Buying a home in the Methow Valley?
Buying a home in the Methow Valley, can be a fun and exciting new adventure for you and your family. However, there is nothing more discouraging than unforeseen bumps in the road. Fortunately, buying a home, even if you’re a first-time home buyer, is a lot easier when you prepare for the process. And when you work together with a competent, dependable real estate firm like Coldwell Banker Winthrop Realty, you can save time and money.
Today’s housing market is a fast-paced world, and you have to be ready to act with a moment’s notice. Once you decide to become a homeowner, where do you begin? Here are some things to consider and work on before you start shopping for your dream home.
Learn the financing basics. Learn the difference from being preapproved and prequalified. Being pre-qualified means that you’ve taken the first steps in the initial lender screening, while being preapproved means that you’ve taken all of the required documents to the bank and been approved for a certain size of mortgage (depending on your income and assets). If given the choice between a prequalified or a preapproved, most home sellers will opt for the preapproved.
Research your mortgage options. What type of loan will be best for you? Would you benefit from a fixed mortgage or an adjustable-rate mortgage? If you choose a fixed mortgage, which option would be better–a 30-year or a 15-year? Learning the difference between home loans and picking the right one for you can be the difference between saving thousands of dollars and not. If you have questions, our knowledgeable Buyers Agents are here for you.
Hire a buyer’s agent. The peace of mind you can receive when you hire a buyer’s agent from Coldwell Banker Winthrop Realty is worth more than just a good night’s sleep. Having a buyer’s agent who helps you facilitate the purchase of your next Methow Valley, home can also save you money in the long run. Our friendly and helpful agents have years of experience and they are ready to help you get into the home of your dreams.
Start setting aside money now. Do you know how much you’ll need? Find out here. Now is the time to start tucking away any money that you can to build your down payment.
Down payment. This is the largest potential chunk of money that you can invest in your home up front. Down payments can range anywhere between 3%-20% on average. A higher down payment can mean that your offer will hold more water and may also lower your monthly payments and your upfront fees. There are some programs available to first time home buyers which don’t require a large down payment, and the buying agents at Coldwell Banker Winthrop Realty know if there are local low down payment options.
Closing Costs. Closing costs can be a surprise if you’re not ready for them, especially when they can cost anywhere from 2%-5% of your total loan. It is possible to have these costs covered by the seller if you include them in your offer and the seller approves. However, the seller covering closing costs is less prevalent in today’s market, so it’s best to plan ahead.
Paying for mortgage points. Points cost 1% of your mortgage cost and can act as prepaid interest so your buying down your interest rate. These mortgage points can save you money over the course of your mortgage.
Move in costs. Whether you’re moving across the country or just across town in the Methow Valley, there are some moving costs that you ought to take into account. Perhaps you’ll be spending a few days out of work or you’ll need to hire a moving service. Whatever the case is, you’ll need to prepare for those inevitable costs.
Ask yourself the big (and little) questions. When you start shopping, this is the time to already know what it is you’re looking for. This is the time to answer the questions you never even considered. More than bathrooms and bedrooms, you should consider your habits and lifestyle preferences. How far away are you willing to live from work? How much time in your week could you commit to yard work/home improvements? How long are you planning to live in your new home?
Buying a home in the Methow Valley
The Methow Valley has such a variety of towns, neighborhoods and rural areas, each with their own features & personality. Take some time to determine which is the best fit for you & your family. Do you want in-town convenience, mountain views, peaceful riverfront or quiet woods? Or maybe all of the above!
When looking at a home, don’t shy away from elbow grease. There is a difference between a home needing structural remodeling and a fresh coat of paint. Yes, just one out-dated shade of paint can put you off of a home, but if you look past the color or the carpet, you may find the potential for your perfect the Methow Valley home.
Submit a strong offer. This can be tricky. If your offer is too low, it will get turned down, but if your offer is too high, you could be out a few thousand dollars. So where’s the sweet spot? As the housing market changes so quickly right now, it’s best to get expert advice from your dedicated Coldwell Banker Winthrop Realty Agent.
Read the fine print. From regulations to housing authority covenants to contingencies, there are so many items that could leave you with a surprise after closing if you’re not diligent. Look over your contracts and contingencies and make sure you’re happy with the considerations.
Get your agreements in writing. As always, it’s imperative that you get all agreements in writing. Your documents will be invaluable as a reference later if you need them.
For more information about buying the Methow Valley real estate, call our office today!
Find Your Dream Home!
Whether you are looking for your first home, your last, or something in between, these buyer resources will help you along your way!
Be sure to register for our e-mail home search service, which keeps you up to date on the newest listings in your desired area and price range. It has never been easier to keep an eye on the market!
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Home Buying Tips
Here are a few things to think about as you start your home search. Access these buyer tips and educate yourself on today’s issues before making any offers. Knowledge you gain today can save you headaches down the road!
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Home Buyers Guide
Avoid the costly mistakes many buyers make and maximize your next purchase when you download these free reports. Titles include, “Eight Insider Buyer Tips”, “Closing Costs Explained”, and “Save Thousands on Taxes.”
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How much home can you afford? Access our finance center today and learn about your options. Mortgage calculators, loan programs, and refinancing options included.
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Coldwell Banker Winthrop Realty
503 Highway 20 South P.O. Box 100
Winthrop WA 98862
Toll Free: (800)321-4482
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