There are currently over 1400 homes for sale in the Tri Cities and surrounding areas, with a total of 523 Kennewick homes, 379 Richland homes, 296 Pasco homes, 71 Benton City homes, and 26 homes in Burbank for sale. The housing market can change overnight, so whether you are purchasing a home for the first time or a repeat buyer, these tips can help you in the purchase of your home and help you be better prepared for resale.
- Semi-permanency – It is recommended that you only purchase a home when you can stay put in it for a few years, as the costs of purchasing and selling a home is high. If you sell without putting a few years into the home, you could lose money, even if the market is rising.
- Credit- Like most of us, you will probably need to acquire a mortgage to purchase your home. About 3-6 months before you get a mortgage, you should check your credit score. Check the facts to make sure everything is correct and resolve and issues that may need to be disputed.
- Affordability- To be sure you can afford a certain price, there are multiple mortgage calculator tools online to help assess what you may be able to afford. Keep in mind to look at all other debts or bills you may have and incorporate them into the monthly cost of living. The typical rule for affordability on a mortgage is the mortgage should be about 2 ½ times your yearly income.
- 20% Down- If you find you do not have the typical 20% for the down payment, don’t worry too much as there are lenders out there who will work with you for a lower down payment, if you qualify.
- Good Schools- Buying in an area with good schools, even if you don’t have children yourself, is a great way to help with your resale value. Good schools are a top priority for buyers who do have children, giving your home an added boost to the resale.
- Realtor- With all the neat ways the Internet can help you when looking for to purchase a house; it is still wisest to find a professional agent. Not only will they keep your best interests in mind, they can walk you through the sometimes rather complex paperwork process.
- Rates vs. Points- There are many different types of mortgages out there ranging from ARM’s to 30 Year Mortgage. Study the benefits and pitfalls of each before choosing what the correct mortgage for you.
- Pre-Approval- One of the first things you should do before you go house hunting is getting pre-approved. Not to be confused with pre-qualified, getting pre-approved will help save you time by preventing you from looking at homes that are out of your range and gives you better position when making a serious offer.
- Bidding- If you are planning on haggling the price, be sure to check the sales trend for the last 3 months of similar homes in the neighborhood. This will give you a good start on how much to open the bid with.
- Inspections- One should always hire a professional inspector even if it is not required. Inspectors can find any potentially money hungry problems the home may have.