In today’s market to be successful in getting mortgage financing you need to be realistic about what you can afford what you can expand and what your financial situation will support. Hear 3 different ways to look at buying a home so you can figure out where you are in the bigger picture of things in relation to your family goals…

There three home buyer classifications A, B  & C. Starting from the bottom up, the classification someone who gets prequalified and for whatever reason, they have a certain idea of the type of house they are looking for, maybe that house is so specific and so unique to their goals that maybe only 1 or 2 houses of this type of fall into their search criteria once per year. The property pops up on the market there are multiple offers bidding the property way above the asking price and this person sits without a house because their expectations are out of alignment with what the market will support. This is maybe home buyer at best.

Then there are B buyers who are people who are preapproved and are looking, and the right house falls in with their alignment they will proceed and make an offer. Maybe this person has expectations in alignment with what the market supports in relation to their financial ability. They’re actively making offers, getting their feet wet and, have expectations supportive of making their dreams a reality. These buyers typically take anywhere from 6 to 9 months to find a house sometimes faster sometimes longer but on average 6 to 9 months.

Then there is a Buyers. Buyers are the people who are actively looking for houses and making offers looking at houses at least on a weekly basis and are doing what it takes to get into a contract on a house because of their desire to pursue a home and/or get a tax benefit and/or have a place for their family to live exceeds their current situation.

To be successful in your home buying endeavor it would be advisable to be in the classification group of at least A/B buyers more specifically in A buyer group because the C buyer often finds themselves coming up short because their expectations are so largely out of sync with what the market supports. Getting into a contract on a house is a numbers game. Part of your ability to be in any classification of homebuyer starts with a solid preapproval giving the lender everything needed.  Not just a few things, but everything in full so they can best position you for success. Maybe it means paying off the debt and doing a little bit less down payment to move from to different home buyer classification or getting a gift from family. Whatever the case let the math align to what the market supports.

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