Successful buyers prioritize long-term investment value and structural integrity.
: Houses are staying on the market longer, and some areas are seeing decreased home values or price reductions by sellers.
: Beyond the purchase price, buyers should budget for "settling costs," which can reach up to $20,000 or ~7% of the purchase price. These include: Home inspection and appraisal fees. Property transfer taxes and homeowners insurance. Legal fees and pro-rated property taxes.
: Lenders typically look for a FICO score above 580, but higher scores secure better interest rates. Lenders review scores from all three bureaus and usually qualify you based on the middle score.