5 Essential Tips for Home Buyers in 2023

In 2023, there are five tips for home buyers to help make the home-buying process less stressful. This guide from the HomeCraft Team will help you succeed in finding the right home. 

Whether you're looking for your dream home or want a home you can rent out as a side income, these solutions can help you on your journey. Read on to discover expert tips, including how to pick the correct Plymouth, MI real estate agency.

Tip One: Prepare Your Finances

The first tip involves preparing your finances and having a set budget in mind. The housing market is constantly changing, and many factors can affect a house's price, including: 

• Location 
• The style of the home
• The condition of the home
• Any add-on features, such as a pool 

You should save up for initial costs, including closing costs and down payments. Be sure to have good credit and, if necessary, take some extra time to build up your credit before trying to buy a home or connecting with a lender. 

Timing is also key, and the economy, interest rates, buyer competition, and more can impact how much a house may cost. A professional real estate agent from the HomeCraft Team can help determine the right time to buy a home. 

Tip Two: Understand Your Mortgage Choices

While mortgage lenders like to advertise the fact that they have many choices for home buyers, some mortgage options are better than others. 

While multiple mortgage options can be beneficial, it's better to aim for quality mortgage programs versus quantity. 

For a first-time home buyer, it's generally best to have a traditional 30-year fixed-rate mortgage. Home buyers can explore other mortgage options, but experts recommend this mortgage for first-time buyers. You should also account for certain preferences, including: 

• If you're able to make a 3% down payment for a traditional loan 
• If you want an adjustable-rate or fixed-rate mortgage
• If you want to put 0% down as active military or veteran
• If you're planning to live in a home long-term

Tip Three: Look Out for Lenders

Tips for home buyers also include knowing how to pick the right lender. When searching for homes for sale in Southeast Michigan, you should work with a trusted lender because they're a significant part of the entire process. 

Note that your credit score and whether you owe debt can impact your ability to get approved for a loan. A better credit score and less debt mean a more advantageous loan. 

Sometimes it makes more sense to wait a year or two to build up your credit and pay off any debts you have before connecting with a lender.

Tip Four: Plan Your Timeline

Just like having a set budget in place, you should also construct a set timeline. 

Several steps to buying a home exist, including getting pre-approved for a loan, making a down payment, and paying closing costs. You also need to factor in aspects like cleaning and maintenance costs and how long your mortgage plan is. 

One thing home buyers shouldn't avoid is the home inspection. Inspections can cost between $300 and $800, but these inspections can assess a home's overall quality. You can also avoid homes with problems like mold or an outdated electrical system.

Tip Five: Find the Right Real Estate Agency

Buying a home in 2023 requires a lot of time, patience, and knowledge. While home buyers should strive to educate themselves, working with the right real estate agent in Plymouth, MI, makes a huge difference. 

As illustrated by the National Association of REALTORS®, 98% of homebuyers use a real estate agency or agent to help them buy a home. However, not every real estate agent is the same. 

Look for an agency that works hard to pair buyers with the right homes and that isn’t afraid to use current technology and new buying methods to do so.

Your Real Estate Team | HomeCraft Team in Plymouth, Michigan

Buying a home can be stressful without the right team, whether you're a first-time buyer or if you've dealt with the process before. For tips for home buyers, working with the correct real estate agent is the best solution. 

At HomeCraft Team, we bring over 40 years of combined experience in pairing buyers with their dream homes. Start your journey to your new dream home by calling our office at 734-329-0123.