Purchase a House for the Right Price

by Erin Fernschild 12/15/2018

Entering the housing market may be difficult for a buyer. In many instances, buyers worry about paying too much for a house. On the other hand, the temptation to overspend on a house sometimes can be overwhelming for a homebuyer who is concerned about losing his or her dream residence to a rival buyer.

Fortunately, we're here to help you determine exactly what you can afford to pay for a house, thereby reducing the risk of spending too much on a residence.

Let's take a look at three tips to ensure a buyer can purchase a great house at the right price.

1. Get Pre-Approved for a Mortgage

A mortgage generally is a must-have for a homebuyer. If you get pre-approved for a mortgage, you can start searching for houses that fall within your financial limits.

To learn about your mortgage options, you should meet with a variety of banks and credit unions. These financial institutions employ friendly, knowledgeable mortgage specialists who can teach you about myriad mortgage options.

Also, don't hesitate to ask questions as you search for a mortgage. If you understand all of the mortgage options at your disposal, you can make an informed mortgage decision. Then, you'll be able to start pursuing houses with a budget in hand.

2. Assess the Housing Market

The real estate market frequently fluctuates. As such, you should look closely at housing market data to find out whether you're preparing to search for a house in a buyer's or seller's market.

Oftentimes, it helps to look at the prices of recently sold houses in your area. This will allow you to see how much sellers received for their homes, as well as how long these houses were available before they sold. That way, you can use this housing market data to narrow your price range and establish realistic expectations for your home search.

3. Consult with a Real Estate Agent

A real estate agent is a housing market expert. Therefore, a real estate agent can make it simple for you to pay the right price for your ideal house.

Typically, a real estate agent will want to meet with you before you start your home search. He or she then can learn about you and your homebuying goals and help you craft a homebuying budget. As a result, a real estate agent will allow you to refine your home search, ensuring you can check out high-quality houses at budget-friendly prices.

Let's not forget about the support that a real estate agent delivers throughout the homebuying journey, either. A real estate agent will set up home showings and keep you up to date about new houses that fall within your price range. And if you'd like to submit an offer on a house, a real estate agent will help you put together a competitive proposal as well.

Pay the right price for your dream house – use the aforementioned tips, and you can boost the likelihood of discovering the right home, at the right price.

About the Author
Author

Erin Fernschild

I believe that when it comes to Real Estate sales and service, you can have it all and that is my professional goal. Erin Fernschild has lived in Stratford, CT since moving from New York City in 2005. First living in the direct waterfront community of Breakwater Key and then moving to Lordship in 2012. Her interests in Real Estate expanded while she was searching for a home that would meet her lifestyle and growing family needs. Commuting to Wall Street in NYC on the train gave her ample time to find the perfect location for all of her requirements, even though she was told by many “you can’t have it all”. Erin attended William Patterson University earning a Bachelor of Science degree in Business Administration and International Marketing. Throughout her career, she has worked for several Investment Banking Firms in NYC including First Boston, Bear Stearns, and Deutsche Bank. In 2016, Erin obtained her real estate license and joined RealtyQuest. Erin’s passion for service and understanding of what it takes to complete any transaction with the least amount of difficulties stems from her role at Deutsche Bank where she co-­founded its Relationship Management team which is accountable for the Bank’s overall commercial relationships. Erin worked face-to-face on a daily basis with large hedge funds, asset managers, and high net worth individuals, listening to their needs, communicating effectively and often acting as a mediator to resolve issues. Her friendly style, tenacity, and technological ability provide her clients with a competitive edge in challenging markets. She is a natural people person who will work tirelessly on her client’s behalf. She truly enjoys assisting others to Buy, Sell and Invest in Real Estate and understands the amount of time, dedication, and thoughtfulness that goes into finding the right property, at the right price, that meets all of her client’s needs.