Welcome to 2017! Last year the housing industry saw healthy increases in value fueled by low interest rates, wage growth and millenials entering the market. If you are thinking about buying a home this year here are several steps to take now:

Know Your Credit Score
It is not so much as to know what your score is, but also to ensure there are not any mistakes on it. Correcting errors on your credit report can take up to two months. You don’t want to be in a situation where you lose the house of your dreams due to someone else’s mistake.

Your real estate professional will refer you to a lender unless you already have one. You will want to meet with them before you start your house hunting process. They will provide you with the parameters in regards to affordability, financing options and a laundry list of items you will need to fix / repair or leave alone in regards to your credit report. Believe it or not, but paying off an old debt might have a negative impact on your credit report.

Do Not Open Any New Lines Of Credit
There are several calculations involved in determining your credit score as well as affordability. Ultimately, new lines of credit can reduce the amount you can borrow for your new home.

Hire A Real Estate Professional
You will want to hire a real estate professional who; knows your neighborhood, is an expert in the art of negotiation and communication, and has a list of satisfied clients that you can contact.

Understand The Current Market
According to professionals we are still in a sellers market and it looks like that will continue throughout 2017. Interest rates are on the rise and this might result in slower increases in home values in the long run. However, given the knowledge that the Fed plans on more interest hikes throughout 2017, there might be an uptick in home sales early in the year in an effort to obtain the lowest possible rate.

Get Pre-Approved
Timing is everything when it comes to finding the home of your dreams and you want to have peace of mind and know that you are as prepared as possible when it comes time to put in your offer. Obtaining pre-approval can take several days to weeks and it is highly unlikely that a seller would accept any offer where the buyer is not pre-approved.

Whether this is your first home or their fifth home, the home buying process can create many emotions and feelings. One of the best ways to ensure the process is not overwhelming for a buyer is to be well educated and properly prepared for the process.

Call me today. Together we will develop and implement a successful strategy to obtain the new home of your dreams.