I often get the question "how soon should I talk with you before buying a home?" Like most things in real estate, the answer is specific to that person or families needs, but there are some general rules of thumb.
First of all, it's honestly never too soon. But it may be too soon to physically tour homes with an agent. It's important to have a real estate professional you know, like and trust when you're in the beginning stages of thinking to buy a home. Having a Realtor by your side to answer questions, offer advice and be your advocate is priceless!
Secondly, one of initial steps is to figure out how much you can and want to spend for your new home. This should be done when you are initially thinking about buying. Sit down, create a budget and use it! (Make it a fun date night if you have to!) Here are some helpful budget templates to make the process a little more enjoyable:
http://www.huffingtonpost.com/bob-lotich/5-household-budget-templa_b_5696244.html
After writing out your income and expense, how much do you feel you could spend for a mortgage? Are you comfortable spending $100 or $300 more a month or are you already at your comfort zone? Are you expecting pay raises or is your car almost paid off? Look at the whole picture to really understand your budget.
Thirdly, I recommend speaking with a mortgage lender about 6+ months before the date you'd like to be in your new home. When speaking with a lender, they will provide individual advice and will provide you with the sale price you can afford at the time of your initial conversation. It's basically a starting point to know where you currently stand and make goals to where you want to be. The earlier you figure out your starting point, it will help determine if you need to save more or improve your credit.
Check out this mortgage calculator see how much you may need to save to buy a home you might of seen online ( I know you're looking online already!):
http://www.bankrate.com/calculators/savings/saving-goals-calculator.aspx
Play around on Bankrate.com with their other calculators- they are not 100% accurate, but definitely provide some guidance!
Do you know when you'd like to be in your new home? If you have that date, month or general time frame, count backwards 6 months and that is usually a good time for us to meet and discuss your real estate goals. But I'm here to be your real estate resource even if you aren't ready for a year or two!
Kelly Steyn
484-343-2406
Kelly@PhillyLiving.com
www.KellySteyn.com
First of all, it's honestly never too soon. But it may be too soon to physically tour homes with an agent. It's important to have a real estate professional you know, like and trust when you're in the beginning stages of thinking to buy a home. Having a Realtor by your side to answer questions, offer advice and be your advocate is priceless!Secondly, one of initial steps is to figure out how much you can and want to spend for your new home. This should be done when you are initially thinking about buying. Sit down, create a budget and use it! (Make it a fun date night if you have to!) Here are some helpful budget templates to make the process a little more enjoyable:
http://www.huffingtonpost.com/bob-lotich/5-household-budget-templa_b_5696244.html
After writing out your income and expense, how much do you feel you could spend for a mortgage? Are you comfortable spending $100 or $300 more a month or are you already at your comfort zone? Are you expecting pay raises or is your car almost paid off? Look at the whole picture to really understand your budget.
Thirdly, I recommend speaking with a mortgage lender about 6+ months before the date you'd like to be in your new home. When speaking with a lender, they will provide individual advice and will provide you with the sale price you can afford at the time of your initial conversation. It's basically a starting point to know where you currently stand and make goals to where you want to be. The earlier you figure out your starting point, it will help determine if you need to save more or improve your credit. Check out this mortgage calculator see how much you may need to save to buy a home you might of seen online ( I know you're looking online already!):
http://www.bankrate.com/calculators/savings/saving-goals-calculator.aspx
Play around on Bankrate.com with their other calculators- they are not 100% accurate, but definitely provide some guidance!
Do you know when you'd like to be in your new home? If you have that date, month or general time frame, count backwards 6 months and that is usually a good time for us to meet and discuss your real estate goals. But I'm here to be your real estate resource even if you aren't ready for a year or two!
Kelly Steyn
484-343-2406
Kelly@PhillyLiving.com
www.KellySteyn.com
