New decade, new digs! These 10 tips will help you get a home you love.
1 – Make a wish list. This is fun! Consider your ideal neighborhood, square footage, number of bedrooms and bathrooms, and what matters to you. Want space for crafting? A secret library? A basement big enough for a roller rink? Write it down!
2 – … then prepare to scale back if you need to. Most homebuyers make a sacrifice to stay on budget. Would you rather have a longer commute or a smaller yard? Ask yourself questions along those lines. Prioritize your list so you can look back at it when you’re in the heat of a decision.
3 – Consider your down payment. 20% might sound right, but you don’t need that much. It’s a common misconception that most people still put down 20%. In 2019, 56% of homebuyers put down less (according to the Zillow Group Consumer Housing Trends Report).
4 – Be ready for multiple offers. Redfin predicts lots of competition thanks to low mortgage rates combined with a lack of homes for sale. Flyhomes clients win 68% more!*
5 – Learn why cash offers are awesome. When there’s competition (as there’s likely to be in 2020), cash can help you stand out. When your offer is the only one, our Cash Offer program might help you save.
6 – Remember there’s no one “right” way to buy a home. This is why we pair homebuyers with advisors. Your situation is unique and your advisor will be your coach.
7 – Learn what not to do when you’re about to apply for a mortgage. Generally, you should hold off on: changing jobs, opening new credit lines, closing major credit accounts, and making large bank deposits.
8 – Selling a home, too? Use our Trade Up program to unlock the value of your current home, allowing you to use it toward your new home before selling it.
9 – When you find a home you love, write a letter to the seller. A personal note about why you want the home can help your offer stand out. Mention the details that make the home so great.
10 – You can’t start too early. Even if you aren’t planning to buy until late in the year or even after 2020, it’s worth talking to an agent to understand what you need to do to prepare. 21% of 2019 buyers regret not starting earlier! (That’s also according to the Zillow Group Consumer Housing Trends Report.)
Let’s get started!
*Average for homes with 4 total competing offers on which our clients made a Cash Offer during the period of 1/1/19 through 6/30/19. The average number of offers in a multi-offer situation during that timeframe was 3.42.