Who’s the new Richest Person in the World?
And it helps to know about the loud factory nearby. Although you may be a sound sleeper in the early mornings, your future prospective buyers may not be. Don’t bank on the idea that you’ll come out ahead. If you’ve have seen house flipping shows, where nonprofessionals intend to buy, renovate and sell a home, you have an idea about how difficult and unpredictable selling a house can be. When you’re shopping for a house, if you already know you want to resell it later, keep in mind that you’re taking a risk. It also helps to know if developers plan to improve the neighborhood soon, which may boost the value after you purchase a home.
It’s also a good idea to make sure the inspector is reputable — check to see if he or she is certified with the American Society of Home Inspectors. Falling in love can also be a terrible thing. Falling in love can be an amazing thing. Likewise, although it sounds ideal, falling in love with a house could be your worst financial mistake. Next we’ll take a look at the ultimate — and perhaps the easiest — financial mistake you can make when buying your first home. It makes you happy to be alive and allows you to see the inner beauty of another. It makes a fool out of you and blinds you to someone’s faults until the spell wears off and it’s too late.
For these reasons, sellers prefer bids from prospective buyers who already are pre-qualified or pre-approved for a loan. To become pre-qualified, you simply inform a lender of your own credit status, your income and assets, as well as your existing debt. Pre-qualified: Although it’s usually free, this process is very unofficial and sometimes unreliable. Some sellers may refuse to consider you at all unless you’ve got a pre-approval letter from your lender. In addition, some realtors won’t even show a property to a buyer without this pre-approval.
Sometimes it favors those looking to buy — a buyers’ market. Inhabitable or desirable housing can be scarce or in surplus. Other times it favors those looking to sell — a sellers’ market. Low supply increases demand — and prices — to favor sellers. To understand why these shifts happen, let’s look at the contributing factors, like supply and demand. On the flip side, when supply is high and there are more houses on the market than buyers, the situation favors buyers.
