Mortgage rates have remained at all-time lows so the home buying market stays strong. Are you one of the many looking to buy a home this year? Here are steps you may take on your journey to home ownership.  

Start with a list – Your wish list should begin with the area you want to live in and basic needs like how many bedrooms and bathrooms you need. You should also consider the type of home you want, condos with shared spaces and minimum owner responsibility, a single-family home offering more privacy and room to spread out or an as-is home that would require some TLC, are all options at this stage of the game.  

Talk with a lender – Once you’ve made a decision about the kind of home you want, it’s time to call a lender. A lender can look at your budget, credit rating and other factors and let you know how much home you can get a loan for, and more importantly, how much home you can afford. A qualified lender can also help you decide what kind of loan program is best for you.

Avoid looking at homes before this important step and you’ll side step some heartache if you don’t qualify in that price range.

Start interviewing Realtors – Now that you know your price range and you have an idea of the type of home you want, you’ll want to partner with a real estate professional to help with your home search. A qualified real estate professional will have access to the MLS which lists most homes for sale in your local area. Look for someone who is an expert in the area you’re shopping and avoid using friends and family unless they meet your standards.

Find your dream home – You will never find a home that offers every single item on your wish list. Unless you build a custom home, this is nearly impossible. Know which items on that list are deal breakers and which ones are flexible. Look at the use of space, the features and amenities that match your lifestyle and don’t look at homes outside your price range.

Getting your offer in – Once you’ve selected your dream home it’s time to make an offer. Your real estate professional should pull comparable homes so you know you’re making an offer that makes sense. They should know whether you’re in a buyer’s or seller’s market as this can affect what kind of offer you make. Make sure your broker knows how to negotiate offers and how to deal with multiple offer situations.

Don’t skip the inspections – Home inspections are your protection against material defects in the home that could end up costing you more after you close the deal. A professional home inspection will reveal any major malfunctions in the home and help you decide what you’ll deal with after closing and what might be a deal breaker before.

Get the home appraised – If you’re getting a loan, an appraisal will be required. This step gives the bank a fair market value of your home. If the appraisal comes in low, it may be difficult to get a loan. If it comes in high, you may have instant equity in your new home.

Head to the closing table – Once you’ve made your list, been pre-approved, selected a home, had an inspection and gotten a good appraisal, it’s time to close the deal. Your title company will gather documents from the mortgage company and some of their own and bring you in to sign everything. All documents will be signed by all parties involved including the buyer and seller. The lender will fund the payoff of the seller and then, once all payments have been made, you’ll receive your keys. It seems like a lot of work to buy a home, and it is! The professional buyer brokers at The Sandi Pressley Team are ready to walk you through the process and help you find your dream home today!

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Sandi's Hot Home Listing

24 Tierra Madre Rd.24 Tierra Madre Rd, Placitas

Price: $450,000 Beds:3 Baths: 3 Square Feet: 2,408

Stunning SW Santa Fe style Custom Home, built by Tom Ashe w/incredible architectural interest & attention to detail. Incredible views from every window in the home capturing the mountains and the mesas. Bright light & open great room floorplan, w/high ceilings throughout, accented with Vigas, beautiful Saltillo style floors, and 2 custom kiva style FP, 3 spacious bedrooms plus a separate office, family room off of the great room.

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