The housing market is slowing down across Colorado as families prepare for the hustle and bustle of the holiday season. But if you are planning on buying a home next year, there are steps you can take now for an easier home buying experience next year.
Learn about Colorado neighborhoods
When you purchase a home, you’re not only considering a house — you’re also looking for a neighborhood that fits your family. Whether you are looking for an active community, access to downtown or the mountains, or a quiet home to retire, make sure you find a neighborhood that meets your needs.
Start by considering Popular Places to Live in Colorado. Or, if you have a specific area in mind, learn more about the cities and neighborhoods with REcolorado.com. Schedule visits to the cities and neighborhoods where you are considering purchasing a home. With an early start, you can scope out multiple areas and get to know the ones that will fit your lifestyle best.
Start saving for a Down Payment
Make small changes to start setting aside more money for a down payment on your new home. According to a recent article in Inman, it would take not buying approximately 33,500 cups of coffee from Starbucks to save enough for a down payment. Most financial advisers recommend putting 20 percent down on a home mortgage. Forbes offers 6 reasons why a 20% down payment is often recommended.
Meet with a home loan expert if you want to talk specifics. While it is likely too early to be pre-qualified or pre-approved, having this conversation ahead of time helps you know where you stand – and where you want to be – before you purchase a new home.
Connect with a REALTOR®
A local real estate agent is the best place to start your home search. Even if you’re not yet ready to seriously consider homes, your real estate agent can help you get to know the housing market in Colorado. They can also provide relevant resources about purchasing a home, recommend steps to take if you’re planning on selling your home next year, and set up custom searches based on your home wish list.
Start your Home Search
Even if you’re not ready to purchase now, starting your home search early can help you learn about your preferences and prepare you when it is time to start seriously looking. Browse homes for sale on REcolorado.com and think about the features that you love (or ones you dislike). Start making a “wish list” and a “must-have” list to share with your real estate agent.
Buying a home requires a lot of preparation. An early start and the right resources can make the home buying process less stressful when you’re ready to find your Colorado home. Before holiday festivities sweep you away, think about the things you can do now to prepare for buying a home in Colorado next year.