| July 29, 2009 |
| 10:00 pm |
| 10:00 pm |
With all the buzz about the slumping economy, rebates and incentives, it is hard to believe we need to remind buyers to get started now with their buying process in order to capitalize on the $8,000 first time home buyer tax credit!
If you want to take advantage of the tax credit, you must qualify as a first time home buyer…. this means you must not have been on title on a home within the last 3 years.
I invite you to get started on the process by speaking with the experts at Cornerstone Mortgage Company. The folks at Cornerstone Mortgage are going to be the essential first step in your home buying process. Since home sales are up over 20% from June of 2008, homes that are priced in accordance with the market are going fast. If you find the home you love and are not pre-approved, chances of you getting that home are very slim.
Once you are pre-approved with Cornerstone Mortgage, then we go over your home search criteria and shop for that new home! Most buyers will look for 30-60 days before they find what they are looking for. Once you have the home, it will probably be between 30-60 days before closing.
I anticipate a crazy, busy November with many first time buyers closing on home in order to receive the $8,000 tax credit, so prudent buyers will get started now! This is a wonderful opportunity to cash in big on one of the most important investments you will ever make. Take the necessary steps to insure you give yourself enough time to go about the process.
You can reach Cornerstone Mortgage Company at www.MnHomeLoan.com or through my website at www.NicholeFredrickson.com.
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Search for Homes
So you have your criteria set and communicated to your Realtor, you have a preapproval and a clear picture of what your payment will be. Then we look for homes! I would suggest looking at 2 homes the first time you go out looking. Never see more than 6 homes at a time. They will all mesh together and you will start forgetting what the positives and negatives of each home were. During the summer, it is very easy to see the homes in the daylight hours, but during the lovely Minnesota winters, that can be tough. I highly suggest you try and visit the homes in the daylight. You will get a much better feel for the curb appeal, the immediate neighborhood, the exterior of the home (roof, siding, landscaping) and you will have a better idea of how much light is available in the home. Wear your slip-ons, it will make your life easier going in and out of homes. If you are looking at hobby farms, bring a pair of boots to get a good look at the acreage and the area. If you are looking in the winter, don’t forget the snow boots! In today’s market where there are a great percentage of foreclosed and vacant homes, you don’t want to jump through a foot of snow in slip-ons.
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Meet with a Realtor
In order for a Realtor to determine what sort of homes to show you, you must have a good idea of what it is you want in a home. Which areas do you want to live in? If you answer Minneapolis, great, but which are of Minneapolis? If you say southern suburbs, there are large differences between Bloomington, Lakeville and Lonsdale. The first part of your search criteria must be clearly defined. Neighborhood! Take into consideration your commute to work, the school district, and other important places like distance to parks, shopping, medical care…. Or any other places that are an important part of your daily lives. Once you have the neighborhood picked out, determine the style of home you want. Do you want a condo, townhome or single family home? Do you prefer slit entries over two stories? Do you want acreage or just an average city lot? How many bedrooms do you need? Is the number of garage spaces available? Sometimes it is easier to write down a list of what your ideal home would be, then pick the most important pieces and set them as the criteria. Price is important! What is your “comfort” range. I don’t care how much more you can get preapproved for, I want to know what is comfortable for you in a monthly payment. Don’t forget those pesky taxes, insurance and utilities.
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