Getting ready to buy a home can be both exciting and stressful. The thought of moving into larger space, downsizing, having a backyard of your own or finally having room for an office is motivating for any homebuyer. At the same time, the thought of every detail of your financial life being scrutinized can be scary. 

 Added to that pressure is buyers need to be strategic in a hot market like San Antonio - where houses are being scooped up at higher values and spend less time on the selling block. It’s harder for homebuyers who are not prepared. Here are a few tips to get you ready for the home of your dreams. 

The Basics - Credit score, Qualifying, Downpayment

The strength of your credit score is a big determining factor on what type of loan package you can qualify for. There are many programs for new home buyers but the higher your credit score the faster you can find a loan program to match your needs. Of course making regular payments to your credit card companies and paying down debt will help your credit score. 

You will hear that the gold standard for a down payment is 20%, but many new home owners can’t afford that. Most conventional loan programs will require a minimum of three percent down and some of the fees, you can ask the seller to pay. Overall there will be some type of downpayment so be prepared to have a good chunk of savings stored away. A down payment calculator such as one at AmCap, a mortgage company, will give you a good ballpark of how much you need to save. 

Picking a Real Estate Agent

Real estate agents are those experts that can help you find your new castle. But not all are the same. Look for one that matches your schedule of when you can look at houses because some agents only are available during certain hours. If you have a certain neighborhood or part of the city that you would like to live in, find an agent who has some advanced knowledge beyond real estate stats. For instance, can they tell you that your real estate taxes will likely keep increasing (which is a part of your mortgage payment) because the development around your house is still on the rise. Experienced agents will help new buyers with additional historical information that an online real estate marketplace often can’t do.

Striking When Hot

In a market like San Antonio where home prices have traditionally been lower, it’s a hotbed for investors, flippers and homebuyers. Coupled with lower interest rates, a savvy real estate agent can help you decide when your bidding price might be too low or too high. It’s important to have knowledge of what’s the average selling price of houses in a neighborhood along with upgrades or features of the home. You don’t want to be the home buyer who keeps under bidding because you are getting bad advice from your realtor. 

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If you, or anyone that you know is interested in purchasing a home, we have a solid team of experts who work to help our clients win. Our agents are working hard throughout the state of Texas, from San Antonio, to Austin, and Fort Hood Texas. We offer the service, guidance and expertise to help you buy or sell a home today!  

Give us a call seven days a week to purchase or sell a home, or simply talk and let us answer your questions. We are available from 8 am to 9 p.m. everyday! Office: 210-331-7000;  Text: 210-801-9115