There’s a lot to love about living in the New River Valley. That’s why we’re seeing more people looking to buy homes here. However, it is important to prepare for the home buying process. This post will provide information to help NRV buyers know what to expect.
New River Valley Real Estate Market Watch
Recent reports indicate the median sold price of a home in Pulaski County increased by 14.1% over the past year. However, the NRV real estate market is dynamic. Contact The Louise Baker Team for help buying New River Valley homes.
3 Things To Know About The Home Buying Process
1. Preparation is Key
Before starting anything, preparation comes first! And here is what you must prepare before heading into the home-buying process!
- Take a Look at Your Finances.
- A good credit score makes a difference in getting better interest rates.
- Think about how much you can comfortably set aside each month. Remember, the mortgage payment is just one expense. You’ll also want to include property taxes, insurance, and potential maintenance costs.
- The down payment can vary, so it’s essential to have a solid savings plan in mind. Don’t forget, closing costs can include fees for appraisals, inspections, loan origination, and more. Getting prepared now will make the process a lot smoother later on!
- Get Pre-Approved for a Mortgage: It’s a Game-Changer!
- Different lenders offer different rates and terms. Take your time to explore all your options, whether it’s local banks, credit unions, or online mortgage companies!
- There are several types of mortgage loans. Conventional mortgages are a common option. Some buyers might also be eligible for FHA, VA, or USDA loans. Don’t hesitate to ask your lender for guidance to find the one that best suits you!
- Pre-approval shows you’re a serious buyer. Sellers tend to take offers from pre-approved buyers more seriously, and it gives you a clear idea of what you can afford.
2. Look For Your Home
- Let’s start by listing what you need. The number of bedrooms and bathrooms is a good place to start. Location is another important factor. From there, you can consider backyard size, nearby amenities, and more. Schools might be a consideration if you’re moving your family to the NRV. Think about your lifestyle and your future aspirations!
- Team up with a local real estate agent. Finding a friendly and knowledgeable agent who knows the New River Valley can make a significant difference.
- Get out there! Attend showings, join virtual tours, and visit open houses. Remember to jot down notes and snap pictures to keep track of what you love about each property.
3. Making an Offer
Work with your agent to create a winning offer. Remember, it’s not just about the price! Here are some friendly tips to consider:
-
- Look at similar sales in the neighborhood and think about how the property stacks up.
- Think of contingencies. For the sale to close, sellers or buyers must meet essential conditions. It could be financing, inspections, appraisals, title clearance, etc.
- Make an earnest money deposit. This deposit shows the seller that you’re serious about your offer.
- Be ready for the seller to come back with a counteroffer. Negotiation is always a part of the game.
More Tips:
- Invest in inspections and appraisals.
- Ensure the title is clear through a title search.
- Try to understand any known property issues.
- Get the lender’s green light for a secure loan.
- Understand paperwork and closing costs.
Are you ready to start your home search in the New River Valley? The Louise Baker Team can help you navigate the local market. Contact us to start your search for the perfect NRV home.