11 Tips That Will Prepare You for Buying Your First Home in 2022
Get pre-approved for a loan. Offers will not be considered or accepted without a pre-approval or pre-qualified letter from a lender.
Consider if you are ready to be a homeowner and everything that comes with it, including maintaining a house and yard, and being 100% responsible for all repairs.
Be patient. Tampa has been experiencing incredibly low inventory for several years now, making it a very strong Seller’s market. It may take several months to find the right home and have your offer accepted.
Have a back-up plan for your living arrangements. If your lease is ending soon, look into temporary housing options, or check into renting month-to-month in case your home purchase doesn’t align with your lease end date.
Live per your new budget now. Based on the amount you are pre-approved for - AND feel comfortable with - start using that number in your budget, and if the amount is higher than your current living costs, bank those extra funds.
Save, save, and then save some more!! You will need an estimated 7% of the purchase price to cover your down payment and closing costs, and it is always a great idea to get a jump start on saving for future repairs and improvements.
Get your expectations in line with your budget. Keep in mind that your first home most likely will not be your forever home. Work to understand the market so that you know what to expect at various price points.
Be prepared to expand your search area. Assuming your budget will be on the lower end, you may need to look at areas just outside of your ideal area. As Tampa becomes more popular as a place to live, progress is being pushed out from the city center. Look for new homes being built, or yards being maintained, to gauge if an area is in an “up and coming” phase.
Don’t give into the hysteria, but do be prepared to act quickly! Homes that are desirable to you will also be desirable to others. Offers will need to be submitted almost immediately after viewing a home, so quick decisions will need to be made.
In the current strong Seller’s market, having a strong negotiator is necessary. Work with a Realtor who has a lot of experience working on the Buyer side of a transaction, and who is “in the know” about the trends in submitting a winning contract.
If you think you are ready to buy a home, then go for it! Since almost twice as many people are moving to the Tampa Bay area than are leaving the area, there are probably not going to be any major changes in the strong Seller’s market for the foreseeable future. If you have the money saved, and the monthly mortgage amount fits your budget, there may be no better time to buy than right now.