It’s always hard to predict the future, and the housing market is no different. As a military family that most likely moves more often that most makes it that much tougher. To help, our team has put together some insider tips to guide your military family to buy a home in today’s real estate market.
Determine Your Financial Wealth
Before you begin researching for your dream home, make sure your military family is prepared to purchase it. Start by looking at your bank accounts and your monthly spending, so you have a clear and realistic picture of your finances. This will also help you determine how much you can afford to put toward a down payment. Also, it’s time to check your credit score. Finally, you’ll want to get a mortgage preapproval letter, so that sellers take you seriously.
Tip: Being pre-approved gives you more negotiating power. This tells the sellers and real estate agent that your funding is ready.
Being flexible in the current seller’s market could help make the difference in your home buying journey. For example, maybe there’s competition on a house and you’re in a bidding war, but you have the flexibility to give the seller the extra time they need to close on the home and move out. This could make a huge difference and might put you ahead of the rest of the other competing offers.
Tip: Have your real estate agent advocate for you and negotiate on your behalf. Being flexible with the sellers can also improve your chances of success.
You Found Your Dream Home
Now you’re ready to make an offer! When making an opening offer, it should be based on two things: what you can afford and what you really believe the property is worth. Of course, there’s always the possibility that the home will receive other offers, but don’t let that influence you to pay more than you want to and what you can afford.
Tip: Try to offer more earnest money. While it’s not always required, it could help you stand out in this competitive housing market. Sellers like buyers that make these good faith deposits because it helps assure them that the purchase of their home won’t fall through.
Always Here for You
Buying a new home for your military family is an exciting time that can also be very stressful. As always, the Realogy Military Rewards team is here to support you on your home buying journey. By being prepared and keeping these insider tips in mind, we hope you’ll experience a much smoother process. In addition to working with an expert agent, you can earn $350-$7,500 in cash back after closing.
When you’re ready to get started, please call 1-800-752-3642 to speak with a Military Rewards Advocate or visit us today and hit “Sign Up”.