If you’re looking into buying a home in 2023, local experts say there are three key factors to be aware of.
Those include finding a realtor, a great lender and educating yourself about the market. Wood Bros Realty says housing market prices are still very fluid, but the average home in Grand Island is more than $350,000. They also said having professional help can enhance your home buying experience.
“Having a realtor, will get you to get a lender,” said Ana Prado-Thompson, Real Estate Brooker at Wood Bros Realty. “You will have the best opportunity to find your dream home and make an offer. The guidance of your real estate professional is to really help you negotiate.”
Prado-Thompson encourages people to look at multiple homes, and to compare prices and values of the home.
According to Prado-Thompson, the lender who gives you the money to purchase a home is just as important as a trusted realtor.
“Your lender may have different loan processing fees, this is something that you want to shop around for,” Prado-Thompson said. “Different lenders have the ability to play around with your debt to income ratio.”
Debt to income ratio is based on the amount of money you pay in credit cards or other loans, added to your new debt; mortgage payments.
Prado-Thompson said the part of buying a home that is over looked the most is the purchase contract.
“This is for if you want to ask for the sellers to help you with some closing cost, or if you have any contingencies like a home inspection,” Prado-Thompson said. “What happens if there is terminates? who would be responsible.”
Prado-Thompson said things like who is responsible for a home inspection and your closing date should be detailed in the purchase contract. As for the current housing market in Grand Island, Prado-Thompson sees it growing along with the growth of the city.
