10 Proven Tips To Succeed in Buying Your Dream Home

Learn how to secure your dream home by keeping your finances intact.

How can you increase your chances of getting your dream home? Buying a house is a big decision, which is why it’s important to be prepared. Today, I’ll share 10 pro tips for a smooth home-buying experience:

This conference is special because Mike Ferry is going to be celebrating 50 years in the residential real estate coaching and training industry. I’ve worked with Mike for the past 30 years and have seen firsthand the value of partnering with a Mike Ferry-trained agent. Here are 10 reasons why you should consider working with one:

1. Get pre-approved. Before you start shopping for homes, get pre-approved by a reputable lender. This step will help you determine your budget by identifying your maximum and minimum price range based on your income and expenses.

2. Work with a buyer’s agent. Work with a buyer's agent like myself. An experienced agent will protect your interests and help you avoid buying a home in the wrong neighborhood.

3. Save for closing costs. Set aside funds for closing costs because these expenses can add up quickly. Including this in your budget will ease your mind.

4. Keep your job. Try to keep your job and avoid switching to self-employment during this time. Changing your job can affect your pre-approval for a mortgage and make it harder to secure financing.

5. Avoid big purchases. Hold off on large purchases, like a new car, until after you’ve settled into your new home.

"Every dollar counts as you prepare to purchase a home."

6. Don’t dip into savings. Avoid using savings or credit cards for non-essential purchases. It's important to keep your finances in check during this period.

7. Resist impulsive buys. Stay strong against impulse buys. Every dollar counts as you prepare to purchase a home.

8. Consult with your lender. To maintain a stable financial profile, always check with your lender before making any large withdrawals from your accounts.

9. Stick with your bank. Don’t change your bank accounts while buying a home. Lenders like consistency, so keep what you have.

10. Avoid co-signing loans. Don’t co-sign loans for anyone, no matter the reason. It can affect your financial stability and jeopardize your ability to secure a mortgage.

Maintaining consistency is important to successfully get your dream home. If you're ready to make one of the biggest decisions of your life, let's connect. Reach me at (978) 852-3001 or PBrouillette@LaerRealty.com. You can also visit our website at www.homesareus.com.  I can help guide you every step of the way right to the closing table.

How To Thrive in a Challenging Market: Insights on Housing Affordability in 2023

How rising home prices and mortgage rates are impacting affordability.

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This year, the real estate market has experienced significant changes that have impacted both home prices and mortgage rates across the country. As spring and summer arrived, homebuyers faced difficulties in qualifying for favorable rates due to rising housing costs. Today, I’m diving into the data and trends that shed light on the state of housing affordability in 2023. I’ll be focusing on the Northeast region, which has shown some promising signs amidst the challenging landscape.

Over the spring and summer of this year, national housing affordability declined, making it harder for potential homebuyers to enter the market. The housing affordability index revealed that monthly mortgage payments increased by 3.7%. Simultaneously, the median price of single-family homes rose by 2.8%, further exacerbating the affordability issue. As a result, many aspiring homeowners found themselves struggling to meet the financial requirements to purchase their dream homes.

"The Northeast region has shown promise with affordability."

Amidst the nationwide affordability concerns, the Northeast region stood out as a relatively resilient market. This region experienced a remarkable 95% index for mortgage affordability, which means that 95% of qualified applicants in the Northeast were able to purchase a home with only 20% down while putting less than 25% of their monthly income allocated toward housing costs. This is a positive sign and creates an opportunity for more buyers to enter the market and find homes that match their price range.

If you have any questions about buying a home or real estate in general, feel free to reach out to me at (978) 256-3306 or by visiting my website. I’m here to provide guidance and support throughout the buying process.