House Hunting? Get Your Ducks in a Row Before You Start

Interest Rates are low & housing prices are very reasonable. Everyone is saying it's a "buyer's market" and now IS the time to make a move. However, before you begin your search for a new home, there are a few simple steps you can take to help make the process go more smoothly. With tight financial markets, good credit & planning are more important than ever.
1. Lay the groundwork - Make a realistic list of the features you would like in your new home. Do you need 3 bedrooms & a garage? Move those amenities to the top of your priority list. Do you want a home that is move in ready or do you want a fix-er upper? That's something to consider as well.
2. Determine the areas you want to live in - consdering facts such as schools, transportation & proximity to recreational facilities, shopping, etc. Driving by different areas is greatly helpful to as it will help narrow down where you want to live.
3. GET YOUR FINANCING IN ORDER. You should get a copy of your credit report & FICO score. Talk with a local lender to help you determine how much you can afford & what kind of loan you qualify for. The National Association of Realtors suggests that the principal and interest on a mortgage not exceed 25 percent of your gross income.
4. Line up the money - determine how much money you will need for a down payment & get prepared. You can find a list of state and federal loan programs at www.yourillinoishome.com - click on "financing."
5. Get pre-approved for a mortgage loan so you know what your buying power is and you can move quickly when you do find your dream home. You will need a pre-approval letter to accompany any offer you make on a home, so it's a good idea to have one ready.
6. Go online - visit our personal website link to search the MLS for available homes that meet what you're looking for: http://www.sirmlsinc.com/cgi-sir/BR_login?valll
7. Find a Realtor! A licensed Realtor has the professional resources and experience to help you with your search, guide you in the selection process and assist you in negotiating the best deal when you do find the home you want. In today's challenging market, it pays to have a Realtor on your side.
8. Get a home inspection - an inspection will arm you with information about the home you want to buy and help you determine if any repairs needed are minor or major.

For more information about buying or selling a home, please give us a call today!