Throughout many parts of the US, purchasing a single family home is not an issue. In fact, throughout the US there are around 82 million single family homes in total. Of course, they aren't all up for sale, but in most areas you are likely to find plenty of these types of homes on the market. While single family homes are popular in suburban areas and in rural communities, you may have some difficulty finding them in densely populated urban areas. If you live in an urban area and want to purchase a single family home, here are three tips .
Hire A Real Estate Agent
If you are looking to buy a single family home in a hot urban real estate market, hiring a real estate agent is a must. In many urban areas the inventory of single family homes tends to be very low. An experienced real estate agent will know what areas of the city are most likely to have these types of homes. They may also know about properties before they come on the market. A real estate agent can be invaluable during this type of home search.
Have Your Financing In Order
Depending on which urban area you live in, there is a good chance that single family homes are in high demand and pricey. Having your financing in order before purchasing a home is a must. Mortgage pre-approval can make your offer more likely to be accepted in a fast moving real estate market. If the purchase price of a home is near the half million mark or above, you may need to finance with a jumbo loan. These loans typically require at least 20 percent down and most commonly are adjustable rate mortgages.
Consider All Of Your Options
If you are set on purchasing a single family home in an urban area, it's important to consider all of your options especially if inventory is low. Finding new homes can be difficult in some urban areas. You may want to look into options such as older homes and fixer uppers. Of course before purchasing any home it's important to have a thorough home inspection. The average cost of a home inspection is between $277 and $388. If you are buying a home with the intention of fixing it up, you want to make sure that there aren't any major problems.
Finding a single family home in an urban area can be a challenge. Hiring a real estate agent can help, especially in areas where demand is high and inventory is low. Getting your financing in order will make you more attractive to sellers and can give you an edge. It's also important to consider all of your options. Fixer uppers and older homes may be easier to find in some urban communities.Share