Buying a home is exciting but can be an overwhelming experience, particularly if you do not live here. As your REALTOR®, Lynne Easterday understands this. She will educate you about the nuances of buying a home in Sedona & the Verde Valley. You will receive all of the information and resource material you need to make informed, smart buying decisions. And, she will gladly show you all of the properties that most closely match your selection criteria, regardless of which Real Estate company is listing the property. Lynne's loyalty is with YOU! Lynne will help you through the home buying process and assure that you find the right home for you, at the right price for you. Whether you live in Sedona, elsewhere in Arizona, in another state or country, Lynne makes the transaction worry free for you.
Every homebuyer has a number of concerns, all of which Lynne can help you with:
Setting a Time Frame
There are a lot of variables in the home-buying process, which means the time it takes to find and buy your new home varies too. A typical home search process may take three to four months, including the mortgage approval process, comparing and evaluating properties, making an offer and the closing process. The loan process typically takes 30-45 days.
The Lending Process
Perhaps one of the most intimidating aspects of buying a home is the mortgage approval process. A pre-approval, rather than pre-qualification, will strengthen your position when Lynne begins the negotiation process and will help to get you the best possible deal. Pre-approval is more involved yet is well worth the extra effort. This will also give you a specific loan amount that the lender has approved for you and can save you time in the long run. Lynne is here to help guide you through this, but there are many ways you can prepare early to make the process smoother. Start by making sure your budget is under control--make a list of all your monthly expenses, compare it with your income, and see if adjustments need to be made. Ideally, you should be debt free with an emergency fund. Can you make a 10-20% downpayment? Start gathering documents you may need, such as W-2 forms, income tax returns for the past few years, pay stubs, records of child support or alimony, bank statements for the past several months, balance of any retirement accounts, mutual funds and stocks, your credit report and driver's license. Also, be sure to allow for closing costs. Talking with three lenders will allow you to compare loans and get the best deal.
Determining How Much You Can Afford
A general guideline to consider is that most buyers purchase a home that costs about one and a half to two and half times their current annual income. For example, someone earning $100,000 a year might purchase a home for $150,000 to $250,000. Can you afford a 15-year fixed loan rate? Can you keep the house payments at or below 25% of your monthly take-home pay? Extra expenses include taxes, insurance and utilities. Click here to use this easy mortgage calculator to get an estimate of monthly payments.
Finding a Home That Meets Your Needs and Wants
Before you start looking at properties, make a list of "must-have" features along with optional features you'd like to have. "Must-have" features may include the number of bedrooms and bathrooms you'll need to accommodate your family, location, lot size and special needs (handicapped access, etc.). Optional features may include interior finishes and Red Rock views. Having a clear idea of what you want in a home will help Lynne quickly find the perfect property for you.
As your Buyer's Agent, in most cases there is no additional cost to you and you will receive expert help throughout the entire process and beyond! Educating yourself about the home-buying process is key to getting a home you love and can afford. As your REALTOR®, we are here to answer any questions you might have and guide you through this process. |
