What Should You Be Aware of When Buying a Lane County Home?

The Lane County real estate market is diverse with both buyers and sellers alike seeking a variety of different properties. As a prospective seller, you can find out the market value of your property with a free home value report right here, or if you're looking to purchase in the Lane County area click here for full MLS access. Always feel free to reach out to us for any questions regarding the current market conditions, or the value of your property at  541-767-7653

 

The home buying process can be awfully stressful, and much of the frustration buyers face is a result of being unprepared. Today, we share 4 major concerns many first-time buyers have with the buying process, so you know what to expect when buying.

1. Can I afford the home? To answer that, a real estate professional will send you to a reputable lender. We will send you to a lending partner of ours who does a really good job of going over a buyer's financial situation and determining whether they qualify for the home in question. He'll go through your financials with you in detail before telling you whether you can afford the home of interest.
2. Do I qualify for the home loan? When you sit down with a trusted lender, you will go over your debt-to-income ratio, which is the amount of money you have going out versus the amount of money you have coming in. Once the lender puts all that together, they will determine whether the house you're looking for, and the payment you're looking for, is something the lender will allow. 
   
3. Am I paying too much for this home? An important part of the home buying process  is called the appraisal. The lending institution has a third party come out and look at the house to determine whether the house is valued at what you're agreeing to pay for it. This is your insurance policy to ensure you're not overpaying for a house. If the appraisal comes back at your purchase price, you can rest assured knowing you aren't overpaying.
4. Am I buying the right house? When looking at homes, think about what your needs will be three years down the road. If, for whatever reason, you need to move out of your home in three years, will you be able to sell it at the price you want? Is it in a desirable neighborhood? Is it updated? Answering these questions will help you determine whether you're buying the right house. If you do feel like it would be an easy house to get rid of, it may be a very comfortable purchase.

If you have any questions about these common concerns, or would like more help preparing for the buying process, don't hesitate to give us a call or shoot us an email. We would love to help make the process as smooth as possible!