Planning on purchasing a home for sale in Lancaster PA any time soon? 
Now is a great time for buyers, as there is a large selection of quality available homes for sale at realistic listing prices. But what are some of the common errors that you can try to avoid? Here are Five Tips for Homebuyers in today's Lancaster Real Estate market:
- 1. Don't Wait to List Your Home
Many times buyers start looking for a home, but need to sell their home before purchasing. Stop looking. The best thing for you to do is to obtain a current comparative market analysis of your home for TODAY'S market. If you had one done a year ago, it might not reflect what today's real estate market is doing. Home prices generally follow a "supply and demand" cycle. If you must avoid the pitfalls of carrying two mortgages, be a smart buyer and list your home for sale before looking for your new home. Contact a qualified Lancaster PA Realtor such as myself who can market your home effectively for today's market. Once you are comfortable with an agreement of sale, you can then comfortably move forward and find your dream home knowing that your future finances will not be affected by carrying two mortgages.
- 2. Know Your Credit Score
Take some time during your loan approval to carefully look at your credit report and fix any erroneous information. There may be details on it that will reflect your score that you never even knew about! These errors can be corrected, and could help in raising your credit score so that you are a stronger buyer. Don't wait until you have found your dream home to find out that your credit rating is in disarray. Take care of it today. By Federal Law, you are entitled to a yearly FREE credit report. You can obtain yours easily here: Free Credit Report . Personally, I do this every year and keep track of my credit. Its free, it's easy, and you are entitled to it by law. Take care of it today!
- 3. Get that Pre-Approval
No longer is it good enough to be "pre-qualified". Chances are, you will have time before deciding on a home to shop around a bit and look for the best rate possible, especially after you have had time to clear up any credit errors. The rates you are quoted will vary depending on your personal information and credit history, so be sure that you know ahead of time exactly what rate you will have and what your loan costs will be. Depend on your Realtor to recommend a qualified Lender who will not only look out for your best interests, but who will keep you abreast of the lending market and how it could affect you. Great loans are still available, but you need to be sure you are dealing with a reputable lender who will keep your best interests in mind.
- 4. Be Flexible
Once you have found a home you love, don't be afraid to make a realistic offer. Chances are, the seller will be flexible with terms as well, so take a chance. Don't walk away from a deal over a few thousand dollars, thinking you will get a steal elsewhere. Home prices are at the lowest they've been in years, and with your professional Buyers Agent you can find that dream home you've been hoping for at a price you are comfortable with.
- 5. Is the Seller ready to move?
Try to be negotiable with signing a sales agreement where the Seller must find a suitable home first but be aware that your rate lock might expire in the meantime. There are a vast number of homes available for sale, and your Seller should be able to find one in a reasonable time. If not, and your lock-in rate expires, you could be facing higher rates unexpectedly if the market shifts. If you do sign an agreement with such a contingency, be sure that your experienced Realtor includes a firm deadline and includes a clause that allows you to retain all of your deposit money should you decide to continue looking and find another suitable home.
- Bonus Tip # 6!! Don't be afraid to make a realistic offer on a new construction home.
Builders need to sell their inventory and may be willing to be flexible with their advertised prices in order to reflect the current market conditions. A buyer in hand is better than none at all, and chances are you could get a better deal than a builder's advertised prices. Discuss this with an experienced Realtor such as myself, and work together to find a suitable and realistic offer on that Lancaster PA new construction dream home!
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For additional Professional assistance in purchasing your LANCASTER PA home, feel free to contact me directly at www.JeannieSellsLancaster.com or email me at Jeannie@JeannieSellsLancaster.com .
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For more information on Homes for Sale in Lancaster, or questions and/or concerns about buying or selling a home in Lancaster County PA, please contact Jeannie Kontis at (717) 330-5137 or email at Jeannie@JeannieSellsLancaster.com.
Search for Lancaster Homes for Sale at www.JeannieSellsLancaster.com
Jeannie Kontis, RealtorⓇ, is a member of the award-winning Bob Wells Realty Group of Long & Foster Real Estate, Inc, and serves buyers and sellers of real estate throughout Lancaster County.
All content Copyright â“’ 2008 Jeannie Kontis Homes in Lancaster PA - Real Estate in Lancaster County
