Looking at Homes For Sale in Ellensburg?

Today’s real estate market in Ellensburg, WA, is fast-paced. You need an agent by your side that is one step ahead of the market, and we have those agents here at Ellensburg Realty. We are committed to making your home-buying adventure fun and exciting for the whole family. Our realtors will work diligently to help you purchase your home. When buying a home, here are some things to consider.

Hire a buyer’s agent. Hiring a buyer’s agent from Ellensburg Realty will ultimately save you a lot of time and money in the long run. Our agents can send you listings that will fit your needs, so that you’re not wasting time looking at homes that are already in the process of being sold. Our agents also know when homes are overpriced, so we can negotiate the best deal for you.

Start searching for a home. When searching for real estate in Ellensburg, you should already know exactly what you’re looking for. You’ll need to consider things like bedrooms and bathrooms, but also things like: commute time, nearby schools, neighborhoods, and more. The more detailed you are in your description of the perfect home, the better. However, you don’t want to overwhelm yourself, so try to focus only on seven homes at a time maximum. Any more than that, and your head will spin. However, you should also be open minded with your search. One bad coat of paint isn’t the end of the world, you can always find a more pleasant shade and it’s not worth losing the home of your dreams over. If you need help deciding on a home, ask one of our Ellensburg realtors for advice.

Figure out which neighborhood is right for you. Before you decide which home you would like to buy, you need to consider what neighborhood you would like to live in. Ellensburg is home to Central Washington University, so you will have to decide if you want to live closer or farther away from the college life. If you would like to learn more about the city, check out the City of Ellensburg website.

Learn the financing basics. The basic things you need to know about are fixed-rate and adjustable-rate mortgages (ARM), and the difference between pre-qualification and pre-approval. Fixed rate mortgages. According to Investopedia, “is a mortgage that has a fixed interest rate for the entire term of the loan.” An ARM “is a type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan.” Now, there’s a big difference between pre-qualification and pre-approval. Pre-qualification, according to Investopedia, is “...an initial evaluation of the credit-worthiness of a potential borrower that is used to determine the estimated amount that the person can afford to borrow.” This doesn’t necessarily mean that you have been approved though, which is where the pre-approval comes into play. Pre-approval, it means a lender has determined how much you can borrow, the loan programs that you may qualify for, as well as the interest rate you qualify for. If you need help figuring out any of these steps, feel free to contact one of our great Ellensburg realtors.

Start setting aside money. Do you know how much money you’ll need to save up for your home costs? If you need help figuring it out, use our mortgage calculator tool. Now is the best time to start saving any extra money that you have so that you can build your down payment.

• Down payment. A down payment is the amount of money you spend upfront to purchase a home and is typically combined with a home loan to fulfill the total purchase price of a home. Down payments can range anywhere between 3%-20% on average. More than likely, if you have a higher down-payment than other buyers, you will be chosen as the selected buyer. There are many first time home buyer programs that don’t require a large down payment, so be sure to ask our buyer’s agents about your options.
• Closing Costs. Closing costs can cost anywhere from 2%-5% of your total loan. If you’re not prepared properly, these costs can be very surprising. It is possible to have these costs covered by the seller, but more than likely you will be paying for these costs yourself.
• Paying for mortgage points. Points cost 1% of your mortgage cost and can act as prepaid interest so your buying down your interest rate. These mortgage points can save you money over the course of your mortgage.
• Move in costs. Whether you are moving a few blocks away, or you’re moving across country, you will come across moving costs. This could mean hiring movers, purchasing moving supplies, and renting a moving truck. Make sure that you take these costs into account before moving into your Ellensburg home.

Do a home inspection. A home inspection should be done before you make any sort of offer. Most of the time it is required by lenders to have this step conducted. Sellers aren’t necessarily required to make a repair that is discovered during the inspection. However, you can give the seller a “Request for Repair” and more than likely, the seller will go through with the repair rather than finding a completely different buyer. Either that, or you can use the repair to negotiate a price.

Submit a strong offer. Submitting a strong offer can be the difference between getting the home of your dreams, and being rejected. However, submitting an offer that is neither too high or too low can be very tricky. Your best bet is to get expert advice from the dedicated agents at Ellensburg Realty. It’s also important to negotiate a sale, too. A seller can price a home however they please, but a buyer’s agent can tell you exactly how much a particular home is worth. Have your agent help you negotiate a price.

Read the fine print. Reading through your entire contract from beginning to end may seem tedious, but it is very important. From regulations to housing authority covenants to contingencies, there are so many items that could leave you with a surprise after closing if you’re not diligent. Look over your contracts and contingencies and make sure you’re happy with the considerations.

Get your agreements in writing. As always, it’s imperative that you get all agreements in writing. Your documents will be invaluable as a reference later if you need them. Our Ellensburg, WA, realtors are the perfect people to help you make sure all of your agreements are met in the contract.

Contact The Ellensburg Real Estate Team