As you may have read in our previous blog post, more and more homebuyers are confident about the Southeastern CT real estate market— according to MSN Real Estate, 17 million to be exact. That’s one million more homebuyers than last year! But are you truly prepared to purchase homes in Niantic, Mystic, East Lyme, Old Saybrook? Have you done your research and gotten your finances in order? Here are a few tips to keep in mind if you plan to buy luxury homes in Southeastern CT this spring or even later in the year:
Start by Cleaning Your Credit
As a homebuyer in Connecticut, you’ll likely need to obtain a home loan to purchase a waterfront or oceanfront property. The first step to take is making sure your credit history is as clean as possible. “A few months before you start house hunting, get copies of your credit report,” advises CNN Money. “Make sure the facts are correct, and fix any problems you discover.” When you begin this step early, you have time to clean up any errors before you attempt to acquire a mortgage for your new home.
Make a Budget
Have you started looking at homes in the Southeastern CT area? It’s important to know your budget before you move any further. You can use the mortgage calculator, mortgage rate chart and table on our website to get a handle on all of the costs involved with a home purchase including mortgage rates, taxes, and expenses. “The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary,” says CNN. Feel free to contact the Sullivan Real Estate Group to discuss which homes may fit into your budget. When you have the numbers in mind, your homebuying process will be in great shape to move forward.
Think Before You Bid
This goes hand in hand with teaming up with a real estate professional, but doing your homework ahead of time can save you a lot of money! “Your opening bid should be based on the sales trend of similar homes in the neighborhood,” CNN suggests. “So before making it, consider sales of similar homes in the last three months.” How can you do this? With the help of your luxury CT real estate agent, of course. They will help you craft your bid from a strategic standpoint and come out to a number you’re happy with, all based on the market and homes in the area.
The Sullivan Group
The internet does indeed have a wealth of information available to potential homebuyers, but not all of it is applicable to the Southeastern CT real estate market. So how do you separate the helpful from the rest of the industry chatter? Contact the Sullivan Real Estate Group! As your real estate professionals in Old Saybrook, Niantic, Mystic, East Lyme we can help you put the myths to bed and give you a snapshot of the market in your area. It’s an exciting time in the market for luxury real estate, so don’t miss out. We are here to help!