By Kelsey Burkett, October 17, 2023
Preparing to buy a home is a big deal. It’s a huge investment that can feel confusing and overwhelming, making it difficult to even know where to start. Here are five tips that can help you take a deep breath and begin the process:
1. Play around with a mortgage calculator to understand how mortgage rates affect your home buying budget
Most online mortgage calculators are free and you can find them on sites like Realtor.com or Google. Play around with the rate (enter the current rate, one quarter, one half and one full percent up and down from the current rate) to get a feel for what changes in the mortgage rate may mean for your monthly housing costs so you’re not surprised. This can help you get a feel for your budget range and timing – but keep in mind that not all fees are accounted for (ie: closing costs, pre-paids), which is why it’s important to chat with a local mortgage broker.
2. Get pre-approved
Understanding what lenders are willing to lend you, and what you have budgeted for a down payment and closing costs, is a pivotal first step in your home buying journey. A pre-approval letter is something that most sellers want to see when you’re making an offer. This will also help you establish what your budget range is before you start touring homes more seriously with a realtor.
Tip: find a knowledgeable lender or mortgage broker who will spend the time to break down a few different scenarios for you.
3. Get to know your local market by keeping up with data and setting up automated searches
Read and follow national and local real estate news to get to know the market and trends. The National Association of Realtors releases a weekly podcast (called Real Estate Today) every Friday. Living Room gathers and posts regular local market updates on their social pages (@livingroomrealty). You can also find helpful tips and recommendations on my Instagram account: @kcb_portland.
Define your search criteria. What are your must-have’s vs nice-to-haves? You can set separate searches for each. Set up searches on sites like Realtor.com, Zillow or Redfin that automatically ping your email inbox with new or price reduced listings that fit your criteria in the neighborhoods you’re excited about.
Tip: Visit open houses! Talk to the host and ask about the market. This is real-time data and most realtors are happy to share.
4. Be aware of seasonal trends, timing and inventory
If you’re looking to have the highest number of fresh homes to choose from, maximizing your potential to find just what you’re looking for, consider buying during a peak season (like late spring or summer). But be aware that competition is likely to be high and be ready to pay a slight premium.
Inventory in the winter tends to be low, but prices can often reflect this due to lower competition near the holidays and colder months where touring and curb appeal are lessened.
5. Work with a realtor and team who you not only trust, but connect with
It’s quite literally our job to stay up-to-date on data, news and trends in our national and local market. Work with someone you know, like and trust. If you don’t know a realtor already, ask your friends, family or coworkers for a referral. It’s best to get connected with an agent at the start of your home buying journey so you can get aligned on your goals, criteria and prep. You want to be ready to write an offer quickly once you find “the one.”
Added bonus: Many real estate brokers are well connected in the community and can provide you with knowledge, recommendations and referrals for your housing needs and beyond (we also love to eat and drink). Your realtor is there for you far past your home buying journey, so be sure to keep in touch!
If you’re interested in chatting about the market or want to explore your home ownership or investment goals, reach out! You can find me at @kcb_portland or kelsey@livingroomre.com.
Kelsey Burkett
Broker | OR
She/Her
I bring a unique blend of skills and experience to real estate, with fifteen years spent focused on delivering exceptional client service and outcomes in the creative marketing industry. What sets me apart is my relentless attention to detail, reliability, dedication to service and ability to be quick to action. I will help you see the bigger picture while expertly navigating the intricacies of real estate transactions. I pride myself on being able to guide my clients through the home buying and selling experience with the information and knowledge they need to feel confident and informed, all the while forming a genuine connection that lasts far beyond the transaction.
I enjoy working with clients with a wide variety of goals. I have a particular affinity for first-time homebuyers, as well as those who deviate from conventional paths. I believe that creating a home environment that reflects one's identity and values is a powerful form of self-expression.
I've channeled my energy into building community and helping others find theirs. I'd love to help you find where you belong by guiding you through the buying/selling process and towards achieving your home ownership goals.
When I'm not focusing on real estate, I enjoy taking care of plants and animals, hot yoga, cooking and wine.
I work as a team, alongside Tracey Henkels, Principal Broker Licensed in OR.
Read More
- T: 971-371-0203
- kelsey@livingroomre.com
