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Things to know when buying a home

As Alabama's houses continue to increase in value, a plethora of buyers have hit the market in search of a new place to call home. Of course, there can often seem to be a million tasks to check off the list when searching for the perfect place. What are average price trends? How does one jump over the mortgage obstacles? With of all of the questions most potential buyers usually ask, there are a few pointers to help make the search for a new home a successful one.

In an article on the country's housing market, Forbes first states that research on current housing trends can be paramount to a successful house hunt. After 2008's housing market crash, there has been a general increase in housing markets across the nation, with most prices rising between 5 and 6 percent on average. Forbes also points out that, in prior years, home prices have remained at around 3 percent; therefore, recent years have reflected quite an unusual growth. One more factor to keep in mind involves location: Forbes urges readers to become acquainted with the housing market in their specific communities to best determine the right fit for a new home.

After buyers have conducted research, the next step is usually a financial one. Bankrate shares in a piece on buying homes that checking one's credit score is the first wise step new buyers can take. According to Bankrate's advice, scores of 750 and above typically place one in the best buying positions. When buyers have determined what they can afford, the next step often involves saving for down payments and closing costs; when it comes to down payments, Bankrate suggests saving between 3 and 20 percent of the house price. The financial resources also provides a survey, which reveals that the average closing cost of a $200,000 mortgage is $2,084 -- this number can give consumers a general example of future costs. Getting approved for a mortgage is another hurdle to jump over, but planning for any financial speed bump can make all the difference when buying a home.       




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