If you’re checking out Briarwood real estate this season, be ready for a wild ride! People are emerging from their Covid-induced cocoons, so you might have more competition for the home you want. With interest rates on the rise, you’ll also need to pay extra attention to your budget.
That said, it’s not a terrible time to buy. You’ll just need to prepare! Here are four things you can do to make house-hunting in spring 2022 a smooth experience.
1. Set a budget and stick to it!
How much are you comfortable spending on Briarwood real estate? In addition to the down payment and monthly mortgage bill, don’t forget to consider closing costs, property taxes, home insurance and potential maintenance costs.
2. Do your homework.
Decide what you want in a home, and do some research to see how much it will cost you. The answer might be vastly different than it was last year! If the home you want costs more than your budget allows, exercise a little flexibility to arrive at something you love and can afford.
3. Get a mortgage preapproval in hand.
A mortgage preapproval indicates that you are a serious buyer, and it stops you from looking at homes that are way out of your price range. One thing to note: Just because your mortgage preapproval letter states that you can spend a certain amount on a home, it doesn’t mean you should! Consider your holistic financial situation, and don’t be compelled to spend the entire amount listed on your approval.
4. Be a flexible buyer.
Don’t settle for a home you don’t love, but remember to approach Briarwood real estate with a level of flexibility in 2022. Separate your needs from your wants, make sure the homes you’re considering include your needs and be realistic about the rest.
At Briarwood Realty, our agents have decades of experience and specialize in local real estate transactions. In addition, we provide referrals to mortgage brokers, real estate attorneys, inspectors and other professionals that you might need along the way.