Transitioning between homes is a massive undertaking, but following a few crucial steps can make it a little easier.
The first step is to get in touch with a lender. An experienced local lender will be able to determine what kind of home you can afford, what your monthly payments may look like, and what your rate will be.
All of these things will happen during what’s called the “pre-approval” process. Once you’ve been pre-approved, you’ll not only have a good idea of your home buying budget, but you’ll also be a more competitive buyer. Sellers tend to prefer buyers who have been pre-approved.
After you’re pre-approved, you can start submitting offers. Then, once your offer is accepted, you’ll enter into escrow. During this time, you’ll need to navigate the inspection process, negotiations, the appraisal, and more. Thankfully, having the right agent by your side can make the home buying process, including each of these steps, smooth and simple.
If you maintain ownership of your previous home while buying your next, however, you’ll obviously be subject to some additional expenses. On average, it takes between four to six weeks for homes in our market to close. Therefore, you need to think carefully about whether you can feasibly juggle the costs of your current home alongside your home purchase during that time.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.