1. Get Your Pre-Approval
The first step to buying your new home is to pick a mortgage lender and find a trusted loan officer. This is extremely important as your loan officer is the person who will directly be handling your loan. Once you’ve been approved the lender can give you a much better picture of what you can afford and the financing options that are available to you. The last thing you want is to fall in love with a home you can't afford or miss out on a great opportunity because you waited to get your pre-approval. Keep in mind sellers want offers from pre-approved buyers.
2. Find An Established Real Estate Agent
It's no secret that Long Island can be a very expensive place to live. In many areas throughout Long Island it's still very much a seller's market. For example; there is a low supply and hi demand for homes between $400,000 and $500,000 in some of the more highly sought after neighborhoods across Nassau and Suffolk County this year. If you want to get your hands on on one of these homes knowing exactly when they hit the market is everything. Realtors always have their thumb on the pulse of the real estate market and are among the first to be made aware of new listings.
Keep in mind in the home buying/selling process sellers are responsible for commissions paid to both parties real estate agents. Its highly advised that a buyer work with their own agent who has their best interest in mind. Why not work with a real estate professional who can streamline the entire process for you and create an arms-length transaction at no additional cost?
3. Establish Your Budget & Criteria
Whether you’re financing your purchase or paying cash, it’s important to establish a budget. This will help you focus your search on great homes within your price range. Also, it's best to keep your realtor updated with any preferences you might have for your new home. Don't be afraid to get too specific. These details will help narrow down your search so you can make the best use of your time.
4. Educate Yourself on The Home Buying Process
Purchasing a home is a huge investment for everyone. For most people, it's the largest monetary investment they will ever make. That being said the best way to set yourself up for a positive experience with the highest chance of success is to educate yourself on the process. Another great reason to work with a real estate agent! Even if you have purchased and sold homes in the past, keep in mind the market and the process is always changing.
5. Visit Open Houses
Now that you have properly prepared to buy your new home its time to familiarize yourself with the current inventory. Make sure to free up your weekends and go to open houses. This will help you get a feel for the market and what homes in your price range can offer.
6. Time Is Of The Essence
Try and preview new listings immediately. Your realtor can get you into any home listed by any broker. It’s common that homes will sell within a couple of days of being listed if priced correctly. Make sure you get the opportunity to see these homes in person and make an offer before they’re gone. If you've been fortunate enough to have your offer accepted, show good faith to the seller by scheduling the home inspection within 3 days. Especially if the seller has other offers on the table. It's in everyone's best interest to move things along in a timely and efficient manner.
For more information on buying or selling your home on Long Island, visit here.