Are you getting ready to purchase a new house? If so, then great! However, you should note that it is a new year; there is certain information on how to buy a house in 2019. This article takes care of the need-to-knows for home buyers and home-dreamers. Here are several tips that you should consider, when you buy a house in a tight market.
How to Buy a House in 2019: Consider a Fixer-Upper
Instead of looking at houses that you know are above your budget, look at fixer-uppers that are priced below your budget; invest the rest of your money on upgrading the property. You can have a home full of your own design choices. It is of extreme importance that you avoid fixer-uppers with tricky issues such as crumbling foundations.
How to Buy a House in 2019: Look at Old Listings
Just because a listing is old does not mean that it has problems. It can be that the house was overpriced from the very start. Some sellers drag their feet before they eventually agree to beat down their prices; during that time, the house is left to hang on the market.
How to Buy a House in 2019: Get a Sneak Peek
Ask your agent for details on listings for homes that are about to hit the market. Oftentimes, real estate agents get the inside scoop on homes two to four weeks before these homes get listed.
How to Buy a House in 2019: Down Payment Secret
Homes are expensive, but your down payment does not necessarily have to be expensive. More than 50% of renters who want to buy a home face the challenge of a down payment. However, there is a little secret that a lot of people do not know. The 20% down payment that everyone talks about is way more than what most people pay! Most buyers pay around 5% to 10% down, while some even pay 0%. Talk to your agent and lender, and research loan alternatives that have low down payments like FHA and VA. You can also look for down payment assistance from places such as Down Payment Resource and state housing finance agencies.
How to Buy a House in 2019: Consider Interest Rates
Considering the interest rates is of high importance. Avoid factors that can easily spice up the interest rates; these have to do with location, price, loan structure, etc. This year, mortgage rates will reach a 10-year high, making an already tight and expensive market feel even more expensive to enter. However, no worries. Interest rates are at a historic low rate, at just above 5%.
You might be looking to buy a house. If so, here is a full list of 10 hottest markets to watch this year.
1. Colorado Springs, Colorado
2. Grand Rapids, Michigan
3. Jacksonville, Florida
4. Bakersfield, California
5. Austin, Texas
6. Fresno, California
7. Phoenix, Arizona
8. Columbia, South Carolina
9. El Paso, Texas
10. Oklahoma City, Oklahoma
So, buy a house with these tips and tricks! Do not let any big amounts deter you.