Edmond is one of the fastest-growing suburbs in Oklahoma, and many people are looking to purchase homes on the eastern side of town. Perhaps you’ve thought about purchasing a home near Oakdale or Lake Arcadia, and you’re wondering how to get the process started. This article will break down the process of shopping for East Edmond homes for sale so that you know exactly how to proceed with your search for a new home.
Set aside cash for a down payment
The exact amount that you will need to have at closing varies based on which type of loan you’re using. Most buyers find that they must put down at least three percent of the total cost of the home. If you’re able to put down a larger down payment, you can save money on accrued interest over time. Most first-time home buyers are surprised to learn that they spend more on interest each month than they do on the principal loan amount when they make their mortgage payment.
Closing costs are separate expenses and can range between two and five percent of the total cost of the home
. Sometimes you can negotiate a deal with the seller where they will pay your share of the closing costs in exchange for a higher sales price on the home or some other contingency. You’ll spend more on your mortgage payment each month, but you won’t have to put down as much cash when you take ownership of the home.
Talk with multiple lenders
Most people won’t pay for the total cost of their home with cash. They will work with a lender who can supply the additional funding that they need to purchase their home. When you first connect with a lender, they will want to know about your current debt-to-income ratio and your credit score. They may also ask to see recent pay stubs or tax returns to prove that you have a consistent source of income. Once they pull together all of your financial information, they can provide you with a pre-approval letter
that details what type and amount of loan you can qualify for. Talking with multiple lenders is important because each lender will offer you a different interest rate, and you can save yourself thousands of dollars over time by shopping around to see who can offer you the best deal. If you don’t like any of the initial interest rates offers that you receive, you can improve your financial position by working to raise your credit score
over time. You won’t notice a significant change overnight, but you can work towards gradual improvement if you prioritize reducing your debt and paying off all your bills on time.
Find a real estate agent to work with
It’s important to choose an experienced local real estate agent to help you shop for a home. They will attend showings and open houses with you, and they can answer many of the questions you have about the home and the neighborhood. They will also represent you in negotiations with the seller to ensure that you get the best possible price when you find a home that you like. As you begin to think about which agent you’ll work with, it’s a good idea to read reviews online from past clients. Don’t get discouraged if you find that an agent has a few negative reviews in their history. This is normal for an experienced agent who has been in the industry for several years. The only time when you need to worry is if an agent has more negative reviews than positive reviews or if all of the negative reviews mention a similar issue or concern.
Think about what you want in your new home
This is the part of the process that many buyers find the most enjoyable. Once you know the price range where you’re shopping, you can begin looking at homes online. As you see what different properties have to offer, you’ll get a better feel for what features, and amenities are most important to you, in addition to what preferences you can live without. Keep your real estate agent informed about what kind of home you’re looking for, and they can recommend new homes as they come onto the market that match the profile of what you’re looking for.
Make a competitive offer
Your first offer doesn’t have to meet all of the seller’s demands. You may have extra room to negotiate depending on the current state of the market and how long the home has been available for sale. Don’t be surprised if the seller responds with a counteroffer. Your real estate agent will help you negotiate to get the best possible offer. They will consider additional negotiating tactics outside of the asking price of the home that make the deal more favorable for you. They will also advise you on when it’s wise to accept an offer as-is rather than asking for additional concessions.
Prepare for closing
Once you agree to a deal to buy a home, you’ll have several things to do before you close. You’ll work with an appraiser to confirm that the home is selling for a fair market price. You’ll schedule a time for an inspector to come and look over the property to confirm that it doesn’t need any significant repairs before you complete your purchase. You and the seller will both communicate with a title company that will investigate the ownership history of the home to ensure that the seller has the legal right to transfer ownership of the property.
Laura Lechtenberg is an expert when it comes to homes for sale in East Edmond, OK. Laura takes pride in developing authentic relationships with each of her clients. She enjoys tailoring the process to the specific needs of each person in a way that helps them achieve their goals. Reach out to Laura when you’re looking for someone to help you find your dream East Edmond home. She would love to help you however she can.