Are you planning on buying a house? Congratulations! The journey of purchasing a new home can be exciting but also nerve-racking. Going through with a large investment coming out of a pandemic along with an inflation crisis may make some homeowners worried about the road ahead. Worry no more because Palo Verde Homes in El Paso will be with you every step of the way!
Are you looking for your dream home? Palo Verde Homes has you covered. Call us at (915) 584-9090 to learn more about buying a home in El Paso.
Buying a Home in 2023
You want to make sure you are making the right choices when looking for a new house. Thankfully, the housing market in El Paso has increased in home transactions throughout the COVID-19 pandemic. Palo Verde Homes predicts these three trends in the coming year:
- Declining mortgage rates.
- Housing prices will become stable.
- Buyers will begin to have leverage over sellers.
A Guide Families Can Trust
We understand the stress of buying a new home, especially if you’re a first-time buyer. Read below for our handy home-buying guide!
Knowing What’s Important to You
Before looking on a new home builder’s website, you should know what you want in a home. What amenities are must-haves? What school districts are nearby? How much land do you want?
How’s That Credit Score?
Your credit score can affect your interest rate and monthly payments. High Score = Better Financial Offers. Low Score = More Expensive Mortgage.
Budget, Budget, Budget!
Setting a price range for a home is one thing, but many new buyers forget to budget other possible factors into the process. What if the house needs maintenance work? Don’t forget about the utilities!
Time for a Down Payment
It’s HIGHLY recommended that home buyers put a down payment of at least 20% of the home’s purchase price. There are assistance programs for first-time buyers if you need extra help.
Get Pre-Approved!
Making an offer on a house is easy when you’re pre-approved for a mortgage. Shop around with a few lenders to get the lowest possible interest rate.
Bring In an Expert
Hiring a home builder will take a lot of stress off your shoulders. A home builder will work with you to ensure you have everything you want and need in a new home.
Make Sure to Shop Around
Not every house you visit will have all the amenities you need, so it’s best to view multiple homes to get a better idea of what you’re looking for.
Schedule a Home Inspection
Before you close on a home, schedule a home inspection. If there are issues with the inspection, you should ask the seller to make repairs.
Negotiating Repairs
If the inspector reports an issue with the home, it’s best to ask for your agent’s help dealing with the seller. The seller should either agree to make the repairs themselves or offer you a credit at closing. Luckily, with new construction homes, there won’t be any repairs to be made!
Securing Your Finances
Getting pre-approved for a loan doesn’t mean you’re in the clear yet. Make sure your finances are in good shape until it’s time to close the deal (i.e., avoid switching your job and running up your credit cards).
One Last Walkthrough
Doing a final walkthrough of your new home allows you to ask questions and address any outstanding concerns before the house is yours. It’s a great idea to have your agent assist you with this!
Welcome Home!
If you’re satisfied with the walkthrough and your closing agent has given you the thumbs up, you can officially close on your brand-new home. Don’t forget your house keys!
Someone You Can Count On
Established in 2007, Palo Verde Homes has always been committed to helping you along the road to your new home. Our goal is to make the home searching process as easy as possible. If you’re looking for a new home in El Paso, Palo Verde Homes is here to help. Call us at (915) 584-9090 today!
