Buying a New Home in a Buyer's Market

By Sheryl Landrum
Home Worth Columnist

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Not long ago, homeowners selling their homes enjoyed numerous home buyers competing to buy their houses. It was common to sell their home after receiving multiple offers -- often above the asking price. Now, however, the environment has changed and home buyers have the upper hand in today's home selling market. Find out how you the buyer can maximize your purchase power in today's market.

Use the Web to Help You in Your Home Buying Process
If your career requires sudden moves you may be unprepared for what the new location will offer in terms of neighborhood quality, home prices, and local buying / selling practices (for example, who pays for what in a home purchase transaction varies in different areas and is often governed by local tradition). In most locations you can find numerous sites that provide visitor and newcomer information, pictures and virtual tours of homes for sale, and information about schools, the local economy, neighborhoods, even traffic. Check out everything from local newspaper stories to the menus of neighborhood restaurants online. Narrow down your neighborhood choices and get an idea of what you can expect to spend for your home there.

Before Looking for Your New Home, Get Pre-Approved for Your New Home Loan
It has never been easier to find a lender in a new location due to the ease of online mortgage shopping. And the Internet has largely wiped regional pricing differences off the map. So get a few quotes from lenders in your new state and work with a reputable agent with whom you feel comfortable. Getting pre-approved will make your purchase and your move that much smoother, and you won't waste time looking at homes out of your price range if you know going in what your limits are Getting pre-approved will also give you some time to consider various loan options and to choose the one that is best for you.

Deal With Professionals When Buying a Home
Penny wise and pound foolish is a term used by many families. Buying a home is a major financial undertaking and should not be left to amateurs -- wealthy people know this and the rest of us should emulate them. You want a top notch real estate agent, a licensed and reputable lender, and a builder who has a solid reputation in the community. In the long run buying a quality home using a team you trust will put you in the strongest financial position.

Home buyers have numerous options in today's market. By doing your homework and working with real estate and mortgage professionals, you should be able to find and finance property that will work for you and your family for years to come.

About the Author
Sheryl Landrum is a Senior Loan Officer with First Capital Mortgage of San Diego at the Prudential Realty Office in Bonsall, California.