As much as you want it to go as quickly as possible, the homebuying process can be long and stressful. But in order for it to go as smoothly and quickly as possible, you need to approach it with smarts, and you never want to sacrifice smarts for speed.
The good news is, you don’t need to. You can buy a home fast and smart; you just need the right strategy.
So what, exactly, does that strategy look like? A recent article from realtor.com outlined tips for how to buy a home the smart way, and do it quickly, including:
- Explore down payment assistance. It takes many people a long time to go from “I want to buy a home” to “I’m ready to buy a home” because they have to save for a down payment. But there’s a way to cut back on that time without having to save more each month by using down payment assistance programs. There are currently more than 2200 programs that offer homeowners low-interest loans, grants, and tax credits, which can help you save money, and come up with your down payment faster.
- Stay on top of new listings. The saying, “the early bird gets the worm” can also be applied to real estate, because buyers who see new listings first have a better chance of successfully buying the house. Tracking listings in real time will ensure you are immediately aware of new properties that meet your criteria, and can make showing appointments right as the home hits the market. This can help you get into the home before other buyers who only look at listings on the weekend, and potentially get your offer in before those buyers even have a chance to see the home in person.
- Consider buying a foreclosure. Many people are wary of buying foreclosed properties because they worry about the home’s condition, and since these bank-owned properties are sold “as is,” that wariness isn’t entirely unfounded. But if you’re willing to consider buying a foreclosure, these homes are often some of the best deals on the market, selling at an average of 15 percent off the home’s real value, which can give you some wiggle room in case the home needs work.