Page 36 - Flathead Beacon // 2.19.14

36 | FEBRUARY 19, 2014 FLATHEADBEACON.COM

REAL ESTATE

MONTANA LIFESTYLES
Prepare for the Home Buying Season

By MICHELE DAWSON

The spring and summer months are traditionally
the busiest times of year for the residential real estate

market. Weather is more cooperative and many fami-
lies like to move while the kids are on their summer
break. Getting started early is the key to success.
In recent years spring, for many regions, has meant
more homes on the market, but also more buyers, com-
petition and an increase in prices. Certain segments of
the market are so hot that homes sell instantly, with
buyers waiting in the wings.

If you’re in the market for a house this spring, there
are a number of steps you can take to try to give you the
advantage over other homebuyers, including:
• If you’re going to work with a Realtor or real estate
professional, get started early. Interview three or
four, get references and let the person you choose
know exactly what you’re looking for.

• Get your loan pre-approved. This will give an advan-
tage on several fronts. First, it will be done and out
of the way. Second, you’ll know how much the bank is
willing to loan you so you know in which price range
to look. And third, it shows sellers that you’re serious
and ready to buy when you make an ofer.
• Figure out how much you have for a down payment.
NAR says irst-time buyers typically make a down

payment of 6 percent on a home purchase, and 24
percent of down payment funds were gifts from rel-
atives or friends. If that’s not an option, there are
many loan programs that accept down payments of SHUTTERSTOCK PHOTO
ive or three percent. And don’t forget closing costs,
which will often run two to seven percent of the prop- or old linoleum loors, envision what the walls will rate. Also, the Insurance Information Institute says
erty’s purchase price.
look like with your color of choice and the loors in a you should get a copy of your loss history report, such
• Be ready at a moment’s notice. If you’re in an espe- material you prefer.
as a CLUE report from Choice Point or an A-PLUS re-

cially tight market, your Realtor will be reviewing • If you’re buying in a seller’s market, listen carefully to port from Insurance Services Oice. This is a record
new listings as soon as they’re available. If he or she your Realtor or agent about how much you should of- of home insurance claims you have iled. If you have
inds something that matches your criteria, you’ll fer. If there’s competition you may want to ofer more not iled any insurance claims in the past ive years,
want to look at the house and be ready to make an of- than the listing price and you shouldn’t try asking for you won’t have a loss history report. The better your
fer – quickly, maybe even immediately.
things like carpet allowances or a long closing date. report, the better chance you’ll have of obtaining rea-
• When looking at houses, look at the potential. There If you know sellers may have several ofers in front of sonably-priced insurance on the house you buy. And
are major factors you won’t be able to change – the them, you’ll want to make yours the best.
if you’re renting, make sure you have renter’s insur-

neighborhood, proximity to work and schools, the • Begin thinking about homeowners’ insurance now. ance– it’s helpful to have insurance history when you
basic loor plan of the house (unless you plan on com- Begin by making sure your credit report is accurate obtain insurance for your new house.
pletely renovating), and size of the back yard, among – credit histories are sometimes used to determine Submitted by NMAR PR Committee
other things. If you’re put of by paint or carpet color
whether a company will insure you, and, if so, at what

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