Home shopping may be ramping up as more Americans are looking to move out of their expensive city homes to more affordable ones in the suburbs. Despite the ups and downs of the stock market, the real estate market has remained hot; with competition for homes at an all-time high, there’s no time for rookie mistakes.
Myth: Looking at Homes Is the Best First Step
It might be tempting to visit open houses, drive through neighborhoods where you’d like to live and talk to neighbors and friends. But your transaction will go much smoother if you get your ducks in a row first.
The truth: “Assuming that you will be financing your purchase, the first step is to get a preapproval letter — or a prequalification letter at a minimum — from a…