According to HarrisX research released just last week, today’s homebuyers aren’t deterred. In our local Raymore real estate market, buyers are swarming in droves! While many Raymore and Kansas City homebuyers are rushing to take advantage of low mortgage rates, others can save more money toward a down payment by remaining in their homes longer. Our Kansas City housing market has a shortage of homes for sale, which may be stressful for purchasers. It’s never enjoyable to be on the losing end of a bidding battle. When it comes to home searching these days, you have to have patience and endurance. The secret to a less stressful and more successful home purchasing experience is well-prepared.

There are many benefits to purchasing a new house, including fulfilling a long-held desire and starting a new chapter in one’s personal history. However, it may also be a huge letdown and/or a choice you regret for a long time, as it is in certain cases. However, if you take the appropriate steps, in the beginning, purchasing your first home may be a thrilling journey and a new chapter in your life. So, before making an offer on the house in Raymore, be sure you do these five things.

1.  Determine how much money you have to spend.

Get a pen and paper and figure out how much house you can afford before you start looking for a house in Raymore. Buying more than you can afford is a typical error made by first-time home purchasers.

Experts in the real estate industry suggest that you spend no more than 30% of your take-home salary on housing. In addition to the home’s sticker price, this 30 per cent should cover all associated expenditures, such as mortgage interest, taxes, insurance, upkeep and any modifications you may want.”

The 28/36 rule, used by mortgage lenders to determine a borrower’s borrowing capacity, is another effective way to determine affordability. Housing expenditures should not account for more than 28 per cent of your gross monthly income, and overall debt should not exceed 36 per cent, including school loans and vehicle loans.

If you have any questions concerning the “hidden expenses” of purchasing a house in Raymore, speak with a real estate agent in the area. Your agent in Raymore will be able to assist you with issues like property taxes and upkeep. Call (816) 695-7352 if you’d like to learn more about this.

2.  Get your credit back on track.

Getting your credit in order is the next step after finding out how much you can comfortably pay. You’ll need a solid credit score to get a mortgage, so now is the time to examine your credit reports for any inaccuracies.

According to financial experts, you can do a few things to increase your credit score (at least a few points) in a short period. “Paying off your credit card debt and not using your cards for two months before applying for a mortgage will help you quickly raise your score. You should wait until after you’ve closed on your new house to apply for any new credit cards or loans as a rule of thumb.

Also, keep in mind that it may take up to six months or longer to see major increases in your score. Before purchasing your first house in Raymore, one of the finest things you can do is start working on your credit score.

3.  Put aside money for the down payment and other costs.

For first-time homeowners, the biggest obstacle is usually the down payment, which may range anywhere from 3.5 per cent to 20 per cent of the buying price. However, you should remember that there are also significant up-front expenses. When it comes to closing costs and other fees, first-time homebuyers sometimes underestimate just how much money they’ll need on hand.

As a result, you should begin saving as soon as possible. You should, however, make sure that the money you’re saving may be accessed when necessary. “According to financial advisors, “the biggest danger” in purchasing a home is “not having your money accessible.”

4.  Obtain a Pre-Approval

Getting pre-approved for a mortgage in Raymore is a great idea. You’ll be able to focus your house shopping on properties within your price range since you’ll know how much you can borrow. The perception that you are a serious buyer will help you get a better deal.

Pre-approval for a mortgage is nearly always necessary in hot markets for a seller to consider your offer seriously. As a result, the seller knows precisely how much they can borrow from you, which gives them confidence that you’ll be able to repay the loan. With a pre-approval, you’ll know exactly how much money you’ll be able to borrow from a bank or other lending institution.

5.  Have a Look Around the Area

Checking out the area before making an offer on the house in Raymore is a vital step that many first-time home buyers overlook. Avoid buying a home because you’re fascinated with it in an area that isn’t right for you. You’re not only purchasing a property; you’re also getting a piece of the community.

To determine whether the area is good for you, the professionals advise spending some time there during the day and night. Because the area could take on a distinct character at night. Is there a lot of light pollution from the nearby houses due to particularly large street lights? You may encounter anything strange in the evenings that you wouldn’t otherwise. There is no harm in spending 48 to 72 hours at the store before purchasing.”

Before you purchase your first house in Raymore, there is one more thing you need to do. In addition, you should seek advice from a local real estate professional. Because they are familiar with the Raymore market, your agent can guide you toward the best possible purchase selection. Get in touch with us to find out how we can help you purchase your first property. Send us an email or give us a ring at (816) 695-7352 if you have any questions.