your budget and housing needs. There are over 2000 agents in the city, which means you can easily find your pick.
4. Let the Hunt Begin
Now that you have the real estate agent locked down, let the hunt for the dream house begin. Your agent will help you find properties that fit your criteria and budget. Narrow down this list based on the price, square footage, bedrooms, transportation, amenities, and more. Once you have found a good pick, make an offer the seller cannot deny. In the current market, sellers prefer cash offers; so, be ready to spend.
5. Closing Checklist
Once the offer is made, it’s time to do three things:
- Home inspection and appraisal: Home inspections find any hidden defects and issues in the house and a necessary step. A home appraisal is required by most lenders before a mortgage is approved.
- Repairs and final walkthrough: If the home inspection resulted in urgent repairs, then have them done by the seller or do it yourself before doing a final walkthrough of the house.
- Closing the deal: Once satisfied, it’s time to get the Closure Disclosure from the lender and sign the settlement agreement.
Conclusion
The Spokane housing market can be tough to get through. However, with some careful pre-planning and budgeting, you can find your way through the competition and get the house of your dreams. Be sure to not skip the important steps like choosing the right realtor and budgeting your process. With all these steps, you are all set to find a great residence.
Click the links below for any posts you have missed:
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How to Upgrade your Home Ready for Winter
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Toodles,
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