If you are thinking about buying a house in 2019, there are several important factors you need to consider. Depending on the area where you want to live, the housing market makes a difference in how you appear to potential sellers. You also need to consider interest rates and if this is the right time to make a large investment. One of the most important aspects when looking for a home is finding a great realtor and making sure you have a pre-approval letter from your lender. Once you have all these items in place – you are ready to start searching for your dream home.
Housing Market and Inventory
Many housing markets change throughout the year and this is true for the Myrtle Beach area. Although several weather disasters have affected homes and jobs, the market is in recovery and you might be able to find an amazing deal on the perfect home.
- You May Also Like: How To Start A Rental Property Business
Inventory also plays a big part in whether you find yourself in a buyer or sellers’ market. The more homes that are available – the more competition to offer a house for a great deal. If there aren’t many homes available in the neighborhood where you want to live – you will have to make sure you are ready to proceed with an offer quickly and confidently.
Changing Interest Rates
All over the country interest rates have gone down in the early months of 2019. This is great news for potential home buyers who are considering a first purchase, refinance, or buying a second home. When looking at interest rates and figuring out what they will mean to you – think about the amount of money you will pay over the life of your loan. A lower interest rate could mean you can afford to pay off the home quickly – or a lower mortgage payment over a 30-year period.
You also need to consider how much you have saved for a downpayment and the fees and costs associated with buying a home. With many home loans, you will pay points – either origination points that are paid to the mortgage company or discount points that can lower the interest rate on your loan and reduce your payments.
- You May Also Like: 5 Secrets to Selling Your Home During the Slow Season
Find a Good Realtor and Get Pre-Approval Letter
Although you might think searching online for a home is easier than using a realtor – you would be wrong. A knowledgeable professional can help negotiate with a seller and get an overall better deal. The first step is to apply with a lender and get pre-approved for a home loan. You need to know how much you can afford before beginning to look at houses. Your realtor may also be able to recommend lenders who can help in unique situations.
Once you have started looking for a house and found a neighborhood you like, a realtor can help you put in an offer. You will need to consider a variety of items when making your offer including getting a home inspection. Make sure you find a professional Myrtle Beach home inspector to look over the house you are thinking about buying. These are steps to take after getting approval on your offer.
- Make an earnest money deposit
- Get an appraisal
- Schedule Inspections
- Find Homeowners Insurance
- Schedule a walk through
- Prepare for closing
Whether you are looking for a home to live in with your family, a vacation home on the water, or an investment property – Myrtle Beach offers a variety of homes to choose from. There are some steps you need to take before buying a house in 2019 including looking at neighborhoods and determining whether buying a home in an area affected by the weather is a good decision.
Once you are ready to start looking for an amazing house, follow the above steps and get ready to start enjoying home sweet home.