WNY Homes for Sale

Buffalo Mortgage Application Checklist

One of the most important things you will do when deciding to purchase a Buffalo home is how you are going to finance the purchase.   If you plan on obtaining a mortgage, rules are changing and you need to understand the process.  At bear minimum you need to pre-qualify for a mortgage for no other reason that to determine what you can afford to purchase.   This way we can ensure you are seeing Buffalo homes that you can afford. There is nothing more frustrating to a Buyer than to fall in love with the absolutely perfect home only discover you cannot afford it.

Pre-qualify vs. Pre-approval

To start, it might be helpful to explain the difference between pre-qualify and pre-approval.   Many Real Estate Professionals use the terms and you may not know the difference between the two.  The difference is significant:

• Pre-qualify - is when the mortgage professional asks you several questions, and based on your answers they tell us you would qualify for a particular amount
• Pre-approval - requires documentation and is based on the facts gathered.   The approval will be contingent on the home's appraisal and that your financial situation does not change.

Read more about mortgage application »

Three things to ensure success in finding your dream WNY home!

Getting Real Estate Bargains!

Right now, in Western New York and across the country there are a lot of bargains on the housing market.   The housing market down across most of the country, and foreclosures continuing to rise, has created opportunity for many would be home owners. 

This is a good thing right?

The problem is that you are not the only person looking for a good deal when buying a home in the Greater Buffalo area. That is why it is important to be prepared before you start looking seriously. You want to make sure that when you see the right deal for you, some other bargain hunter doesn't swoop in and take it.

Three things to ensure success in finding your dream home!

One:: 

Most importantly you need to know your neighborhoods and the market conditions.   Each neighborhood has unique qualities and you need to be ready willing and able to jump on an opportunity.   Working with a Realtor you will have an advantage to the homes that come on to the market. 

Read Also:  What is happening in the WNY Housing Market? 

Two:: 

Be Prepared!  Have pre-approval for your mortgage loan.  Select your Home Inspector and Attorney before you start your search.  Have a checklist, this way when you find the right house you will ensure that you are ready to go.

Read Also:   Strategies for selecting Investment Property in Buffalo

Three:: 

Try to find sellers that have reason to sell their Western New York home.   Perhaps they are in financial trouble, are looking to downsize or move up in the Real Estate market.    A motivated seller places you in a better position when you are negotiating with them and with all that preparation you can close faster!

Call me at (716) 743-5297 to start your home search today!

If you enjoyed this Buffalo Real Estate article, make sure you subscribe to my RSS feed which gives you the latest information on Buffalo Homes for Sale, Tips for Buyers, Sellers and Investors!

Visit www.BestBuffaloHomes.com for the latest Real Estate news, market reports and community information.

Time to Buy? 

Every day there are news reports of how bad the Real Estate Market is across the country.   Western New York is bucking that trend and experiencing a very strong market.   In fact the Buffalo Niagara Region is one of the top ten thriving Real Estate markets.  Money Magazine name the Buffalo Niagara region part of the top ten regions expected to see appreciation.  Should you wait to buy or should you buy now?

Read Also:  Buy Now! Buffalo Home Values to Increase!

As a first time homebuyer or a home owner contiplating upgrading the decision to purchase is very personal.  You may be feeling pressured that you have to purchase now or lose.  Yes the Real Estate market is good in WNY, but that doesn't mean you have to make that decision on emotion.

All Real Estate is local.

The purchase of a home is not any investment, it is where you are going to live. In the Buffalo region there are communities that are thriving and others that are declining.  Sometimes you do not make the decision on potential profit.

Your decisions may be more personal than that.   It might be where you start your family, or retire in.  In making the decision to purchase or not here are some things to think about:

1. Gather market stastics on recent Real Estate sale in neighborhoods
2. Look for homes that others pass over.
3. Make sure that the home you purchase makes good financial sense for you
4. Ask questions. Lots of questions and make sure that you are comfortable with the answers

 Reasons to Purchase

Just because the market is positive in Wester New York does not mean that it is a bad decision to wait.  There are so many factors that go into this important decision you have.

Why you might want to buy now:

• Moving up to the next category of home, this could be the best time to purchase. Home prices are going to rebound and when you think it might be the perfect time, you may be priced out of your dream home.
• If you have to sell your home, the gain you make on your new home, may offset the loss of your current home.

• Interest rates are currently low, they could rise and you may not be able to purchase the home you want when rates rise.

Why you might not want to buy now:

• Your relationship is not stable.   Purchasing a home can be very stressful adding the search process can break a relationship.
• Your financial situation is not stable, your credit needs repair.  By waiting to get on a more stable financial situation it places you in a better position to afford the home and be able to handle any unseen financial crisis
• You may be relocating due to your career.  This won't put you in a position having to sell too soon after purchasing.

Read Also:  How to prevent Buyer's Remorse from getting the best of you.

Making an informed decision about Real Estate purchase is key to your finanical success.  Do your research.  If you have done your research, you will know that is the right decision for YOU! Dont listen to your friends and family or worse yet the media. Base your decision on facts.  

Please feel free to call me at (716) 743-5297 to schedule a time to sit down and discuss your Real Estate goals and how I can assist you in achieving your Real Estate goals!