Homebuyer Tips

Are you interested in purchasing a Queens home?  These homebuyer tips will help you in the home buying process:

1. Do Your Homework.  Compare houses of comparable amenities and size in the neighborhoods you are interested in by visiting websites such as trulia.com or zillow.com.  It's important to remember that the prices listed on these sites should be used for reference only, since they can be a few months out of date.  Your Realtor® will be able to get you the most recent figures for houses in a neighborhood.

2. Credit is King.  Nowadays, in order to get a good interest rate, you need a credit score of more than 700.  You will want to go over your credit report to fix any mistakes there may be that can have an adverse affect on your credit score.

3. Get Your Credit Score Free Online.  Go to http://www.annualcreditreport.com/ for your free credit report from one or all of the credit reporting agencies.  This is the only federal government sanctioned site for an absolutely free credit report.  However, you will pay a small fee for your credit score.

4. Consider a Lower Bid.  Since list prices are based on contracts that were placed approximately 3-4 months ago, you may want to consider offering 10-15% below the list price.  The current market value may be lower than those in place at the time of the contract.  Again, your Realtor® will be able to get you the most recent figures for houses in a neighborhood.

5. Get Pre-Approved, Not Pre-Qualified.  In the past, you only needed to be pre-qualified to have an idea of what your price range would be before you looked at a home.  However, times have changed.  Being pre-approved will show you as a serious buyer, help you negotiate your purchase price and let you know exactly how much you have to spend.  Sellers are more confident in a buyer who already has a loan.

6. Consider New Construction.  February marked the fourth month in a row that sales of newly constructed homes fell.  So, there is room to negotiate on prices.  You should always check out the reputation of the builder before you buy.

7. Get an Inspection Report.  It doesn't matter whether you are buying an older home or a brand new one.  You will want to get an inspection done before you buy.  Just because it is a new home, doesn't mean that it will be problem-free.

8. Always Read the Title Report.  You will want to make sure that any new additions are fully permitted with the appropriate agencies.

We hope these homebuyer tips help you out.  If you are looking for a Queens home, contact Queens Realty today!